Red Herring 
Slang for a proposed prospectus, not yet approved by the Securities and Exchange Commission (SEC) or State Securities Commission, which gives information about the important aspects of a new issue of securities without giving selling price information or date of the offering. The term is derived from the fact that there is a statement, in red ink, which advises the reader that it is not an official offer to sell the securities. Only after full approval, can the security be offered for sale. 

Red Lead 
A primer that helps prevent rust. It is toxic and is no longer in common usage, having been replaced by red oxide. 

Red Oxide 
A paint primer used to prevent rust. Its has generally replaced the toxic red lead. 

Redemption Period 
Period of time during which a property owner can pay all defaulted payments and charges and redeem a defaulted mortgage or land contract. The time period varies as established by state statute. 

Redevelop
The rebuilding of an area with new structures after demolition and removal of the existing structures. 

Redlining
The denying of credit or insurance to people base on ethnic background or neighborhood. This practice is illegal. 

Redress
Compensation or restitution for a wrongdoing. 

Reducer
Plumbing drainage fitting, which reduces the diameter of a straight-line, run by virtue of its larger size on one end and smaller on the other. If it is used for the reverse, to make the diameter of a straight-line run larger, it is called an increaser. 

Reducing Atmosphere 
An atmosphere used to deoxidize metal oxides at high temperatures during refining.

Reducing Closet Bend 
A right-angled plumbing fitting that connects to a water closet. 

Reduction Certificate 
Certification in writing, by the lender, of the remaining balance, date of maturity and interest rate on a mortgage that is often given when the property is sold and the mortgage is being assumed by the purchaser. 

Redwood
A sturdy wood that is extremely resistant to insects and weather-related deterioration, commonly used for outdoor decks and siding. 

Reeve
To pass a rope through or around an object. 

Reference Stakes 
Stakes marked with elevation and location information, used when marking an area for excavation and site improvements. 

Referral
The recommendation of a person or business to another. 

Refinance
Modification of existing debts, including mortgages, typically by replacing one or more existing obligations with new loans. Usually done when interest rates are more favorable or when the original debt can no longer be afforded.

Refinancing
Replacing an older mortgage with a new mortgage at better terms. see also Refinance. 

Refine
To purify or process a substance. 

Reflective
A material that bounces back light, such as a mirror. 

Reflective Insulation 
Insulation with a surface such as foil that reflects heat to enhance the insulating effect. 

Reformation
Correction of a contractual error that did not reflect the intent of both parties to the deal. Fault needs to extend to both parties unless the error of one person was due to fraud by the other. 

Refraction
The bending of light. For example, light is refracted as it passes through water. 

Refractory Materials 
Materials that are heat resistant. 

Refrigerant
Fluid used in cooling systems that absorbs heat, changing into a vapor in the process. 

Refrigeration System
A mechanism used for cooling, such as an air conditioner or refrigerator. 

Regenerative Braking 
A braking method often used in power saws. 

Regency House
English style two or three story symmetrical house with a hip roof and a small octagonal window over the front door. 

Regional Economics 
Study of policies that encourage regional economic growth and development, which affects property values. 

Regional Shopping Center 
Type of shopping center, often enclosed, which contains 300,000 to 900,000 square feet of shopping space, including at least one major department store. 

Register 
A grill covering the opening of a duct in a heating or cooling system. Some registers can be opened or closed to regulate the flow of air. 

Registrar
Individual who maintains official records, such as mortgages, deeds, etc.

Registration Statement 
Documented relevant information about a new securities issue of a company or limited partnership, which must be filed with the SEC. This lengthy document contains financial, historical and administrative details about the issue, which allow investors to make educated decisions. 

Reglet
A groove used to hold roofing or flashing.

Regression
Appraisal term stating that the value of higher-end real estate can be brought down by the proximity to lower-end properties. 

Regulation D 
The regulation of the Securities and Exchange Commission (SEC), which established the requirements to obtain an exemption to avoid a private offering. If the application for the exemption is approved, the transaction can be completed more quickly and the cost of a private offering is avoided. 

Regulation T 
The regulation by the Federal Reserve Bank that governs the amount of credit that is allowable to be advanced by brokers to customers to allow them to purchase securities. 

Regulation Z 
Federal code issued under the Truth in Lending Act, which requires that a borrower be advised, in writing, of all the costs associated with the credit portion of a financial transaction. 

Regulator
A mechanism used to control voltage.

Regulatory Taking
Effects of severe regulation by government agencies, which destroys a large portion of the value of a property. 

Rehabilitate
The restoration of a building or structure to a good condition. 

Rehabilitation Mortgage 
Mortgage that provides for the costs of repairing and improving a resale home or building. 

Rehabilitating Tax Credit 
Tax Reform Act of 1986 provides incentive for the use and rehabilitation of old structures or historical building. This credit, which is based on a percentage of the cost incurred in the rehabilitation, is given in an effort to arrest urban decay. 

Reinforce
To strength or increase structural integrity. 

Reinforced Concrete 
Concrete that has steel rod place in it so that it resists load stress and gives additional working load support. 

Reinforced Faced Masonry 
A wall of two different types of masonry walls, one behind the other, for example, a concrete block wall covered with a layer of brick. 

Reinforced Masonry 
A construction made of hollow masonry units that are strengthened with steel and filled with mortar. 

Reinforcement 
Items, such as steel bars, used to strengthen other materials. 

Reinforcing Bar 
Steel bars that are placed in concrete to provide reinforcement. Also called rebar. 

Reinstatement Clause
Insurance policy clause, which states that, policies that lapse because of nonpayment of premiums can only be reinstated if all unpaid premiums are paid, and other requirements are fulfilled. 

Reinvestment Rate
Interest rate assumed by investors to be able to be earned on intermediate cash flow in the projection of terminal value. 

REIT (Real Estate Investment Trust) 
Publicly traded company that owns, develops or operates commercial properties. 

Relative
Having a connection to or dependence upon another process or object. 

Relative Humidity 
The ratio of the moisture in the air to the maximum possible moisture level at the current temperature. 

Relay
An electrical component used to open and close a circuit. 

Release
The freeing of real estate from a lien once the mortgage is paid in full and the debt retired or the forgiveness of the debt by the creditor. Alternately, the voluntary abandonment of a legal right against another. 

Release Clause 
Provision in a purchase contract that allows a seller to continue marketing the home and accepting other offers.

Release of Lien
To free a piece of real estate from a mortgage. 

Reliction
Gradual withdrawal of water causing an increase in land. 

Relief
1. Change of elevation shown in land contours.
2. A sculpted figure. 
3. Court Order or mandate intended to compensate for or correct an unfair situation. 

Relief Valve 
A valve that is set to open at a certain pressure level to prevent the pressure in a container or system from reaching unsafe levels. 

Relief Vent 
A pipe installed between a drainage vent stack and a drain line for air circulation. 

Relieving Arch 
An arch built over a different arch to carry a portion of the load over the opening. 

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

Relocation Clause 
Clause in a lease allowing the landlord to move a tenant within the same building.

Relocation Company or Service
Firm that administers all aspects of relocating new employees from one location to another. 

Remainder
An interest or estate that remains after all costs have been deducted or when the original life tenant has died.

Remainderman
Person who receives the interest in a life estate after the expiration, normally through death, of the original life tenant's interest. 

Remaining Balance 
Amount of unpaid principal on a loan. 

Remaining Term 
Original loan term minus the payments already made. 

Remediation
Cleanup of an environmentally contaminated site. 

Remic
Real estate mortgage investment conduits. May be partnerships, corporations, trust, etc. and are used to hold a fixed pool of mortgages, which are then marketed as tax exempt mortgage backed securities for investors. 

Remodel
Updating or altering the appearance and functional utility of a building.