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Definitions covering: Radon through Real Estate Settlement Procedures Act

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  • Radon: a radioactive gas found in some homes that, if occurring in strong enough concentrations, can cause health problems.
  • Real Estate Agent: an individual who is licensed to negotiate and arrange real estate sales; works for a real estate broker.
  • REALTOR: a real estate agent or broker who is a member of the National Association of Realtors, and its local and state associations.
  • Refinancing: the process of paying off one loan by obtaining another; refinancing is generally done to secure better loan terms, such as interest rates. Commonly referred to as: Mortgage Refinancing or a Mortgage Refinance.
  • Rehabilitation Mortgages: a mortgage loan that covers the costs of rehabilitating (repairing or Improving) a property; some rehabilitation mortgages – like the FHA's 203(k) – allow a borrower to roll the costs of rehabilitation and home purchase into one home mortgage loan.
  • Real Estate Settlement Procedures Act: a law protecting consumers from abuses during the residential real estate purchase and loan process by requiring lenders to disclose all settlement costs, practices, and relationships. Often simply referred to as: RESPA.