| Term | Definition |
|---|
| 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. |
| recovery fund | A fund maintained in some states which upon court order is used to reimburse the public for monetary loss due to illegal acts of licensees. |
| redlining | The illegal practice of refusing to originate mortgage loans, or limiting their number, in certain neighborhoods on the basis of racial or ethnic composition. See Fair Housing. |
| refinancing | To apply for a new mortgage in order to gain better terms, usually either a lower interest rate or a different principal amount. |
| Regulation 'Z' | Truth in lending law developed by the Federal Reserve System which requires lenders to provide full disclosure of the terms of the loan, including interest rates expressed as an annual percentage rate (APR). |
| RELA | Real Estate License Act. |
