Home Page - Kelowna Real Estate

R VALUE:
A method of measuring the insulation capabilities of materials.

RADON:
A radioactive gas which may cause health problems for occupants of some buildings.

RANCH HOUSE:
A description of a one-storey house, developed from the old, western-style homes.

RATE CAP:
A limit of how much an interest rate can change in a variable of adjustable rate mortgage either in a given period or over the life of the loan.

RATE COMMITMENT:
A written promise by a lender to lend money to a borrower at a stated rate of interest -- usually time limited.

RATE LOCK-IN:
See "rate commitment". A written agreement in which the lender guarantees the borrower a specified interest rate, provided the loan closes within a set period of time.

RATIFIED SALES CONTRACT:
A firm and binding agreement for the purchase and sale of land.

RAW LAND:
Property that has not been developed or improved.

READY, WILLING, AND ABLE:
A term of art meaning in a position to complete a contract. In order to enforce a contract against another party, you must be ready, willing and able to complete the contract yourself.

REAL ESTATE:
Term for land and all fixtures to land, including buildings and other improvements.

REAL ESTATE AGENT:
A trained professional involved in the purchase, sale and marketing of real property. The "listing agent" acts for the vendor, the "selling agent" for the successful purchaser.

REAL ESTATE BROKER:
A real estate professional who is licensed to run a real estate firm, to hold trust funds, etc.

REAL ESTATE COMMISSION:
1. The fee paid to the real estate agents after a transaction.
2. An agency that enforces real estate license laws.

REAL ESTATE MARKET:
A term for the pool of potential buyers and sellers of property at a given time.

REAL ESTATE SALES PROFESSIONAL:
See "real estate agent" or "real estate broker".

REAL PROPERTY:
Also known as "real estate". Land, property, plus improvements to land.

REALTOR:
Professional designation for a member of the National Association of REALTORS or its affiliated local groups. Must be a real estate broker.

REALTOR'S ASSOCIATE:
Professional designation of a licensed real estate agent or salesperson who is a member of the National Association of REALTORS but who has not been licensed as a broker.

REALTY:
See "real estate".

REAPPRAISAL LEASE:
A rental agreement in which the periodic payment is adjustable according to scheduled re-appraisals of the rental value of the premises.

REASSESSMENT:
A change in the estimated value of a property for realty, municipal or ad valorem tax purposes.

REBATE:
Any refund of all or a portion of money paid.

RECAST PAYMENT:
Adjustment of the periodic payment on an adjustable or variable rate mortgage to ensure that the mortgage will be paid out by maturity date.

RECASTING:
Adjusting the terms of a loan agreement in light of new developments (i.e. lower rates, possible default).

RESCISSION OF CONTRACT:
The act of declaring a contract null and void and taking the necessary actions to return the parties to the position they were in prior to entering the contract.

RECITAL:
An unsworn statement of fact included in a document. In many jurisdictions, recitals in registered documents are deemed true and unassailable if unchallenged after a certain period of time.

RECONVEYANCE:
The return of title to property to its original owner. May occur as a result of the pay-out of a mortgage or at the end of a limited estate.

RECOURSE:
The right of a lender to pursue a borrower personally for moneys owed.

REDEEM:
To bring mortgage payments up-to-date after the lender has begun default proceedings. Once a borrower (or other lien holder) redeems, the mortgage is back in good standing and the relationship continues as before the default.

REDEMPTION PERIOD:
The length of time during which the borrower may redeem a mortgage.

REDEVELOP:
To remove existing improvements and buildings on a parcel of property and replace them with new, more useful and profitable improvements.

REDLINING:
An illegal practice, refusing to lend money to owners of property in certain neighbourhoods or to owners on the basis of their race, colour, religion, creed, age, gender, etc.

REEVALUATION LEASE:
See "reappraisal lease".

REFERRAL:
A recommendation, a suggestion to a client of the value of the services of a person or firm. (i.e. a real estate agent may refer a purchaser to a particular banker or lawyer.)

REFINANCE:
To replace an existing and perhaps mature mortgage with a new mortgage on the same property. New mortgage may have different terms than the old on