FIND THE DEFINITION FOR ANY REAL ESTATE
TERM
Click on the letters above for terms beginning with that
letter, and then click on the term below.
Don’t see a term here?
Feel free to ask us. (Unfortunately, however, we cannot give you
real estate or legal advice.)
RANCH or RANCHER
– A one-story house of various design patterns.
In it’s most simple form it may be referred to as a RAMBLER.
Taken from a style common on ranches (hence the name). Certain cottage style houses of this description could be considered
a BUNGALOW, and if the house is characterized by Spanish-style
architecture and features, it may be a SPANISH RANCHER.
RESPA – The REAL ESTATE
SETTLEMENT PROCEDURES ACT. The federal law, which dictates standards of
conduct when securing a loan to purchase a home. Requires that all settlement costs be disclosed, loan officers to
give buyers the HUD pamphlet explaining the loan process and
standardized settlement sheets.
It also prohibits kickbacks from title companies and
lenders.
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