Sullivan Properties

Real Estate Glossary

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real estate agent
An individual that is licensed to negotiate and transact the sale of real estate.


real estate broker
A broker is anyone who acts as an agent between two parties involved in a transaction. Typically a broker will not lend money but will find a larger lender or investor to do so. Some real estate agents are also brokers.


Recorder of Deeds
A government officer on the county level that is in charge of the office of land records. This individual is also known as a registrar of deeds.


refinance transaction
The process of paying off an old loan with the proceeds from a new one.


rent loss insurance
Insurance that protects a landlord against any losses of rent or rental value due to an accident, such as a fire, that prevents the leased premises from being used. In such a case, the tenant is excused from paying rent.


REO
A property that is owned by a lender as a result of foreclosure of mortgages or trust deeds. These properties are usually for sale.


replacement reserve fund
A fund that is set aside for the replacement of such things as roofing, mechanical equipment or carpeting. This is typical in a Planned Unit Development or condo.


right of first refusal
A provision in an agreement that requires the owner of a property to offer it for purchase or lease to another party before offering it for sale or lease to others.