Dictionary

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Replacement Reserve Fund

A fund set aside for replacement of common property in a condominium, PUD, or cooperative project — particularly that which has a short life expectancy, such as carpeting, furniture, etc.

Representations

Facts that the applicant represents as true and accurate to the best of her knowledge and belief.

Reproduction Cost

The construction cost at current prices of an exact duplicate of the subject property.

Reservation

Something retained by the seller (for example, minerals, a life estate or an access easement).

Reserve

The amount that, when increased by future premiums on outstanding policies and interest on those premiums, will enable the company to pay future death claims and cash surrenders.

Residential Rental Locator

A person, other than the owner of the property or an on-site manager who offers for consideration to locate a unit in an apartment complex for lease to a prospective tenant.

RESPA

The Real Estate Settlement Procedures Act.

Restrictive Covenant

A clause in a deed that limits the way property may be used, generally originated by the owner or developer in a deed. Also known as a deed restriction.

Retention Limit

In an Umbrella Liability policy, the amount the insured must pay for a loss not covered by an underlying policy, before the Umbrella will begin to cover losses.

Reverse Annuity Mortgage

A form of mortgage that enables homeowners age 62 and older to borrow against the equity in their homes, receiving monthly payments to help meet living costs.