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R

Radon	A radioactive gas that can cause health problems if present in sufficient concentration, found in some structures
Rate cap	In an adjustable-rate loan, the ceiling on the amount that the interest rate can be increased at each adjustment
Rate lock, or lock-in	A commitment to a specified fixed interest rate for a designated period of time, issued by a lender
Real estate agent	An individual trained and licensed to negotiate the sale of real estate on behalf of the property owner
Real estate investment trust (REIT)	An organization of individuals who purchase certificates of ownership in the trust, which then invests their money in real property, distributing the profits back to the individual investors free of corporate income tax
Real Estate Settlement Procedures Act (RESPA)	A federal consumer protection law that requires certain disclosures of lenders to consumers relative to mortgage loans
Real property	Land and appurtenances permanently on it, including buildings, trees, minerals, and the interest, benefits, and inherent rights thereof
Realtor	A real estate professional who holds active membership in a local real estate board that is affiliated with the National Association of Realtors
Realtor®	The registered trademark reserved for the sole use of members of local Realtor boards affiliated with the National Association of Realtors; other real estate professionals who do not belong to the local board may not advertise themselves as Realtors
Recision	The cancellation or annulment of a transaction or contract based on law or by mutual consent
Recording	The entering or noting of documents affecting all transactions of real estate in the recorder's office in each county, making it public record; until recorded, a mortgage or deed is usually not valid against subsequent buyers
Recording fees	Payment made to the lender for recording the sale of a property with the county office
Refinance	To obtain a new mortgage loan on a property already owned
Regulation Z	A federal law that requires disclosure by a credit institution or lender of the terms, conditions, and full cost of a loan or mortgage, including the annual percentage rate and any other charges, to the borrower when they apply for the loan
Remainder	An interest in land that is postponed until the termination of some other interest
RESPA	Abbreviation for the Real Estate Settlement Procedures Act, which is a federal law that requires lenders to provide information on estimated settlement costs, which is available for review by the buyers one time after application, and again once prior to or at the closing
Restrictive covenants, or Protective covenants	A provision in a deed that limits how real estate ownership may be used
Reverse-annuity mortgage (RAM)	A loan or mortgage whereby the amount of the monthly payments the borrower receives is based on accumulated equity, rather than on the agreed-upon total sum loaned
Reversion	A clause in a transfer of title that returns the property to the grantor upon specified events or occurrences happening
Right of first refusal	The right specified in an agreement to have the first opportunity to purchase or lease a given property before it is offered to others, or alternately, the prior right to purchase a property based on the same terms made by another buyer that were acceptable by the seller
Right of survivorship	In joint tenancy, when one of the joint tenants dies, the right of the survivors to the deceased's interest in the property
Right-of-way	Permission to pass across the property of another
Riparian rights	The right of an owner of property to make use of waterways adjoining the property

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James W. McCormack, Broker, REALTOR, e-PRO, RECS Help-U-Sell Edge Real Estate 1454 Bethlehem Pike North Wales, PA 19454 Office: 215-619-0100 ext. 111 Direct: 215-397-5102 jwm@jameswmccormack.com The James W. McCormack Home Selling Team James W. McCormack, Broker/Owner, Lead Listing Specialist and Mortgage Consultant Joseph Hradnansky, Buyer Specialist James Henshaw, Transaction Manager James W. McCormack Broker/Owner, REALTOR, e-PRO, RECS, Real Estate and Mortgage Consultant Your Personal Real Estate Expert Who Cares About You AND Guarantees it! James W. McCormack Broker/Owner of Help-U-Sell Edge Real Estate, is an experienced full-time real estate professional serving Bucks County PA and Montgomery County PA. Jim is a graduate of the University of Pennsylvania and Archbishop Ryan High School. He is a member of the Bucks County Association of Realtors, Pennsylvania Association of Realtors and the National Association of Realtors. Jim McCormack and Help-U-Sell Edge Real Estate are members of the Better Business Bureau. Jim received a sales award from Help-U-Sell in 2005. He looks forward to helping you buy and sell real estate in Bucks and Montgomery Counties. Jim and his wife, Dawn, lived in North Wales/Montgomery Township from 1999 through 2004. In January 2005 they moved to Quakertown. Please visit my websites for lots of great real estate related information: www.NorthPennHomes.com, www.BucksMontPA.com and www.JimTheRealEstateExpert.com. License Jurisdiction: Pennsylvania Brokerage Company License #: RB063564 Broker of Record: James W. McCormack Broker of Record License #: RM419403 Company Name: JWM Realty, LLC dba Help-U-Sell Edge Real Estate Address: 1454 Bethlehem Pike, North Wales, PA 19454 Office Phone: 215-619-0100 www.NorthPennHomes.com is brought to you by James W. McCormack NUMBER1EXPERT™ for North Penn School District real estate PA, Wissahickon School District real estate, Hatboro-Horsham School District real estate and Lansdale real estate, Pennsylvania Read James W. McCormack's Privacy Guarantee, Terms of Service, and Free & Without Obligation Pledge

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