Quit-claim deed - A document that releases a party from any interest in a piece of real estate.

Real estate - Land and anything permanently affixed to it, including buildings, fences and other items attached to the structure.

Real estate agent - A real estate agent has a state license to represent a buyer or a seller in a real estate transaction in exchange for a commission. Most agents work for real estate brokers.

Real estate attorneys - Lawyers who specializes in real estate transactions.

Real estate brokers - A real estate agent who is licensed by the state to represent a buyer or seller in a real estate transaction in exchange for a commission. Most brokers also have agents working for them, and are entitled to a portion of their commissions.

Real estate settlement procedures act - A federal law designed to make sellers and buyers aware of settlement fees and other transaction-related costs. RESPA also outlaws kickbacks in the real estate business.

Real property - Land and any permanent fixtures on it, including buildings, trees and minerals.

REALTOR® - A designation for an agent or broker who is a member of the National Association of REALTORS®.

Rescission - The cancellation of a contract by law or consent by the parties involved.

Reconveyance - When a borrower completely pays off the mortgage, the property is reconveyed to them from the lender.

Recorder - A public official responsible for keeping the records of all real estate transactions.

Recording - The filing of a specific document to the appropriate government entity.

Recording fee - A fee charged by the real estate agents for conveying the sale of a piece of property into the public record.

Redlining - The practice by a bank or insurance company to deny credit or insurance to people based on ethnic background or neighborhood.

Refinancing - The process of replacing an older loan with a new mortgage that has better terms.

Regulation Z - The federal code issued under the Truth-in-Lending Act which requires that a borrower be advised in writing of all costs associated with the credit portion of a financial transaction.

Rehabilitation mortgage - A mortgage that provides for the costs of repairing and improving a resale home or building.

Relocation benefits - Benefits provided by employers for new workers and can include moving costs, reimbursement for temporary housing and transportation, real estate agent assistance and discounted loans.

Relocation company - A firm that administers all aspects of moving in new employees to the community.

Renter's insurance - A policy that covers the replacement value of possessions.

Repayment plan - When a borrower falls behind in mortgage payments, many lenders will negotiate a repayment plan rather than go to court.

Repossession - When a house is repossessed, it is taken back by the lender holding the mortgage.

Resale value - The future value of a piece of property that can be affected by many factors, including the surrounding neighborhood, school scores, and economic and housing market conditions.

Reserve fund - All homeowners associations set aside a certain amount of money for major repairs or improvements.

Restructured loan - A mortgage in which new terms are negotiated.

Reverse mortgage - A special type of loan available to equity-rich, older owners. Repayment is not necessary until the borrower sells the property or moves into a retirement community.

Right of first refusal - An agreement by a property owner to give another person the right to buy or rent the property before it goes on the open market.

Right to rescission - A provision in the federal Truth-in-Lending Act that allows borrowers to cancel certain kinds of loans within three days of signing.

Sales contract - A contract signed by the buyer and seller that details the terms of a home purchase.

Second mortgage - Another loan placed upon a piece of property.

Secondary mortgage market - A market of packaged home loans that are resold as securities to investors. Major players are Fannie Mae and Freddie Mac.

Secured loan - Any loan backed by collateral.

Seller carry-back - An agreement in which the seller provides financing for a home purchase.

Seller's market - A hot real estate market in which sellers have the advantage and multiple offers are common.

Septic system - A self-contained sewage treatment system that distributes wastewater to an underground area and relies on bacterial action to decompose solid waste matter.

Setback - The minimum distance a house or buildings must be from the lot line.

Settlement statement - A document that details who has paid what to whom.

Special assessment - When a homeowner's association needs or wants extra funds, it levies a special assessment upon the owners.

Speculation home - A home that has been built without a buyer.

Square footage - The number of square feet of livable space in a home or building.

Starter home - Homes that fall within the lower price range of a typical first-time buyer.

Straight purchase - A transaction in which the buyer gives a new-home builder a deposit to begin building and the balance when the sale of the house closes.

Subagent - When an agent brings a buyer to a property, they in effect act as a subagent to the listing agent.

Subcontractor - Specialty construction companies hired by the general contractor to perform certain tasks.

Subdivision - The process in which the owner of a large piece of property divides it into smaller parcels.

Subordinate loan - A second or third mortgage.

Survey - A precise measurement of a piece of property by a licensed surveyor.

Sweat equity - The non-cash value put into a piece of property by the owner, such as do-it-yourself home improvements.

Tax sale - The public sale of a property by the government for nonpayment of taxes.

Tenants in common - Two or more owners who share interest in a specific property.

The 72 hour clause - When a buyer has a house to sell before they can purchase another home, most sellers insist on a 72-hour clause. In the event of a better offer coming in before the contingency is settled, this clause entitles the seller to give the buyer 72 hours to remove the contingency or lose the house.

Title - The actual legal document conferring ownership of a piece of real estate.

Title company - Firms that ensure that the title to a piece of property is clear and provide title insurance.

Title insurance - A policy issued to lenders and buyers to protect any losses because of a dispute over the ownership of a piece of property.

Title search - A check of public title records to ascertain that the seller is the legal owner and that there are no claims or liens against the property.

Top producer - A real estate industry term that refers to agents and brokers who sell a high volume of homes.

Tract home - Another term for a production home, a mass-produced house constructed by one builder in a project.

Trade equity - Other real estate or assets a buyer gives to a seller as part of the down payment.

Trading down - A reference to buyers who purchase a home that is less expensive than their current house.

Trading up - A reference to buyers who purchase a home that is more expensive than the home they currently own.

Transfer of ownership - Any legal means by which a piece of real estate changes hands.

Transfer tax - An assessment by state or local authorities at the time a piece of property changes hands.

Trans-Union - Trans-Union Corp. is one of the "Big Three" credit-reporting bureaus that operate nationwide.

Treasury bills - Securities issued by the Treasury Department that have the full backing of the U.S. government.

Treasury index - An index used to determine interest rate changes for adjustable rate mortgages.

Trust account - Special accounts used by brokers and escrow agents to safeguard funds for a buyer or seller.

Trustee - A legally empowered person who holds or controls a piece of property for another person.

Truth-in-Lending Act - A federal law that protects consumers in a variety of ways. One of its key provisions allows a consumer to cancel a home-improvement loan, second mortgage or other loan if the home was pledged as security (except for a first mortgage or a first trust deed) until midnight of the third business day after the contract was signed.

Two-step mortgage - An adjustable mortgage with two interest rates, one for the first five or seven years of the loan, and the other for the remainder of the loan term.