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A naturally occurring gas that is suspected of causing lung cancer.
rate cap
A limit on how much the interest rate can change, either at each adjustment period or over the life of the loan.
rate lock-in
A written agreement in which the lender guarantees the borrower a specified interest rate, provided the loan closes within a set period of time.
real estate investment trust (REIT)
Trust ownership of real estate by a group of individuals who purchase certificates or ownership in the trust, which in turn invests the money in real property and distributes the profits back to the investors free of corporate income tax.
real estate mortgage investment conduit (REMIC)
A tax entity that issues multiple classes of investor interests (securities) backed by a pool of mortgages.
Real Estate Settlement Procedures Act (RESPA)
The federal law that requires certain disclosures to consumers about mortgage loan settlements.  The law also prohibits the payment or receipt of kickbacks and certain kinds of referral fees.
Compensation received from a wholesale lender which can be used to cover closing costs or as a refund to the borrower.  Loans with rebates often carry higher interest rates than loans with "points".  (See "points").
reconveyance deed
A deed used by a trustee under a deed of trust to return title to the trustor.
The process of paying off one loan with the proceeds from a new loan using the same property as security.
Regulation Z
Implements the Truth-in-Lending Act requiring credit institutions to inform borrowers of the true cost of obtaining credit.
replacement cost
The construction cost at current prices of a property that is not necessarily an exact duplicate of the subject property but serves the same purpose or function as the original.
reproduction cost
The construction cost at current prices of an exact duplicate of the subject property.
residential mortgage credit report (RMCR)
A report required by your lender that utilizes information from a least two of the three national credit bureaus and information provided on your loan application.
restrictive covenants
A clause in a deed that limits the way the real estate ownership may be used.
reverse-annuity mortgage (RAM)
A loan under which the homeowner receives monthly payments based on his or her accumulated equity rather than a lump sum.  The loan must be repaid at a prearranged date, or upon the death of the owner, or upon the sale of the property.
The right given by one landowner to another to pass over the land, construct a roadway, or use as a pathway, without actually transferring ownership.