Repair
To mend.

Repair Clamp
A clamp that is used to seal a leak by surrounding a pipe.

Repairs
Work that returns a property to its former condition.

Repayment Plan
Re-negotiation of repayment rather than foreclosure, which is sometimes done when a borrower falls behind in payments.

Replace
To remove one item and install another in its place.

Replacement Cost
Cost of erecting a building to replace a previous structure.

Replacement Cost Approach
Valuation of property based on the amount it would cost to replace at current prices.

Replacement Reserve
Amount set aside to pay for the replacement of short-lived assets when they are no longer usable.

Repose
The steepest angle at which an item will remain stable. If the angle in increased beyond this level the object will begin to slide.

Repossess
The taking of a property, by the lender, once the buyer fails to make mortgage payments.

Repousse
A relief figure in metal.

Reproduction Cost
Cost of rebuilding a structure to its exact replacement at today's costs.

Repudiation
The refusal of one of the parties to a contract to carry out his/her responsibilities.

Request for Notice of Default
An interested party, such as the beneficiary of a deed, seeking to be informed is the property is foreclosed by another party.

Require
To demand or declare an action or condition as essential and mandatory.

Requisition
A written order for specific materials or services.

Resale Price
Net dollar figure received when a property is sold, after the mortgage balance and all costs are deducted.

Resale Proceeds
Net dollar figure received when a property is sold, after the mortgage balance and all costs are deducted.

Resale Value
The future value of a property when the buyer wants to sell it.

Resaw
To make a rip cut from each side of an object that is too large to be completely cut from one end.

Rescind
To cancel or terminate a contract either by mutual agreement or law or due to fraud.

Rescission
Cancellation of a contract by mutual agreement or by law.

Reservation
Uncertainty about something. An appointment. A stipulation in a deed, which gives the grantor some, retained right in the property.

Reserve Fund
Account containing money that is set aside to provide funds for anticipated costs needed to maintain a building. Homeowner's association money saved for improvements or repairs.

Reserve Price
The established amount, in an auction, below which the seller is not obligated to accept a bid.

Reservoir
A water collection and storage system. Also refers to a container holding any fluid used by a mechanism.

Reshores
Temporary support used to brace concrete after the initial forms are removed.

Residence
The dwelling where someone resides on a permanent basis.

Resident Manager
Person who assumes responsibilities for supervising the operation of the apartments in a building, such as repairs and showing of vacant apartments, while living in one.

Residential
Pertaining to housing.

Residential Broker
Real estate broker who lists and sells houses and condominiums rather than commercial property.

Residential Building Rate
Residential construction activity as measured in dollar value or number of units.

Residential Listing
List of available dwelling units, such as houses and condominiums.

Residential Lot
Subdivided acreage that has utilities, such as sewers, water, electricity, etc. installed and is ready to build upon.

Residential Market
The availability of homes and condominiums in an area.

Residential Member (RM)
Title, given by the American Institute of Real Estate Appraisers, to persons who have expertise in valuing homes and condominiums.

Residential Mortgage
Loan given for the purchase of a dwelling for which a lien on that property was given.

Residential Private Investment
Private people and businesses investing in residential properties.

Residential Property
1. Owner-occupied houses or condominiums.
2. Income tax purposes - To qualify as residential, at least 80% of the income from a building must be derived from dwelling units of a non-transient (hotel/motel) nature.

Residential Rental Property
Property that derives at least 75% of its income from residential units.

Residential Sales Council
An affiliate of the Realtors National Marketing Institute of the National Association of Realtors, which provides promotional and educational material for members, most of whom are involved in residential real estate sales or brokerage. Address: Residential Sales Council, 430 North Michigan Avenue, Chicago, Illinois 60611.

Residential Service Contract
Home warranty or insurance policy, covering plumbing, heating, electrical, etc., usually for one year.

Residential Square
Resembling a park, a residential square is often owned by the town homeowners situated closest to it.

Residential Unit
Housing suitable for a residence such as houses, apartments, condominiums, mobile homes, duplex houses, etc.

Residual
Income or value derived after the deduction of expenses for obligations.

Residual Techniques
Method of estimating values for land or property improvements by deducting operating expenses from gross rentals.

Residue
The remains after a portion is removed. The remainder.

Resilience
A substance's ability to return to its former shape and size after being deformed under a heavy load. Also generally refers to a material's general toughness and durability.

Resilient Channel
Channel run underneath sheetrock, across stud, to reduce sound transmission.

Resilient Tile
Flooring material made of vinyl, rubber, or other resilient substance.

Resin
A sap produced by various trees and plants used in making varnishes and plastics.

Resistance
Opposition of a material to electrical current passing through.

Resistance Brazing
Brazing process that uses heat generated by electrical resistance.

Resistance Soldering
Soldering process that that uses the heat generated by electrical resistance.

Resistance Welding
Welding process that uses the heat generated by electrical resistance.

Resistor
An electrical component used to limit the flow of electricity in a circuit.

Resolution Trust Corporation (RTC)
Federal agency, which was created by Firrea to manage or liquidate insolvent savings and loan associations that, have been placed into receivership. The RTC is supervised by the Federal Deposit Insurance Corporation.

Resorcinol Glue
A powdered, waterproof type of adhesive.

RESPA (Real Estate Settlement Procedures Act)
Federal law designed to make sellers and buyers aware of settlement fees and other transaction related costs. It also outlaws kickbacks in the real estate business.

Respirator
A filter covering the nose and mouth to remove harmful particles from inhaled air. Commonly used when significant dust is generated, such as when sanding.

Respondeat Superior
Legal term meaning, "allow the principal to respond." It is the doctrine that a principal is liable for the acts of an agent.

Restore
Refurbishing a building to return it to its original quality and appearance.

Restraint on Alienation
A limiting condition placed on the right to transfer real estate, such as the necessary approval of another party. Courts may void the condition if it is unreasonable.

Restricted Appraisal Report
A report that is intended for the client only, rather than additional parties, and contains minimal detail.

Restriction
Limitation on the use of property, which may be contained in the deed or other written instrument in the chain of title.

Restrictive Covenant
Legal agreement or deed restriction that limits the rights of the property owner by restricting the use for designated purposes.

Resulting Trust
An arrangement whereby property is transferred to a trusted third party (trustee) by a grantor (trustor). The trustee holds the property for the benefit of another (beneficiary).

Restructured Loan
A loan where new terms are negotiated and implemented during the life of the loan.