Glossary
Range
A part of the government survey, being a strip of land six miles in width, and numbered east or west of the principal meridian.
Real Property
Land, together with fixtures, improvements and appurtenances.
Realtor
A federally registered collective membership mark which identifies a real estate professional who is a member of the National Association of Realtors and subscribes to its strict Code of Ethics.
Realty
A brief term for real property.
Redeem
Literally "to buy back." The act of buying back lands after a mortgage foreclosure, tax foreclosure, or other execution sale. Registered Land - See "Torrens Title."
Reinsurance
To insure again by transferring to another insurance company all or part of an assumed liability, thus spreading the loss risk any one company has to carry.
REIT
Real Estate Investment Trust. A product of federal tax legislation formed as a business trust, under a special state REIT statute or as a corporation for the purpose of investing in real estate or mortgages on real estate
REMIC
Real Estate Mortgage Investment Conduit. A product of 1986 federal tax legislation in which a business entity such as a corporation, partnership, or trust in which substantially all of the assets consist of qualified mortgages and permitted investments, elects to be treated as a REMIC. Qualification avoids treatment as a corporation for tax purposes.
Reverse or Reverse Annuity Mortgage
A mortgage for which the borrower pledges home equity in return for regular (monthly) payments, rather than a lump sum distribution of loan proceeds. Repayment is usually not required until the home is sold or the borrower's estate is settled, provided the borrower continues to live in the home and keeps current all taxes and insurance. See "Home Equity Conversion Mortgage."
Right-of-Way
The right which one has to pass across the lands of another. An easement.
Riparian
Rights to use of water and waterways in adjoining lakes or rivers.
