| Term | Definition |
|---|
| RESPA | Real Estate Settlement Procedures Act is a federal law which deals with the procedures to be followed in a real estate closing, and is intended to make borrowers more knowledgeable about possible costs and charges. |
| restrictions | Limitations on the use or occupancy of real estate contained in a deed or in local ordinances pertaining to land use. |
| right of survivorship | The right of a surviving joint tenant to take ownership of a deceased joint tenant's share of the property. See joint tenancy. |
| riparian owner | One who owns land bounding upon a river or water course (stream, creek, bayou, etc.). |
| running with the land | A phrase used in property law to describe a right or duty that remains with a piece of property no matter who owns it. For example, the duty to allow a public beach access path across waterfront property would most likely pass from one owner of the property to the next. |
| Rural Fire Prevention District (RFPD) | A special taxing district created to provide rural residents with fire-fighting, fire prevention and other emergency services. |
| SAE | Acronym - Salesperson Annual Education |
| sales contract | A written agreement stating the terms of the sale agreed to by both buyer and seller. See earnest money contract. |
| Salesperson Annual Education (SAE) | A real estate salesperson is required to complete a total of 18 semester (270 classroom) hours of education by the end of their third year of licensure. All active and inactive salespersons, who are under the SAE requirement, must show evidence of having completed a minimum of 30 hours in core or related real estate education each year or until a total of 270 classroom hours have been completed. At least 180 hours of the 270 must be in core real estate. Therefore the other 90 hours may be in related. Evidence of successful completion must be received on or before the renewal filing deadline. If this documentation is not received on time, the license will expire. |
| secondary mortgage market | Buying and selling of existing mortgage loans, designed to provide additional liquidity for lenders. Contrast with primary mortgage market. Also see Fannie Mae, Freddie Mac and Ginnie Mae. |
