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19 Cards in this Set
- Front
- Back
Qualifying Ratios |
Calculations that are used in determining whether a borrower can qualify for a mortgage. There are two ratios. The "top" or "front" ratio is a calculation of the borrower’s monthly housing costs (principle, taxes, insurance, mortgage insurance, homeowner’s association fees) as a percentage of monthly income. The "back" or "bottom" ratio includes housing costs as will as all other monthly debt. |
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Quitclaim Deed |
A deed that transfers without warranty whatever interest or title a grantor may have at the time the conveyance is made. |
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Rate Lock |
A commitment issued by a lender to a borrower or other mortgage originator guaranteeing a specified interest rate for a specified period of time at a specific cost. |
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Real Estate Agent |
A person licensed to negotiate and transact the sale of real estate. |
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Real Estate Settlement Procedures Act (RESPA) |
A consumer protection law that requires lenders to give borrowers advance notice of closing costs. |
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Real Property |
Land and appurtenances, including anything of a permanent nature such as structures, trees, minerals, and the interest, benefits, and inherent rights thereof. |
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Realtor® |
A real estate agent, broker or an associate who holds active membership in a local real estate board that is affiliated with the National Association of Realtors. |
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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." |
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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. |
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Refinance Transaction |
The process of paying off one loan with the proceeds from a new loan using the same property as security. |
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Remaining Balance |
The amount of principal that has not yet been repaid. See principal balance. |
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Remaining Term |
The original amortization term minus the number of payments that have been applied. |
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Rent Loss Insurance |
Insurance that protects a landlord against loss of rent or rental value due to fire or other casualty that renders the leased premises unavailable for use and as a result of which the tenant is excused from paying rent. |
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Repayment Plan |
An arrangement made to repay delinquent installments or advances. |
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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. |
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Revolving Debt |
A credit arrangement, such as a credit card, that allows a customer to borrow against a preapproved line of credit when purchasing goods and services. The borrower is billed for the amount that is actually borrowed plus any interest due. |
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Right of First Refusal |
A provision in an agreement that requires the owner of a property to give another party the first opportunity to purchase or lease the property before he or she offers it for sale or lease to others. |
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Right of Ingress or Egress |
The right to enter or leave designated premises. |
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Right of Survivorship |
In joint tenancy, the right of survivors to acquire the interest of a deceased joint tenant. |