# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

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.
Raw Space	Unimproved shell space in a building.
Real Estate	The physical land and appurtenances, including any structures; for all practical purposes synonymous with real property.
Real Estate Board	An organization whose members consist primarily of real estate professionals such as brokers.
Real Estate Syndicate	When partners (either with or without unlimited liability) form a partnership to participate in a real estate venture.
Real Estate Tax	This is the property tax paid to the State, who collects and distributes portions to the County and City the building is in. Similar to tax as paid for owning residential property. This is different than the Rental tax (see term).
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	(1) When the IRS recovers the tax benefit of a deduction or a credit previously taken by a taxpayer, which is often a factor in foreclosure since there is a forgiveness of debt. (2) As used in leases, a clause giving the lessor a percentage of profits above a fixed amount of rent; or in a percentage lease, a clause granting the landlord a right to terminate the lease if the tenant fails to realize minimum sales.
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.
Recourse	The right of a lender, in the event of a default by the borrower, to recover against the personal assets of a party who is secondarily liable for the debt (e.g. endorser or guarantor).
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.
Rehab	An extensive renovation of a building or project which is intended to cure obsolescence of such building or project.
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.
Relinquished Property	Old property, property being sold by the Exchanger. (Use to be called the Downleg property, now commonly called Phase I property).
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 clause giving a tenant the right to extend the term of a lease, usually for a stated period of time and at a rent amount as provided for in the option language.
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 Commencement Date	The date on which a tenant begins paying rent. The dynamics of a marketplace will dictate whether this date coincides with the lease commencement date or if it commences months later (i.e., in a weak market, the tenant may be granted several months free rent). It will never begin before the lease commencement date.
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.
Rentable Square Footage	Rentable Square Footage equals the Usable Square Footage plus the tenant’s pro rata share of the Building Common Areas, such as lobbies, public corridors and restrooms. The pro-rata share, often referred to as the Rentable/Usable (R/U) Factor, will typically fall in a range of 1.10 to 1.16, depending on the particular building. Typically, full floor occupancy will have an R/U Factor of 1.10 while partial floor occupancy will have an R/U Factor of 1.12 to 1.16 times the Usable Area.
Rentable/Usable Ratio	That number obtained when the Total Rentable Area in a building is divided by the Usable Area in the building. The inverse of this ratio describes the proportion of space that an occupant can expect to actually utilize/physically occupy.
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 Concession	Concessions a landlord may offer a tenant in order to secure their tenancy. While rental abatement is one form of a concession, there are many others such as: increased tenant improvement allowance, signage, lower than market rental rates and moving allowances are only a few of the many. See also "Abatement".
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.
Rental tax	An amount charged by the County and City that is against the rental income the Landlord receives from the Tenant. Depending on the City, it varies from 1.4% of the rent, to close to 2%. It's usually paid on-top of the base rent amount.
Rent-Up Period	That period of time, following construction of a new building, when tenants are actively being sought and the project is approaching its stabilized occupancy.
REO (Real Estate Owned)	Real estate that has come to be owned by a lender, including real estate taken to satisfy a debt. Includes real estate acquired by lenders through foreclosure or, in settlement of some other obligation.
Replacement Property	New property, property being acquired or the target property being brought by Exchanger. (Use to be called Upleg property, now commonly called Phase II property).
Representation Agreement	An agreement between the owner of a property and a real estate broker giving the broker the authorization to attempt to sell or lease the property at a certain price and terms in return for a commission, set fee or other form of compensation. See also “Exclusive Listing Agreement”.
Reproduction Cost	The cost, on the basis of current prices, of reproducing a new replica property with the same or fairly similar material.
Request for Proposal (?RFP?)	The formalized Request for Proposal represents a compilation of the many considerations that a tenant might have and should be customized to reflect their specific needs. Just as the building’s standard form lease document represents the landlord’s “wish list”, the RFP serves in that same capacity for the tenant.
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.
Reserved Parking	Spaces identified for a specific purpose, which typically excludes visitors. Important to consider how much of the entire parking is established as reserved versus open (i.e. for visitors). Reserved usually means the Tenant is paying for it, whether per space or as part of the lease.
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 and occupancy 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 is freehold or less-than-freehold.
Revocation	An act of rescinding power previously authorized.
Right of First Refusal	The right of a person to have the first opportunity either to purchase or lease real property. See "First Right of Refusal"
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, or he should protect himself by securing proper insurance.
Rule of Thumb	A common or ubiquitous benchmark. For example, it is often assumed that each worker in an office will need approximately 250 square feet of space.
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.

# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z