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Real Estate Dictionary
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rate cap

The limit on how much an interest rate may change on an adjustable-rate mortgage, either for a given period or for the life of the loan.

rate commitment

A written promise by a lender to lend money to a potential borrower at a stated rate of interest. Such a commitment is always for a stated period, which is noted in the agreement.

rate lock-in

see rate commitment.

ratified sales contract

A firm and binding agreement for the purchase or sale of land or property.

raw land

Land in its natural state, with no improvements made to it.

re-evaluation lease

see reappraisal lease.

ready, willing and able

A term describing an individual who is in a position to complete a property contract. A broker providing an offer from a ready, willing and able buyer, which meets the price and terms of the listing, is entitled to a commission, regardless of whether the seller actually accepts the offer.

real estate
The term for land and all fixtures to land, including buildings and improvements. Personal property is not usually considered real estate. A house is real estate, but the furniture in the house is not.

real estate agent

Someone who works for a real estate agency and is involved in the buying and selling of property. The listing agent acts for the seller; the selling agent acts for the buyer.

real estate broker

Someone licensed by the state in which he or she resides who works to engage in the real estate business in that state (i.e., to run or manage a real estate agency or brokerage). A broker may receive a commission for bringing a buyer and seller together to achieve a transfer of title; brokers may also be compensated for leasing property or for arranging an exchange of property. Brokers are responsible for the supervision of their company’s associate brokers, realtors and agents.
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