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Dickson
Realty
188 Hwy 50
Zephyr Cove, NV 89448
| Direct: |
775.588.9022
530.544.9022 |
| Fax: |
775.588.6062 |
| Toll
Free: |
800.923.9022 |
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R
R-value
A construction term that refers to the resistance of to
heat loss. The higher the R-value, the slower the rate
of heat loss.
Radon A ground-generated radioactive
gas that seeps into some homes through sump pumps, cracks
in the foundation and other inlets. A leading cause of
lung cancer , radon is found in mostly the northern half
of the country.
Rafter Rafters form the slope of a pitched
roof and are analogous to floor joists.
Rammed-earth construction An alternative
building process in which dirt is compacted into large
structural frames to create walls.
Ranch style Modern ranch-style homes,
popularized in the 1950s, were championed by such architectural
giants as Frank Lloyd Wright.
Rate lock When interest rates are volatile,
many borrowers want to "lock in" an interest
rate and many lenders will oblige, setting a limit on
the amount of time the guaranteed interest rate is in
effect.
Rate-improvement mortgage A loan with
a clause that entitles a borrower to a one-time cut in
the interest rate without going through refinancing.
Real Estate Settlement Procedures Act (RESPA)
A federal law designed to make sellers and buyers aware
of settlement fees and other transaction-related costs.
RESPA also outlaws kickbacks in the real estate business.
Real estate Land and anything permanently
affixed to it, including buildings, fences and other items
attached to the structure.
Real estate agent A real estate agent
has a state license to represent a buyer or a seller in
a real estate transaction in exchange for a commission.
Most agents work for real estate brokers.
Real estate attorney A lawyers who specializes
in real estate transactions.
Real estate broker A real estate agent
who is licensed by the state to represent a buyer or seller
in a real estate transaction in exchange for a commission.
Most brokers also have agents working for them, and are
entitled to a portion of their commissions.
Real estate investment trusts (REITs)
The trusts are publicly traded companies that own, develop
and operate commercial properties.
Real property Land and any permanent
fixtures on it, including buildings, trees and minerals.
Realtist A designation for an agent or
broker who is a member of the National Association of
Real Estate Brokers.
Realtor A designation for an agent or
broker who is a member of the National Association of
Realtors.
Recission The cancellation of a contract
by law or consent by the parties involved.
Reconveyance When a borrower completely
pays off the mortgage, the property is reconveyed to them
from the lender.
Recorder A public official responsible
for keeping the records of all real estate transactions.
Recording The filing of a specific document
to the appropriate government entity.
Recording fee A fee charged by real estate agents
for conveying the sale of a piece of property into the
public record.
Redlining The practice by a bank or insurance
company to deny credit or insurance to people based on
ethnic background or neighborhood.
Refinancing The process of replacing
an older loan with a new mortgage that has better terms.
Regulation Z The federal code issued under the Truth-in-Lending
Act which requires that a borrower be advised in writing
of all costs associated with the credit portion of a financial
transaction.
Rehabilitation mortgage A mortgage that
provides for the costs of repairing and improving a resale
home or building.
Relocation benefits Benefits provided
by employers for new workers and can include moving costs,
reimbursement for temporary housing and transportation,
real estate agent assistance and discounted loans.
Relocation company A firm that administers
all aspects of moving in new employees to the community.
Remaining balance The amount of unpaid
principal on a home loan.
Remaining term The original loan term
minus the number of payments made.
Rent loss insurance A policy that covers
any loss of rent or rental value in the event of fire
or other damage that renders the property uninhabitable.
Renter's insurance A policy that covers
the replacement value of possessions.
Repayment plan When a borrower falls
behind in mortgage payments, many lenders will negotiate
a repayment plan rather than go to court.
Replacement reserve fund Money that is set aside
from homeowners' assessments to replace common property,
such as furniture in a planned development's community
room.
Repossession When a house is repossessed,
it is taken back by the lender holding the mortgage.
Resale value The future value of a piece
of property that can be affected by many factors, including
the surrounding neighborhood, school scores, and economic
and housing market conditions.
Reserve fund All homeowners associations
set aside a certain amount of money for major repairs
or improvements.
Restructured loan A mortgage in which
new terms are negotiated.
Return on investment The amount of profit
a property generates.
Reverse mortgage A special type of loan
available to equity-rich, older owners. Repayment is not
necessary until the borrower sells the property or moves
into a retirement community.
Ridge board A horizontal board that serves
as the apex of the roof structure.
Ridge vent A vent located along the ridge
board of the roof that allows moisture to escape.
Right of first refusal An agreement by
a property owner to give another person the right to buy
or rent the property before it goes on the open market.
Right to recission A provision in the
federal Truth-in-Lending Act that allows borrowers to
cancel certain kinds of loans within three days of signing.
Rough-in The installation of plumbing,
electrical and other mechanical systems.
Rural Housing Service A U.S. Department
of Agriculture program that provides financing to farmers
and certain borrowers to purchase rural property when
other funds are not available. |
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