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.
RELEASE - The discharge or relinquishment of a right, claim or
privilege. Releases involving real property transactions should
be acknowledged and recorded.
RELEASE CLAUSE - A provision found in many blanket mortgages
enabling the mortgagor to obtain partial releases of specific
parcels from the mortgage upon the payment of, typically, a
larger-than-pro-rata portion of the loan.
REMAINDER ESTATE - A future interest in real estate created at
the same time and by the same instrument as another estate, and
limited to arise immediately upon the termination of the prior
estate.
RENEWAL OPTION - A covenant in some leases which gives the
lessee the right to extend the lease term for a certain period,
on specified terms.
RENT - Fixed periodic payment made by a tenant or occupant of
property to the owner for the possession and use thereof,
usually by prior agreement of the parties.
RENT CONTROL - Regulation by state or local governmental
agencies restricting the amount of rent landlords can charge
their tenants; such regulation is a valid exercise of the
state's police power.
RENTAL AGREEMENT - An agreement, written or oral, which
establishes or modifies the terms, conditions, rules,
regulations, or any other provisions concerning the use and
occupancy of a dwelling unit and premises; a lease on
residential property.
RENTAL POOL - A rental arrangement whereby participating owners
of rental apartments agree to have their apartment units
available for rental as determined by the rental agent, and then
share in the profits and losses of all the rental apartments in
the pool according to an agreed formula.
REPRODUCTION COST - The cost, on the basis of current prices, of
reproducing a new replica property with the same or fairly
similar material.
RESCISSION - The legal remedy of canceling, terminating or
annulling a contract and restoring the parties to their original
positions; a return to the status quo.
RESERVE FUND - Monies set aside as a cushion of capital for
future payment of items such as taxes, insurance, furniture
replacement, deferred maintenance, etc.; sometimes referred to
as an impound account.
RESIDUAL PROCESS - An appraisal process used in the income
approach to estimate the value of the land and/or the building,
as indicated by the capitalization of the residual net income
attributable to it.
RESTRICTIONS - Limitations on the use of property. Private
restrictions are created by means of restrictive covenants
written into real property instruments, such as deeds and
leases.
RESTRICTIVE COVENANT - A private agreement, usually contained in
a deed, which restricts the use of real property.
RETALIATORY EVICTION - An act whereby a landlord evicts the
tenant in response to some complaint made by the tenant.
REVERSION - A future estate in real property created by
operation of law when a grantor conveys a lesser estate than he
has. The residue left in the grantor is called a reversion which
commences in possession in the future upon the end of a
particular estate granted or devised, whether it be freehold or
less-than-freehold.
RIGHT OF SURVIVORSHIP - The distinctive characteristic of a
joint tenancy (also tenancy by entirety) by which the surviving
joint tenant(s) succeeds to all right, title and interest of the
deceased joint tenant without the need for probate proceedings.
RIGHT-OF-WAY - The right or privilege, acquired through accepted
usage or by contract, to pass over a designated portion of the
property of another.
RIPARIAN - Those rights and obligations
which are incidental to ownership of land adjacent to or
abutting on watercourses such as streams and lakes.
RISK OF LOSS
- Responsibility for damages caused to improvements. The risk of
loss passes to the vendee when either title or possession
passes, and he should protect himself by securing
proper insurance.
RUNNING WITH THE LAND - Rights or covenants which bind or
benefit successive owners of a property are said to run with the
land, such as restrictive building covenants in a recorded deed
which would affect all future owners of the property.
Sell a Spanish Fork Utah Homes
