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Ever had that moment when a real estate definition leaves you with more questions than answers, causing a wave of irritation? Yeah... us too.

Common Joe 'n Jane Real Estate Wiki

Your down-to-earth guide to mastering real estate exam terms and concepts! We've stripped away the industry jargon and complex language, breaking down intricate ideas into bite-sized, easy-to-digest pieces for all the common "Joe 'n Jane's" out there.

Range is a term used in statistics to describe the difference between the highest and lowest values in a set of data. It gives us an idea of how spread out or varied the... (Read more)
Real Estate
Real estate refers to the physical land and any structures permanently attached to it, such as buildings, houses, and other improvements. It also includes anything that is permanently installed or affixed to the property, such as... (Read more)
Real Estate Professional
A real estate professional is someone who works in the real estate industry, helping clients buy, sell, or rent properties. They may be real estate agents, brokers, appraisers, property managers, or other professionals who specialize in... (Read more)
Real Property
Real property refers to physical land and anything that is permanently attached to it, such as buildings, trees, and other... (Read more)
A Realtor® is a licensed real estate professional who is a member of the National Association of Realtors® (NAR), a professional organization for real estate agents and brokers. To become a Realtor®, an individual must meet certain education... (Read more)
Reconciliation is the analysis of the combined data collected, appraisal methods performed, and the professional judgment of the appraiser, culminating in a final decision. It involves carefully evaluating all of the information and methods used... (Read more)
Recording is the act of officially registering a legal document or transaction that affects the ownership or rights to a property in the public title records maintained by the government. By recording a document, such as a deed or mortgage,... (Read more)
Rectangular Survey Method
The Government Survey Method, also known as the Rectangular Survey Method, is a way to describe land and property by dividing it into big squares. Imagine a giant grid of lines, with some running east-west (called "Base Lines") and others... (Read more)
Redemption Period
The redemption period is a legal period of time following a foreclosure sale during which the former owner of a property has the opportunity to reclaim their property by paying all amounts due to the lender. This period is set by state law... (Read more)
Redlining is a discriminatory practice in which banks or other financial institutions refuse to provide loans or other financial services to certain neighborhoods or individuals based on their race, ethnicity, or other protected characteristic.... (Read more)
Refinancing is the process of getting a new loan to replace an old loan that you already have. People often refinance to get a better deal on their loan, such as a lower interest rate, a longer-term loan, or to get cash out of... (Read more)
Regression occurs when a property's value is reduced because of its association with other properties that are of lower quality or have different characteristics. This can happen when a property is located near other properties that are in... (Read more)
Regulation Z
Regulation Z is a set of rules and regulations that require lenders to disclose certain information to borrowers before they take out a loan. This information includes the loan's interest rate, fees, and other important terms... (Read more)
Reliction is the gradual withdrawal of water from a property, which can cause the property's boundaries to change over time. This can happen when a body of water, such as a river or lake, recedes or dries up, leaving behind land that was... (Read more)
"Remainder" in real estate refers to the interest or ownership of a property that will pass on to another person (called the "remainderman") after the current owner (called the "life tenant") passes away. Think of it like a relay race where... (Read more)
A "remainderman" in real estate is a person who is set to receive ownership of a property after the current owner, who has a life estate, passes away. Think of it as a sequence of events, where the property is transferred from one person to... (Read more)
Remaining Economic Life (REL)
"Remaining Economic Life" in real estate appraisal refers to the estimated number of years a property or building can continue to be useful and generate income or value, before it becomes too old or worn out to be worth maintaining. Imagine a... (Read more)
Renewal Option
A renewal option is a term in a lease agreement that gives the tenant the right to extend their lease for a certain amount of time, at a specific... (Read more)
Replacement Cost
"Replacement Cost" in real estate refers to the amount of money it would take to construct a new structure that is similar in size, function, and quality to an existing one. It's like calculating the expenses needed to recreate a building... (Read more)
Reproduction Cost
"Reproduction Cost" in real estate refers to the amount of money it would take to construct an exact replica of a building, including all of its unique features, materials, and architectural details. It's like creating an identical twin of... (Read more)
Reserve Allowance
Reserve allowance refers to the amount of money set aside by a property owner or homeowner's association to cover future expenses related to the property, such as repairs, maintenance, or upgrades. It's like a savings account for... (Read more)
Resolution Trust Corporation (RTC)
The "Resolution Trust Corporation (RTC)" was a government organization created in the United States in the late 1980s to help fix a big problem with savings and loan associations (a type of bank). Many of these banks were failing, and the... (Read more)
A restriction is a rule or regulation that limits how a property can be used or developed. These restrictions can be imposed by a variety of entities, such as local zoning laws, state statutes, or a... (Read more)
Restrictive Covenants
Restrictive Covenants are rules that are set in place to govern the use of a property or land. These covenants can be included in a deed, and are legally binding on any future owners of... (Read more)
Revaluation Lease
A "Revaluation Lease" is a type of lease agreement, usually for commercial properties, where the rent paid by the tenant is periodically adjusted based on the current market value of the property. This ensures that the rent stays fair and... (Read more)
"Reversion" is a term in real estate that refers to the right of the original property owner (or their successors) to regain possession of the property after a specific event or condition has been met. It typically occurs when someone gives... (Read more)
Reversionary Interest
Reversionary Interest is when someone has the right to get back ownership of a property after a certain event or... (Read more)
Reversionary Right
Reversionary right is when someone has the opportunity to regain ownership of a property after a specific event or time period. It's like loaning a book to a friend, with the agreement that it will be returned once they're done... (Read more)
Revitalization is a process that involves improving and restoring an area or community to make it more attractive, livable, and economically viable. This can include physical improvements, such as renovating buildings or parks, and... (Read more)
Revocation is a legal term that refers to the act of cancelling or invalidating something, such as a contract or a license. In real estate, revocation can occur when a property owner cancels or withdraws an offer or agreement that was... (Read more)
Ridge Board
A ridge board is a horizontal board that runs along the top of the roof where two sloping sides meet. It's an important structural element that provides support for the roof and helps distribute the weight of the... (Read more)
Right of First Refusal
Right of first refusal is a legal term that gives someone the right to be the first person to buy or lease a property before it is offered to others. In simpler terms, it means that if the owner of a property decides to sell or lease it, the... (Read more)
Right of Redemption
The right of redemption is a legal term that gives a property owner the right to reclaim their property after it has been foreclosed or sold due to unpaid debts or taxes. This right allows the property owner to pay the outstanding debt and... (Read more)
Riparian refers to the land or area that is right next to a river, stream, or other body of... (Read more)
Riparian Rights
Riparian Rights are the special rules that apply to people who own land next to a river, stream, or other flowing water. These rights give them permission to use the water in certain ways, like for drinking or watering their plants, but they... (Read more)
The equation symbol for Mortgage Constant or Mortgage... (Read more)
The equation symbol for Overall... (Read more)
Runs with the Land
"Runs with the land" is a phrase used to describe certain rights or restrictions that stay with a piece of property, even when it changes owners. It's like a set of rules for the land that new owners must follow, no matter who they are or how... (Read more)