| RANGE | A part of the government survey, being a strip of land 6 miles in width, and numbered east or west of the principal meridian. |
| REAL ESTATE SETTLEMENT PROCEDURES ACT (R | A federal law that requires lenders to provide home mortgage borrowers with information about known or estimated settlement charges. |
| REAL PROPERTY | Land and that which is affixed to it. |
| REALTOR | A real estate professional who is a member of the National Association of Real Estate Boards. Also used more generally to refer to a real estate professional, although agents may not advertise themselves as Realtors unless they belong to the board. |
| REALTY | A brief term for real property. |
| RECOURSE | The right of a lender to reclaim both money and collateral from a borrower who has defaulted on a loan. |
| REDEEM | Literally "to buy back." The act of buying back lands after a mortgage foreclosure, tax foreclosure, or other execution sale. |
| REFINANCING | The process of paying off one loan with the proceeds form a new loan secured by the same property to lower mortgage payments. |
| REGISTERED LAND | See Torrens Title below. |
| REIT | Real Estate Investment Trust. A product of federal tax legislation formed as a business trust, under a special state REIT statute or as a corporation for the purpose of investing in real estate or mortgages on real estate. |
| REMAINDER | An interest in land that is postponed until the termination of some other interest such as a LIFE ESTATE. Compare, FEE SIMPLE. |
| REMIC | Real Estate Mortgage Investment Conduit. A product of 1986 federal tax legislation in which a business entity such as a corporation, partnership or trust in which substantially all of the assets consist of qualified mortgages and permitted investments ele |
| RESISSUE RATE | A discounted rate for title insurance when the title was previously insured with an owner's title insurance policy issued within the last ten years. |
| REVERSION | A provision in a conveyance that the land will return to the grantor, or his heirs, upon the happening of an event or contingency. Compare, Fee Simple. |
| RIGHT OF FIRST REFUSAL | The right to purchase a property under terms and conditions made by another purchaser and accepted by the seller. For example, if the Jones' make an offer of $120,000 on a property and the seller accepts the offer subject to the Wilsons' right of first re |
| RIPARIAN | Rights to use of water and waterways in adjoining lakes or rivers. |
| RIPARIAN RIGHTS | The rights of an owner of land adjacent to water. |
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