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.

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

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

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.

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.

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

See Impound.

See Real Estate Settlement Procedures Act.