| Term | Definition |
|---|
| 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. |
| release | To relinquish an interest or claim to a piece of property. |
| remainder | The future interest in an estate which takes effect after the termination of another estate, such as a life estate; what is left at the termination of a life estate. |
| rent control | Laws that limit the amount of rent landlords may charge, and that state when and by how much the rent can be raised. Most rent control laws also require a landlord to provide a good reason, such as repeatedly late rent, for evicting a tenant. Rent control exists in some cities and counties in California, Maryland, New Jersey, New York and Washington, D.C. |
| reservation | A right reserved by a grantor in the sale or lease of a property. In a sale, the title of all property passes to the grantee, but the use may be reserved for the grantor. Contrast with exception. |
| reserves | Amounts of money set aside by a mortgage company to assure payment of property taxes, homeowners' association dues, and insurance premiums. The money is kept in an escrow account |
