Real Estate Agent
A real estate professional who is a member of the National Association of Realtors.

Real estate broker
An agent representing a buyer or seller in a real estate transaction.

Real Estate Settlement Procedures Act
A law that governs acceptable practices and fees in real estate transactions.

Real property
Land and everything that is permanently affixed to it.

Reclamation
The right of the person with title to a property to recover it from the debtor in case of a bankruptcy.

Reconveyance
The transfer of property back to the owner when a mortgage is fully repaid.

Recording
The act of entering documents concerning title to a property into public records.

Recording fee
Money paid to an agent for entering the sale of a property into the public records.

Refinancing
The process of paying off one loan with the proceeds from a new loan secured by the same property.

Rent with option to buy
See Lease-purchase mortgage loan.

Repossession (or foreclosure)
Legal process by which the lender forces the sale of a property because the borrower has not met the mortgage terms.

Rescission
The cancellation of a contract, permitted by law within three days of signing a mortgage not used to purchase a home.

Reserves
See Impound.

RESPA
See Real Estate Settlement Procedures Act.