Real Estate Markets are very different and many things are handled differently from one state to another. We have assembled a glossary of the most common terms used in the Florida Real Estate Market to assist our American clients and the many international clients from Canada, United Kingdom and other countries across the world.

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Real estate

Land, including the air above and the earth below, plus any permanent improvements affecting the utility of the land, real property, property that is not personal property.

 

Real estate business

A commercial activity in which the sale, purchase, leasing, rental, exchange, or management of real property is conducted by qualified and licensed parties acting either for themselves or for others for compensation

 

Real estate profession

A profession requiring knowledge of real estate values, experience in dealing with the public, plus exceptional personal integrity and character as qualifications to act as advisors and agents for members of the public

 

Real estate services

Real estate activities involving compensation for performing the activities for another.

 

Real property

Any interest or estate in land, including leaseholds, sub leaseholds, business opportunities and enterprises, and mineral rights; real estate

 

REALTOR

A real estate broker who is a member of a local board of REALTORS® and is affiliated with the state association (Florida Association of REALTORS®) and the National Association of REALTORS® (not synonymous with "real estate agent).

 

Realty

A synonym for real estate and real property

 

Reasonable time

A variable period of time, which may be affected by market conditions, desires of the owner, supply and demand, fluctuations of values, or an official decision

 

Receiver

An independent party appointed by a court to impartially preserve and manage property that is involved in litigation, pending final disposition of the matter before the court

 

Reconciliation

The process of weighting the estimates of value derived from the sales comparison, cost, and income approaches to arrive at a final estimate of market value

 

Record

To place any document or instrument affecting title or an interest in real

property in the public records of the county in which the property is located

 

Redemption

To repurchase, to buy back, to recover property used as security for a mortgage by paying the debt (See also Equity of redemption)

 

Recession

The principle that states that the value of a superior property is adversely affected by its association with an inferior property of the same type.

 

REIT

A method of pooling investment money using the trust form of ownership

 

Release clause

A provision in a blanket mortgage covering more than one unit of real property that provides for the mortgagor to obtain freedom from the mortgage for each unit when a designated amount has been paid to the mortgagee for each unit

 

Remainderman

The party designated to receive an estate at the end of a life estate

 

Replacement cost

The expenditure of constructing a building with current materials and techniques that has the same functional utility as the structure being appraised

 

Rescind

To annul, cancel, repeal, or terminate.

 

Restriction

Any device or action that controls or limits the use of real property.

 

Restrictive covenants

Conditions placed by developers that affect how the land can be used in an entire subdivision

 

Reversion

That portion of the net proceeds from the sale of property that represents the return of the investor's capital

 

Revocation

To cancel, rescind, annul, or make void, the permanent cancellation of a person's license.

 

Right of survivorship

A situation by which the remaining joint tenant succeeds to all right, title, and interest of the deceased joint tenant without the need for probate proceedings

 

Right-to-use

A leasehold interest in a time-share unit based on the limited time (one or more weeks) specified in the agreement

 

Riparian rights

Private ownership rights extending to the normal high-water mark along a river or stream and including access rights to water, boating, bathing, and dockage in accordance with state and federal statutes.

 

Risk

The chance of loss of all or a part of an investment; the uncertainty of financial loss

 

R-value

A special rating or method of judging the insulating effectiveness of insulation products

 

We hope you found the above links useful, and remember, if you have any questions regarding buying or selling your Florida Holiday Home or permanent residence in the Disney Orlando area please contact us - we look forward to your call.