Real Estate and Property Management Dictionary

Radon
Most homebuyers require prior to closing on a purchase, that the property be tested for radon, a naturally occurring, odorless gas that can cause health problems. A colorless radioactive element of the rare gas group, the most stable isotope of which, radon-222, is a decay product of radium.

Real Property
Land and anything permanently affixed to it, such as buildings and their structural components.

Realtor
The designation for an agent or broker who is a member of the National Association of Realtors and subscribes to a strict code of ethics.

Rebate
(1) A refund that resulted from an overpayment of tax or purchase price.
(2) Alternately, an amount given as an incentive to buy.

Reciprocity
A situation where individuals or entities give certain rights to each other in return for the rights being given to them.

Reference
The act of referring.

Relinquish
To retire from; give up or abandon. To put aside or desist from (something practiced, professed, or intended). To let go; surrender. To cease holding physically; release: relinquish a grip.

Relocation
The movement of a person or business from one region or location to another.

Rent
The amount paid from a tenant to a landlord for the use of property.

Rental Agreement
Establishes a tenancy for a short period of time, usually one month.

Rental Application Form
A specific application form used to provide landlords and property managers your personal information.

Rental House: A property in which people live by making a periodic payment to a landlord for its use. An apartment, duplex, townhouse, townhome, terraced duplex, condo, condominium, co-op, bungalow, dwelling, flat, loft, abode, house, home, house, cottage, mansion, trailer home, residence, residency, single family detached house, semi-detached duplex, villa, lodge, shelter, structure or place for habitation by human beings.

Retention: A sum of money or deposit held for an agreed period of time as a safeguard against any faults. Retaining, retentive, not forfeited.  To hold for the full term, to remain at full capacity.

Residential Property Management
The home rental property is conducted as a business, including rental and tenant showings, property rental agreements, rent collection and dispersal, needed repairs and preventative maintenance.

Renters Insurance
A policy for renters, which covers their personal possessions. Statement to relieve doubt, promotes protection and security. Provided to an individual or household renting a dwelling housing their personal property.

Restrictions
The act of restricting. The state of being restricted. Something that restricts; a regulation or limitation.

Roommate
A person with whom one shares a room or rooms.