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RANGE
In the government survey system of land description, a vertical strip of land
six miles
wide located between two consecutive submeridians or range lines.
RANGE LINES (SUBMERIDIANS)
The surveyed north-south lines running every six miles east and west of the
principal
meridian.
RATIO
The relationship in quantity, size, or amount between two things; proportion.
READY, WILLING, and ABLE
'Ready' indicates the buyer is in a position and of a mind to complete the
transaction;
'willing' implies that the buyer desires to do so at the price
and terms agreed: 'able' refers
to the buyer's financial ability to produce the required money when necessary.
REAL ESTATE
Land, including the air above and the earth below, plus any permanent
improvements
affecting the utility of the land; real property; property that is not personal
property.
REAL ESTATE BUSINESS
A commercial activity in which the sale, purchase, leasing, rental, exchange, or
management of real property is conducted by qualified and licensed parties
acting either
for themselves or for others for compensation.
REAL ESTATE PROFESSION
A profession requiring knowledge of real estate values, experience in dealing
with the
public, plus exceptional personal integrity and character as qualifications to
act as advisors
and agents for members of the public.
REAL PROPERTY
Any interest or estate in land, including leaseholds, subleaseholds, business
opportunities
and enterprises, and mineral rights; real estate.
REALTOR
A real estate broker who is a member of a local board of Realtors and is
affiliated with the
state association (Florida Association of Realtors) and the National Association
of Realtors
(not synonymous with real estate agent).
REALTY
A synonym for real estate and real property.
REASONABLE TIME
A variable period of time, which may be affected by market conditions, desires
of the
owner, supply and demand, fluctuations, of values, or an official decision.
RECEIVERSHIP CLAUSE
A provision in a mortgage, related to income-producing property, that is
designed to
require that income derived shall be used to make mortgage payments in the event
the
mortgagor (borrower) defaults.
RECOMMENDED ORDER
A determination by an administrative law judge that includes findings and
conclusions as
well as other information required by law or agency rule to be in a final order.
RECORD
As a verb, to place any document or instrument affecting title or an interest in
real
property in the public records of the county in which the property is located.
RECOVERY FUND (REAL ESTATE RECOVERY FUND)
A state-regulated account to cover claims of aggrieved parties who have suffered
monetary losses from licensee's actions.
RECOVERY PERIOD
The assigned time over which property is depreciated for tax purposes.
RECTANGULAR METHOD
(SEE GOVERNMENT SURVEY SYSTEM.)
A type of land description developed by the federal government for subdividing
lands
utilizing surveying lines.
REDEMPTION
To repurchase, to buy back, to recover property used as security for a mortgage
by
paying the debt. (See also Equity of redemption.)
REDLINING
Discriminatory financing by a lending institution.
REGISTRATION
Authorization by the state to place an applicant on the register (record) of
officially
recognized individuals and businesses.
RELEASE CLAUSE
A provision in a blanket mortgage covering more that one unit of real property
that
provides for the mortgagor to obtain freedom from the mortgage for each unit
when a
designated amount has been paid to the mortgagee for each unit.
RELICTION
Gradual receding of water and resulting permanent increase in land once owned.
REMAINDERMAN
The party designated to receive a remainder estate. Two types; vested
remainderman
(one who is known and named) and contingent remainderman (one whose identity is
not
certain or one to be selected).
RENUNICATION
To abandon an acquired right without transferring that right to another.
REPLACEMENT RESERVES (RESERVE FOR REPLACEMENTS)
A portion of the annual income set aside for covering the cost of major
components (e.g.,
air-conditioning) that wear out faster than the building itself.
REPRIMAND
An official act of oraland or written criticism with a
formal warning included.
REPRODUCTION COST
Amount required to duplicate the property exactly.
RESCIND
To annual, cancel, repeal, or terminate.
RESERVE FOR REPLACEMENTS
(SEE PLACEMENT RESERVES.)
A portion of the annual income set aside for covering the cost of major
components (e.g.,
air-conditioning) that wear out faster than the building itself.
RESPONDENT
A person who answers to an informal complaint proceeding prior to being adjudged
innocent or being named as a defendant.
RESTRICTION
Any device or action that controls or limits the use of real property.
REVERSION
That portion of the net proceeds from the sale of property that represents the
return of
the investor's capital.
REVOCATION
To cancel, rescind, annual, or make void; the permanent cancellation of a
person's
license.
RIGHT TO USE
A leasehold interest in a time share unit based on the limited time (one or more
weeks)
specified in the agreement.
RIPARIAN RIGHTS
Private ownership rights extending to the normal high-water mark along a river
or stream
and including access rights to water mark along a river or stream and including
access rights
to water, boating, bathing, and dockage in accordance with state and federal
statutes.
RISK
The chance of loss of all or part of an investment; the uncertainty of financial
loss.
RURAL HOUSING SERVICES ADMINISTRATION
An agency of the Department of Agricultural that offers assistance to rural
residents and
communities. |
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