Dictionary

Redemption

Definition:  the right of mortgagors who have defaulted on the mortgage note to redeem or get back their title to the property by paying off the entire mortgage before the...

Recovery Period

Definition:  the assigned period of time over which property is depreciated for tax purposes Pronunciation:   \ri-ˈkə-və-rē\ \ˈpir-ē-əd\ Used in a Sentence:    We were given a 5 year recovery period on...

Record

Definition:  to place any document or instrument affecting title or an interest in real property in the public records of the county in which the property is located Pronunciation:   \ri-ˈkȯrd\...

Recommended Order

Definition:  a determination by an administrative law judge that includes findings and conclusions, as well as the recommended penalty, if any, required by law or agency rule Pronunciation:   \ˌre-kə-ˈmend\ \ˈȯr-dər\ Used...

Reciprocity

Definition:  an agreement between two states that allows a real estate licensee with a valid license in one of the states to practice real estate in both states Pronunciation:  \ˌre-sə-ˈprä-s(ə-)tē\ Used...

Receivership Clause

Definition:   a provision in a mortgage, related to income-producing property, that is designed to require that income derived shall be used to make mortgage payments in the event the borrower...