| Term | Definition |
|---|
| Real Estate Appraiser, licensed | A person licensed to legally appraise real estate property for a fee. |
| real estate board | A non profit organization representing local real estate agents/brokers and salespeople, which provides services to its members and maintains and operates the Multiple Listing Service in the community. |
| Real Estate Broker, licensed | A person licensed to handle real estate transactions for 3rd parties and supervise other licensees doing the same. |
| Real Estate Salesperson, licensed | Person who is licensed to handle real estate transactions for third parties; must be supervised by a licensed Real Estate Broker. |
| real property | Refers to the right to own land and improvements. Commonly used interchangeably with Real Estate and Realty. Contrast with personal property. |
| REALTOR | A real estate broker or an associate who holds active membership in a local real estate board that is affiliated with the NATIONAL ASSOCIATION OF REALTORS. |
| realty | Refers to land and buildings and other improvements from a physical standpoint. Real Estate and Real Property tend to be used interchangeably with Realty in everyday usage. Contrast with personalty. |
| receiver | Court-appointed custodian who holds property for the court, pending final disposition of the matter before the court. |
| recorded plat | A subdivision map filed with the county recorder's office that shows the location and boundaries (lot and block number) of individual parcels of land. Contrast with government survey method and metes and bounds. |
| recording | The act of entering in the public records, the written record of title to real property, thereby giving constructive notice to the public. |
