R words

Question 1

Radon

Answer 1

A colorless, odorless, radioactive gas present in the soil that enters a home through small
spaces and openings.

Question 2

Ratification

Answer 2

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

Question 3

Real Estate

Answer 3

Land, and generally whatever is erected upon or affixed thereto. Improvements, such as
buildings, structures, landscaping, fences, etc, are included.

Question 4

Real Estate Broker

Answer 4

A person or an organization acting as the agent for others in negotiating the
purchase and sale of real property or other commodities for a fee.

Question 5

Real Estate Owned (REO)

Answer 5

A term used to denote that the real estate has been foreclosed upon.

Question 6

Real Estate Salesperson

Answer 6

A person performing any of the acts included in the definition of real estate
broker but while associated with and supervised by a broker.

Question 7

Real Estate Settlement Procedures Act (RESPA)

Answer 7

A consumer protection statute, first passed in 1974.
The purpose of RESPA are:
1) To help consumers become better shoppers for settlement services and
2) To eliminate kickbacks and referral fees that unnecessarily increase the costs of certain settlement
services.

Question 8

Real Property

Answer 8

That which is immovable. Land, things affixed to land, and appurtenances. Real estate
plus the Bundle of Rights.

Question 9

Real Property Sales Contract

Answer 9

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.

Question 10

Rear Yard

Answer 10

A yard that extends along the full length of a real lot line.

Question 11

Reasonable Skill and Care

Answer 11

The degree of care and skill ordinarily used by others competently engaged
in the same business.

Question 12

Recession

Answer 12

Two or more consecutive quarters of negative growth.

Question 13

Reconveyance

Answer 13

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.

Question 14

Recording

Answer 14

The process of placing a document on file with a designated public official for public notice.

Question 15

Redlining

Answer 15

The refusal to lend money within a specific area for various reasons.

Question 16

Regulation Z

Answer 16

The Truth in Lending Act of 1968 is United States federal law designated to promote the
informed use of consumer credit, by requiring disclosures about its terms and cost to standardize the
manner in which costs associated with borrowing are calculated and disclosed

Question 17

Remainderman

Answer 17

A person who inherits or is entitled to inherit property upon the termination of the
estate of the former owner.

Question 18

Remaining Economic Life

Answer 18

Equals the economic life minus the effective age.

Question 19

Renunciation

Answer 19

When someone who has been granted something or has accepted something later gives
it up or rejects it; as when an agent withdraws from the agency relationship.

Question 20

Rescission

Answer 20

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

Question 21

Resident Manager

Answer 21

An individual who supervises the care of an apartment complex while living in one
of the units in the complex.

Question 22

Respondeat Superior

Answer 22

A common‐law doctrine that makes an employer liable for the actions of an
employee when the actions take place within the scope of employment.

Question 23

Return of Investment

Answer 23

Return or recapture of the original investment amount.

Question 24

Return on Investment

Answer 24

Any additional amount after the return of investment.

Question 25

Reverse Annuity Mortgage

Answer 25

Used by older people who need additional income and want to take
advantage of the equity in their homes.

Question 26

Reversion

Answer 26

A future interest that is retained by the grantor after the conveyance of an estate of a lesser
quantum that he/she has.

Question 27

Revocation

Answer 27

When someone who granted or offered something withdraws it; as when a principal
withdraws the authority granted to the agent, an offeror withdraws the offer or the DRE cancels a
salesperson or broker license.

Question 28

Right of First Refusal

Answer 28

A statement that provides for a lessee or a buyer to have the first opportunity to
purchase the property before it is offered to anyone else.

Question 29

Right of Survivorship

Answer 29

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.

Question 30

Riparian Rights

Answer 30

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 owner’s land provided such use does not injure
other riparian owners.