Page 49 - Homeowners Manual - Arizona
P. 49

Privacy Rule: The GRAMM-LEACH-BLILEY ACT requires      Reinsurance: To insure again by transferring to another
          financial institutions (which includes title insurance   insurance company all or part of an assumed liability, thus
          companies) to give notice to all of their “clients” about   spreading the loss risk any one company has to carry�
          their privacy practices� The Privacy Policy is a “clear and
          conspicuous” written notice describing their privacy   Reverse or Reverse Annuity Mortgage: A mortgage for
          policies and practices�                                which the borrower pledges home equity in return for
                                                                 regular (monthly) payments, rather than a lump sum
        Prorate: To allocate between seller and buyer their      distribution of loan proceeds� Repayment is usually not
          proportionate share of an obligation paid or due� For   required until the home is sold or the borrower’s estate
          example, a proration of real property taxes or fire    is settled, provided the borrower continues to live in the
          insurance premiums�                                    home and keeps current all taxes and insurance� Also see
                                                                 “Home Equity Conversion Mortgage�”
        Q
                                                               Right of Way: The right which one has to pass across the
        Quiet Title: An action in a proper court to remove record   land of another� An easement�
          defects or possible claims of other parties named in the
          action�                                              Riparian: Rights to use of waterways in adjoining lakes or
                                                                 rivers�
        R                                                      S


        Range: A part of the government survey, being a strip of
          land six miles in width, and numbered east or west of the   Second Mortgage: A second loan on real estate that already
          principal meridian�                                    has a mortgage� It is subordinate to the first mortgage�
        Real Property: Land, together with fixtures, improvements   Section or Section of Land: A parcel of land comprising
          and appurtenances�                                     approximately one square mile or 640 acres�
        REALTOR : A federally registered collective membership   Set Back Lines: Those lines which delineate the required
                 ®
          mark which identifies a real estate professional who is a   distances for the location of structures in relation to the
          member of the National Association of REALTORS  and    perimeter of the property�
                                                      ®
          subscribes to its strict Code of Ethics�             Sub-Surface Right: The right of ownership to things lying
        Realty: A brief term for real property�                  beneath the physical surface of the property�

        Redeem: Literally “to buy back�” The act of buying back land   Survey: The process of measuring land to determine its
          after a mortgage foreclosure, tax foreclosure, or other   size, location and physical description, and the resulting
          execution sale�                                        drawing or map�

        Redisclosure: For transactions covered under the TILA-  T
          RESPA Integrated Disclosure (TRID) Rule and under very
          specific circumstances, the Loan Estimate and/or the   Tax Lien: A lien for real property taxes� Attaches only to
          Closing Disclosure may be revised and delivered to the   the property upon which the taxes are due in most
          consumer�                                              jurisdictions� It may be foreclosed for nonpayment�
        Registered Land: See “Torrens Title�”                  Tenancy by the Entirety: Ownership by married persons�
                                                                 Each owns the entire estate, with the survivor taking the
                                                                 whole upon the other’s death�























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