RADIANT HEATING
A method of heating, usually consisting of coils, or pipes placed in the floor, wall, or ceiling.

RANGE
A strip or column of land six miles wide, determined by a government survey, running in a north-south direction, lying east or west of a principal meridian.

RANGE LINES
A series of government survey lines running north and south at six-mile intervals starting with the principal meridian and forming the east and west boundaries of townships.

RATE ADJUSTMENT DATE
With respect to an adjustable rate mortgage, the date the borrower's note rate may change.

RATIFICATION
The adoption or approval of an act performed on behalf of a person without previous authorization, such as the approval by a principal of previously unauthorized acts of an agent, after the acts have been performed.

READY, WILLING AND ABLE BUYER
One who is fully prepared to enter into the contract, really wants to buy, and unquestionably meets the financing requirements of purchase.

REAL ESTATE
(See Real Property.)

REAL ESTATE BOARD
An organization whose members consist primarily of real estate brokers and salespersons.

REAL ESTATE INVESTMENT TRUST
(See REIT).

REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA)
A federal law requiring the disclosure to borrowers of settlement (closing) procedures and costs by means of a pamphlet and forms prescribed by the United States Department of Housing and Urban Development.

REAL ESTATE SYNDICATE
An organization of investors usually in the form of a limited partnership who have joined together for the purpose of pooling capital for the acquisition of real property interests.

REAL ESTATE TRUST
A special arrangement under Federal and State law whereby investors may pool funds for investments in real estate and mortgages and yet escape corporation taxes, profits being passed to individual investors who are taxed.

REAL PROPERTY
Land and anything growing on, attached to, or erected on it, excluding anything that may be severed without injury to the land.

REAL PROPERTY LOAN LAW
Article 7 of Chapter 3 of the Real Estate Law under which a real estate licensee negotiating loans secured by real property within a specified range is required to give the borrower a statement disclosing the costs and terms of the loan and which also limits the amount of expenses and charges that a borrower may pay with respect to the loan.

REAL PROPERTY SALES CONTRACT
An agreement to convey title to real property upon satisfaction of specified conditions which does not require conveyance within one year of formation of the contract.

RECAPTURE
The process of recovery by an owner of money invested by employing the use of a rate of interest necessary to provide for the return of an investment; not to be confused with interest rate, which is a rate of return on an investment.

RECONVEYANCE
The transfer of the title of land from one person to the immediate preceding owner. This instrument of transfer is commonly used to transfer the legal title from the trustee to the trustor (borrower) after a trust deed debt has been paid in full.

RECORDING
The process of placing a document on file with a designated public official for public notice. This public official is usually a county officer known as the County Recorder who designates the fact that a document has been presented for recording by placing a recording stamp upon it indicating the time of day and the date when it was officially placed on file. Documents filed with the Recorder are considered to be placed on open notice to the general public of that county. Claims against property usually are given a priority on the basis of the time and the date they are recorded with the most preferred claim going to the earliest one recorded and the next claim going to the next earliest one recorded, and so on. This type of notice is called "constructive notice" or "legal notice"..

REDEEM
To buy back; repurchase; recover.

REDEMPTION
Buying back one's property after a judicial sale.

REDLINING
A lending policy, illegal in California, of denying real estate loans on properties in older, changing urban areas, usually with large minority populations, because of alleged higher lending risks without due consideration being given by the lending institution to the credit worthiness of the individual loan applicant.

REFINANCING
The paying-off of an existing obligation and assuming a new obligation in its place. To finance anew, or extend or renew existing financing.

REFORMATION
An action to correct a mistake in a deed or other document.

REHABILITATION
The restoration of a property to satisfactory condition without drastically changing the plan, form or style of architecture.

REIT
A Real Estate Investment Trust is a business trust which deals principally with interest in land.generally organized to conform to the Internal Revenue Code.

RELEASE CLAUSE
A stipulation that upon the payment of a specific sum of money to the holder of a trust deed or mortgage, the lien of the instrument as to a specifically described lot or area shall be removed from the blanket lien on the whole area involved.

RELEASE DEED
An instrument executed by the mortgagee or the trustee reconveying to the mortgagor or trustor the real estate which secured the loan after the debt has been paid in full.

REMAINDER
An estate which takes effect after the termination of the prior estate, such as a life estate. A future possessory interest in real estate.

REMAINDER DEPRECIATION
The possible future loss in value of an improvement to real property.

RENEGOTIABLE RATE MORTGAGE
A loan secured by a long term mortgage which provides for renegotiation, at pre-determined intervals, of the interest rate (for a maximum variation of five percent over the life of the mortgage.)

REPLACEMENT COST
The cost to replace a structure with one having utility equivalent to that being appraised, but constructed with modern materials and according to current standards, design and layout.

REPRODUCTION COST
The cost of replacing the subject improvement with one that is the exact replica, having the same quality of workmanship, design and layout, or cost to duplicate an asset.

RESCISSION
The cancellation of a contract and restoration of the parties to the same position they held before the contract was entered into.

RESCISSION OF CONTRACT
The abrogation or annulling of contract; the revocation or repealing of contract by mutual consent by parties to the contract, or for cause by either party to the contract.

RESERVATION
A right retained by a grantor in conveying property.

RESERVES
1) In a common interest subdivision, an accumulation of funds collected from owners for future replacement and major maintenance of the common area and facilities. 2) With regard to mortgage loans, an accumulation of funds, collected by the lender from the borrower as part of each monthly mortgage payment, an amount allocated to pay property taxes and insurance when they are due.

RESPA
(See Real Estate Settlement Procedures Act.)

RESTRICTION
A limitation on the use of real property. Property restrictions fall into two general classifications: public and private. Zoning ordinances are examples of the former type. Restrictions may be created by private owners, typically by appropriate clauses in deeds, or in agreements, or in general plans of entire subdivisions. Usually they assume the form of a covenant, or promise to do or not to do a certain thing.

RETROSPECTIVE VALUE
The value of the property as of a previous date.

RETURN
Profit from an investment; the yield.

REVERSION
The right to future possession or enjoyment by a person, or the person's heirs, creating the preceding estate. (For example, at the end of a lease.)

REVERSIONARY INTEREST
The interest which a person has in lands or other property, upon the termination of the preceding estate. A future interest.

RIGHT OF SURVIVORSHIP
The right of a surviving tenant or tenants to succeed to the entire interest of the deceased tenant; the distinguishing feature of a joint tenancy.

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 owner's land, to construct a roadway, or use as a roadway, a specific part of the land; or the right to construct through and over the land, telephone, telegraph, or electric power lines; or the right to place underground water mains, gas mains, or sewer mains.

RIGHT, TITLE AND INTEREST
A term used in deeds to denote that the grantor is conveying all of that to which grantor held claim.

RIPARIAN RIGHTS
The right of a landowner whose land borders on a stream or watercourse to use and enjoy the water which is adjacent to or flows over the owners land provided such use does not injure other riparian owners.

RISK ANALYSIS
A study made, usually by a lender, of the various factors that might affect the repayment of a loan.

RISK RATING
A process used by the lender to decide on the soundness of making a loan and to reduce all the various factors affecting the repayment of the loan to a qualified rating of some kind.