Definition: the right of mortgagors who have defaulted on the mortgage note to redeem or get back their title to the property by paying off the entire mortgage before the foreclosure sale Pronunciation: \ri-ˈdem(p)-shən\ Used in a Sentence: Before a property has been sold at a foreclosure sale the mortgagor has the right of redemption ..
Category : R
Definition: discriminatory financing by a lending institution Pronunciation: \ˈred-ˌlīn\ Used in a Sentence: The usual justification for redlining is the lender wants to limit the risks in an area that is dete..
Definition: authorization by the state to place an applicant on the register (record) of officially recognized individuals and businesses Pronunciation: \ˌre-jə-ˈstrā-shən\ Used in a Sentence: A person must have a valid registration on file in order to get thei..
Definition: the principal of appraisal that states that the value of a better property is adversely affected by its association with an inferior property of the same type Pronunciation: \ri-ˈgre-shən\ Used in a..
Definition: a provision found in many blanket mortgages enabling the mortgagor to obtain partial releases of specific parcels from the mortgage upon a payment of a designated amount Pronunciation: \ri-ˈlēs\ \ˈklȯz\ Used in a Sentence: The builder had a release clause for the mortgage on the property he was developing so he could give a ..
Definition: the gradual recession of water leaving land permanently uncovered Pronunciation: \ri-ˈlik-shən\ Used in a Sentence: As a result of reliction, the size of the property had increased over ..
Definition: the party designated to receive an estate at the end of a life estate Pronunciation: \ri-ˈmān-dər-mən\ Used in a Sentence: When the man named his son in his will he became the reaminderman of the..
Definition: a person who, for a fee, acts as an intermediary between a person seeking to lease a housing accommodation and a property owner seeking to acquire a lease for a housing accommodation Pronunciation: Used in a Sentence: The apartment complex had a rental agent in the office to help people who wanted to rent ..
Definition: the amount of money required to replace a structure having the same use and function as the original but using modern, available or updated materials Pronunciation: \ri-ˈplās-mənt\ Used in a Sentence: When determining the cost to rebuild the house the appraiser used replacement cost to calculate the f..
Definition: a portion of annual income set aside for covering the cost of major components (e.g. air conditioning) that wear out faster than the building itself Pronunciation: \ri-ˈplās-mənt\\ri-ˈzərv\ Used in a Sentence: When the air conditioning unit needed to be replaced we used the funds from our replacement reserves to p..