RANGE - A measurement, used in the government survey system, consisting of a strip of land six miles wide, running in a
north-south direction.
RATE OF RETURN - The relationship (expressed as a percentage)between the annual net income generated by a business and the invested capital, or the appraised value, or the gross income, etc., of the business.
RAW LAND - Unimproved land; land in its unused natural state prior to the construction of improvements such as streets, lighting, sewers, and the like.
REAL ESTATE - The physical land and appurtenances, including any structures; for all practical purposes synonymous
with real property.
REAL PROPERTY - All land and appurtenances to land, including buildings, structures, fixtures, fences, and improvements erected upon or affixed to the same; excluding, however, growing crops.
REALTOR - A registered word which may only be used by an active real estate broker who is a member of the state and local real estate board affiliated with the National Association of Realtors. The use of the name REALTOR and the distinctive seal in advertising is strictly governed by the rules and regulations of the National Association.
REALTY - Land and everything permanently affixed thereto.
REBATE - A reduction or kickback of a stipulated charge.
RECAPTURE CLAUSE - A clause usually found in percentage leases, especially in shopping center leases, giving the landlord the right to terminate the lease (and thus "recapture" the premises)if the tenant does not maintain a specified minimum
amount of business.
RECEIVER - An independent party appointed by a court to impartially receive, preserve and manage property which is involved in litigation, pending final disposition of the matter before the court.
RECORDING - The act of entering into the book of public records the written instruments affecting the title to real property, such as deeds, mortgages, contracts of sale, options, assignments, and the like. Proper recordation imparts constructive notice to all the world of the existence of the recorded document and its contents.
REDEMPTION, EQUITABLE RIGHT OF - The right of a mortgagor who has defaulted on the mortgage note to redeem or get back his title to the property by paying off the entire mortgage note prior to the foreclosure sale.
REDUCTION CERTIFICATE - An instrument which shows the amount of the unpaid balance of a mortgage, the rate of interest and the date of maturity.
REFINANCE - The act of obtaining a new loan to pay off an existing loan; the process of paying off one loan with the proceeds from another.
REFORMATION - A legal action to correct or modify a contract or deed which has not accurately reflected the intentions of the parties due to some mechanical error, such as a typo graphical error in the legal description.