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| Term |
|
Description |
|
| Ratification |
|
To approve and sanction formally. In other words, the adoption or approval of an act
performed on behalf of a person without previous authorization. |
|
| Real Estate |
|
Land plus fixtures on the land. It is also referred to as real property. |
|
| Real Estate Agent |
|
An individual who works for a real estate broker and acts as the broker’s salesperson to
conduct business. A real estate agent helps buy and sell property and in exchange is given a
commission from the sale. A real estate agent has a fiduciary responsibility to act in the buyer
or seller’s best interest depending upon the arrangement. |
|
| Real Estate Broker |
|
A real estate broker is an individual, who by law represents a buyer or seller and has a
fiduciary responsibility to act in their best interest. A real estate agent works for a broker. A
broker can also be a real estate agent. |
|
| Real Estate Commission |
|
The percentage of money earned by a real estate agent/broker. It is negotiable and often
depends upon the type of property. |
|
| Real Estate Contract |
|
An agreement between competent parties. A real estate contract typically includes an offer,
acceptance by the seller and consideration (i.e., earnest money) by the buyer. |
|
| Real Estate Investor |
|
A person who purchases land (with or without a structure on it) with the primary objective of
making a profit. The word investing typically indicates that the assets being purchased are for
long-term capital gain. |
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| Real Property |
|
Real estate that contains the associated rights, such as mineral rights. |
|
| Real Estate Investment Trust (REIT) |
|
Essentially mutual funds that invest in real estate, however, if they pay out 95 percent of their
profits to shareholders, they do not have to pay income tax. |
|
| Realtor |
|
A real estate broker holding active membership in a real estate board affiliated with the
National Association of Realtors. |
|
| Reconveyance |
|
The transfer of the title of land from one person to the immediately preceding owner. |
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| Redemption |
|
The buying back of one's property after it has been lost through foreclosure. Payment of
delinquent taxes after sale to the State. |
|
| Rescission of Contract |
|
The annulling, revocation or repealing of a contract by mutual consent of the parties to the
contract or for cause by either party to the contract. |
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| Restriction |
|
The owner of real property is restricted or prohibited from doing certain things relating to the
property or using the property for certain purposes. |
|
| Reversion |
|
The part of a simple estate remaining in the control of its owner after the owner has granted
therefrom a lesser particular estate .
A future interest in property left in the control of a grantor or the grantor's successor.
|
|
| Right of Survivorship |
|
Right to acquire the interest of a deceased joint owner. Distinguishing characteristic of a
Joint Tenancy Deed. (See also: Joint Tenant) |
|
| Right-of-Way |
|
A privilege operating as an easement upon land, whereby the owner does, by grant or by
agreement, give to another the right to pass over his land. |
|
| Row House |
|
one of a series of houses connected by common sidewalls and forming a continuous group.
(See also: Townhouse) |
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