Real Estate Glossary

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Real estate
The land itself and everything extending below and above it, including all things permanently attached, whether by nature or by man.

Real estate broker
Individual who has passed a state brokerís test and represents others in realty transactions. Anyone having his or her own office must be a broker.

Real estate investment trust (REIT)
Entity that allows a very large number of investors to pool their money in the purchase of real estate, but as passive investors. The investors do not buy directly. Instead, they purchase shares in the REIT that owns the real estate investment.

Real estate salesperson
Person who has passed a state examination for that position, and must work under the supervision of a broker.

Real estate tax
See property tax.

Real property
Land and buildings and anything permanently attached to them.

A real estate broker or agent who is a member of the National Association of Realtors, a professional real estate group that subscribes to a Code of Ethics. Not every broker or agent is a Realtor, a word that is a registered trademark and always capitalized.

Entering or recording documents affecting or conveying interests in real estate in the recorderís office; until recorded a deed or mortgage generally is not effective against subsequent purchases or mortgage liens.

Practice of refusing to make loans in certain neighborhoods. Also applies to insurance companies that refuse to offer policies in certain neighborhoods.

To pay off one loan by taking out another on the same property.

Release of mortgage
Certificate from the lender stating that the loan has been repaid.

Rent control
Government-imposed restrictions on the amount of rent a property owner can charge.

Replacement cost
The cost at todayís prices and using todayís construction methods, of building an improvement having the same usefulness as the one being appraised.

Report of title
Document required before title insurance can be issued. It states the name of the owner, a legal description of the property, and the status of taxes, liens, and anything else that might affect the marketability of the title.

Reserve account
An account for money collected each month by a lender to pay for property taxes and property insurance as they come due.

Restrictive covenants
Clauses placed in a deed to restrict the full use of the property by controlling how future landowners may or may not use the property; also used in leases.

Right of first refusal
A personís right to have the first opportunity to either lease or purchase real property.

Right of survivorship
A feature of joint tenancy giving the surviving joint tenants the rights, title and interests of the deceased joint tenant. Right of survivorship is the basic difference between buying property as joint tenants and as tenants in common.

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