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R

Reverse mortgage

Mortgage that allows people 62 or older to borrow money against the equity they have built up in their real property.

Ex: " house rich - money poor" - often older individuals who may be on fixed income need or want additional supplemental income.


reversion

is future interest held by the transferor or grantor of an estate. For example, if “A transfers to B for life,” A would have a reversion in the property.

Right of redemption

borrowers have a period in which to redeem their real estate after the sale.


right of survivorship

characteristic of the form of ownership of joint tenancy where co-owners inherit property from each owner upon the death of a joint tenant.

riparian

rights afforded owners of land bordering on flowing water such as rivers or streams (and in some instances lakes) to have access to the water for reasonable uses.

risk management

Being able to look at the risk and evaluate them. Four options regarding risk are:

1.) Risk avoidance - Eliminate the risk if it does not interfere with the goals of an endeavor. For example: it would be fun to have a dog at a day care center, however, the dog may pose a risk to the children so getting rid of the dog eliminates the risk.

2.) If it can not be eliminated, it can be controlled. For example: no way to completely avoid a building from catching on fire but you can control a fire that may start by installing a sprinkler system, providing wall mounted extinguishers, practicing safe operating methods to minimize the likelihood of a fire starting.

3.) depending on potential amount of financial harm and risk takers ability to absorb the risk, it can be transferred to another party. This is where insurance comes into play.

4.) if a risk is necessary, unlikely to occur, and cost to use another method fails to justify the expense, the risk taker can simply accept the risk.


routine maintenance

day to day activities to keep up with the building and prevent future maintenance.

For example day to day activities: cleaning common areas, plumbing adjustments, also providing regular upkeep of air conditioning, heating, and landscaping.



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