Dictionary

Replacement Reserves

Definition:   a portion of annual income set aside for covering the cost of major components (e.g. air conditioning) that wear out faster than the building itself Pronunciation:  \ri-ˈplās-mənt\\ri-ˈzərv\ Used in a...

Replacement Cost

Definition:  the amount of money required to replace a structure having the same use and function as the original but using modern, available or updated materials Pronunciation:   \ri-ˈplās-mənt\ Used in a...

Rental Agent

Definition:   a person who, for a fee, acts as an intermediary between a person seeking to lease a housing accommodation and a property owner seeking to acquire a lease for...

Remainderman

Definition:   the party designated to receive an estate at the end of a life estate Pronunciation:   \ri-ˈmān-dər-mən\ Used in a Sentence:   When the man named his son in his will...

Reliction

Definition:   the gradual recession of water leaving land permanently uncovered Pronunciation:  \ri-ˈlik-shən\ Used in a Sentence:   As a result of reliction, the size of the property had increased over the years.

Release Clause

Definition:   a provision found in many blanket mortgages enabling the mortgagor to obtain partial releases of specific parcels from the mortgage upon a payment of a designated amount Pronunciation:    \ri-ˈlēs\ \ˈklȯz\...