Real Estate Glossary
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- Radon - A radioactive gas found in some homes that, if occurring in strong enough concentrations, can cause health problems.
- Real Estate Agent - An individual who is licensed to negotiate and arrange real estate sales; works for a real estate broker.
- REALTOR - A real estate agent or broker who is a member of the NATIONAL ASSOCIATION OF REALTORS, and its local and state associations.
- Refinancing - Paying off one loan by obtaining another; refinancing is generally done to secure better loan terms (like a lower interest rate).
- Rehabilitation Mortgage - A mortgage that covers the costs of rehabilitating (repairing or Improving) a property; some rehabilitation mortgages - like the FHA's 203(k) - allow a borrower to roll the costs of rehabilitation and home purchase into one mortgage loan.
- RESPA - Real Estate Settlement Procedures Act; a law protecting consumers from abuses during the residential real estate purchase and loan process by requiring lenders to disclose all settlement costs, practices, and relationships.
- Restrictive Covenants - Private restrictions limiting the use of real property. Restrictive covenants are created by deed and may ''run with the land,'' binding all subsequent purchasers of the land, or may be ''personal'' and binding only between the original seller and buyer. May affect the value and marketability of title.
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Equal Housing Opportunity. BIL Willis is licensed in the State of Oregon with ERA Freeman & Associates, 503-665-3144. All information provided is deemed reliable but is not guaranteed and should be independently verified. Original contents copyright © 1999-2010 BIL Willis.
