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Real Estate The land and any improvements, such as a house, on it.

Realtor A real estate agent/representative.

Record When you record a document it means you are filing it in the public records of your community. This means that anyone can view your document. It also means that if you need proof of a certain transaction for whatever reason, you will have it too.

Recourse The right to claim against an owner or a property or note.

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

Rent-to-Own An agreement in which a tenant pays rent for a specified period of time and at the end, buys the house.

REO (Real Estate Owned) Property acquired by a lender through foreclosure and is held in inventory.