Dictionary

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Realtor®

A real estate broker or an associate who holds active membership in a local real estate board that is affiliated with the National Association of Realtors®.

Realty

See Real Estate.

Rebating

Rebating is illegal in most states. Rebating is a practice that involves the payment of something (usually part of the commission) or covert return of money or other value not stated in the policy, to an applicant in order to induce a sale. You can take your client to lunch, but you cannot say “I will pay for lunch if you buy this policy from me.” Dividends are not considered to be rebates since it is stated in the policy that a dividend might be payable.

Reciprocal Company

An unincorporated group of subscribers that exchange insurance responsibilities with other members, managed by an attorney-in-fact.

Recission

The cancellation or annulment of a transaction or contract by the operation of a law or by mutual consent. Borrowers usually have the option to cancel a refinance transaction within three business days after it has closed.

Reconciliation

The final step in the appraisal process, in which the appraiser weighs the estimates of value received from the sales comparison, cost and income approaches to arrive at a final estimate of market value for the subject property.

Recorded Plat

A subdivision map filed in the county recorder’s office that shows the location and boundaries (lot and block number) of individual parcels of land.

Recorder

The public official who keeps records of transactions that affect real property in the area. Sometimes known as a “Registrar of Deeds” or “County Clerk.”

Recording

The noting in the registrar’s office of the details of a properly executed legal document, such as a deed, a mortgage note, a satisfaction of mortgage, or an extension of mortgage, thereby making it a part of the public record.

Recovery Fund

A fund established from real estate license revenues to cover claims of aggrieved parties who have suffered monetary damage through the illegal actions of a real estate or property inspection licensee.