Ratification - The adoption or approval of an act performed on behalf of a person without previous authorization.

Real Estate Investment Trust - A special arrangement under Federal and State law whereby investors may pool funds for investments in real estate and mortgages and yet escape corporation taxes; requires one hundred persons or more.

Realtor - A real estate agent/broker holding active membership in a real estate board affiliated with the National Association of Realtors.

Reconveyance - The transfer of the title of land from one person to the immediately preceding owner. This instrument is commonly used in California when the performance or debt is satisfied under a deed of trust and the trustee conveys the title he has held back to the owner.

Redemption - The buying back of one's property after it has been lost through foreclosure.   Payment of delinquent taxes after sale to the State.

Refinance - The process of taking out a new loan on a property already owned, paying off existing financing and possibly obtaining additional cash from the transaction.

Replacement Cost - The cost incurred in replacing one property with another of similar utility using modernized equipment, materials, and techniques.

Reproduction Cost - The cost of reproducing an exact replica property based on current prices.

Rescind - To declare a contract void in its inception and put an end to it as though it never existed.

Rescission of Contract - The annulling, revocation or repealing of a contract by mutual consent of the parties to the contract or for cause by either party to the contract.

Reservation - A right kept by a grantor when conveying property.

Restriction - An encumbrance created by deed or special agreement which limits use of the property.

Reversion - The portion of an estate remaining with the original grantor after the termination of a leasehold or life estate.

Reversionary Interest - A type of interest a person may have in lands or other property upon the termination of the preceding estate.

Right of Rredemption - A person's right by law to buy back property taken by forced sale for a period of time stated by law.

Right of Survivorship - Right to acquire the interest of a deceased joint owner. Distinguishing characteristic of a Joint Tenancy Deed.

Right of Way - The right to cross over or under another person's property for ingress, egress, utility lines, sewers, etc.

Riparian Rights - Rights of an owner of property abutting water to use the water and have uninterrupted flow and drainage.

Rod - A measure of length equal to 161/2 ft.

Rural - Pertaining to the country; rather than urban.