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Ma Real Estate Q&R-1

Terms & Definitions Q & R-1

Quitclaim Deed A deed where the grantor (seller) transfers whatever interest he or she has in real property without any warranties. The Quitclaim Deed is the most common form of deed in Mass, however the Mass Quitclaim Deed does contain some limited warranties.
Range Line An imaginary line, running north and south in the government survey method of land description parallel, to major north-south lines, called meridians.
Range Strip A strip of land between 2 north-south range lines measuring 6 miles wide, and used in the government survey method of land description.
Rate of Return Comparison of the net income to total investment for a parcel income property expressed as an annual percentage.
Real Estate Land and whatever is attached to land. Also known as Real Property or Realty.
Realtor® A registered trademark and maybe used only by licensed broker, or salesman who is a member of the state, and local real estate board chartered by the National Association of Realtors.
Reconciliation The part of the appraisal process where the appraiser compares the most appropriate appraisal method with other methods used.
Recording Process of entering into public record the deed, and other documents associated with the transfer of real property. The deed is recorded at the Registry of Deeds, and receives a book and page number where the deed has been filed.
Redlining The practice of a lending institution identifying a certain geographic area, to receive different lending practices and other geographic areas. Identified with discrimination, because this is often done in minority neighborhoods.
Registered Land Property, that under the Torrents System, has been to land court, received a judgment and now has a Certificate of Title documenting the land court decision.
Registry of Deeds County agency that records, files, and controls deeds, liens, and other paperwork relating to title of real property. Known in some states as Recorder’s Office or Bureau of Convenience.
Regression An appraisal principle dealing with conformity that holds property, which is decreased in value when located near other property of lesser value. EXAMPLE: A house surrounded by less expensive homes.
Remainder Estate A type of estate held as a future interest by one who will receive title at the end of a life estate. Upon death of holder of a life estate, the remainder estate becomes a free simple estate.
Remainderman The party holding a future interest as a third-party to a life estate.
Created by: sunaecm4