Archives: Glossary Terms

(RRM) A loan secured by a long term mortgage which provides for renegotiation at predetermined intervals of the interest rate to a maximum variation of a set percentage over the life of the mortgage.

The price one party pays for the use of land or real property to its owner as a return on his or her investment.

The legal regulation as to the maximum rental charge that can be made for the use of certain real property.

A plan to establish the rental amounts to be paid and also, the records of the rents actually paid during a specific period.

The amount of rent a prospective tenant is justified in paying for a set period of time such as a month, a year, etc., for the right to occupy and use real property under certain prescribed or assumed conditions.

The cost to build something that is substantially similar to the original but is constructed with modern materials and according to current standards, design and layout and having equal utility.

See Real Estate Settlement Procedures Act.

(RAM) A loan under which the homeowner receives monthly payments based on his or her accumulated equity rather than in a lump sum and which must be repaid at a prearranged date, or upon the death of the owner or upon the sale of the property.

A right to take back or recall a previously-conferred power or authority such as to revoke a license or withdraw an offer prior to its acceptance.

A right to occupy and use property for a specified period of time under the terms of a contract such as a lease or other formal agreement.