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Qualified Fee

          An estate in fee simple bound by limitations imposed by the grantor

Qualifying Ratios

          Calculations that are used in determining whether a borrower can qualify for a mortgage. There are two           ratios. The "top" or "front" ratio is a calculation of the borrower's monthly housing costs (principle,                 taxes, insurance, mortgage insurance, homeowner’s association fees) as a percentage of monthly                 income. The "back" or "bottom" ratio includes housing costs as will as all other monthly debt.

Quiet Enjoyment

          The right of an owner or tenant legally in possession to the use of   property without interference from             the landlord, or grantor, or anyone claiming through them.

Quiet Title

          A court action brought to establish title or to remove a cloud on the title; an action clearing tax titles or           titles based upon adverse possession.

Quitclaim Deed

          A deed containing no warranties or covenants, which relinquishes any interest, title or claim in                       property the grantor may have, if any.

Quorum

          A majority of the entire body; minimum needed to legally conduct a meeting.

 Rate Lock

          A commitment issued by a lender to a borrower or other mortgage originator guaranteeing a specified            interest rate for a specified period of time at a specific cost.

Ratification

          The approval or confirmation by one person, of an act or contract performed or entered into on their               behalf by another, who at the time lacked authority to act as his agent.

Ready, Willing and Able

          A person who is prepared, financially able, and willing to enter into a binding contract.

Real Estate Agent

          A person licensed to negotiate and transact the sale of real estate.

Real Estate Settlement Procedures Act (RESPA)

          A consumer protection law that requires lenders to give borrowers advance notice of closing costs.

Real Property

          Land and appurtenances, including anything of a permanent nature such as structures, trees,                       minerals, and the interest, benefits, and inherent rights thereof.

Realtor®

          A real estate agent, broker or an associate who holds active membership in a local real estate board             that is affiliated with the National Association of Realtors.

Realtor-Associate

          A salesperson who works for a Realtor and belongs to the local Board of Realtors.

Recapture Rate

          A factor used in the capitalization approach to estimate the return of the investment.

Receiver

          A court appointed custodian who holds property for the court, pending final disposition of the matter               before the court.

Reconveyance

          A conveyance to the land owner of the title held by a trustee under a deed of trust.

Recorder

          The public official who keeps records of transactions that affect real property in the area. Sometimes             known as a "Registrar of Deeds" or "County Clerk."

Recording

          The act of writing or entering an instrument into a book of public records, which constitutes notice to             all person of the rights or claims contained in the instrument; often called constructive notice.

Redemption

          The right of an owner to redeem or reclaim property by paying the debt after default, together with                 interest and costs, and before sale at foreclosure.  Equity of redemption refers to the right to redeem             the property after default but before foreclosure. 

Reduction Certificate

          A certificate showing the unpaid balance of a mortgage, the interest, and the maturity date.  Used                 when a prospective purchaser is going to assume a mortgage or take title subject to an existing                     mortgage.  It is given by the mortgagee.

Refinance Transaction

          The process of paying off one loan with the proceeds from a new loan using the same property as                 security.

Reformation

          An action to correct a mistake in a deed or other document.

Release

          The relinquishment or surrender of a right, claim, or interest.

Release Clause

          A clause in a blanket mortgage which gives the property owner the right to pay off a portion of the                 indebtedness, thereby the obligation has been fulfilled and the debt paid off.

Reliction

          Gradual recession of water from the usual watermark.

Remainder Estate

          An estate created by single grant simultaneously with another which vests with a third party after                   termination of the prior estate; such as a life estate.

Remainderman

          The one in whom an estate vests after termination of a prior estate.

Remaining Balance

          The amount of principal that has not yet been repaid. See principal balance.

Remaining Term

          The original amortization term minus the number of payments that have been applied.

Rendered

          Furnished, presented; performed; made.

Rent Loss Insurance

          Insurance that protects a landlord against loss of rent or rental value due to fire or other casualty that             renders the leased premises unavailable for use and as a result of which the tenant is excused from             paying rent.

Repayment Plan

          An arrangement made to repay delinquent installments or advances.

Replacement Reserve Fund

          A fund set aside for replacement of common property in a condominium, PUD, or cooperative project -           - particularly that which has a short life expectancy, such as carpeting, furniture, etc.

Rescind

          To annul; cancel.

Rescission

          To annulling, revocation, or repealing of a contract by mutual consent of the parties, or for cause by               either party to the contract, and returning the parties to their original position.

Rescission Clause

          A clause occasionally found in an agreement of sale, which requires the seller to return all of the                   buyer’s payments less costs and a fair rental value in the event the buyer defaults.

Reservation

          A right retained by a grantor in conveying property.

Restriction

          A clause in a deed or other written instrument limiting the use to which the property may be put.

Restrictive Covenant

          A limitation on the use of a property placed in a deed; a private restriction.

Reversion

          The residue of an estate left to the grantor or his heirs after termination of all prior estates and                       interests; the right of a lessor to recover possession of leased property upon the termination of the                 lease, with all subsequent rights to use and enjoy the property.

Reversionary Interest

          A present right to future possession of an estate.

Revocation

          The act of recalling some agreement, power or interest previously given.

Revolving Debt

          A credit arrangement, such as a credit card, that allows a customer to borrow against a pre-approved             line of credit when purchasing goods and services. The borrower is billed for the amount that is                     actually borrowed plus any interest due.

Rider

          An addition, addendum or endorsement annexed to a document; it should be signed or initialed.

Right of Elections

          The right of a surviving spouse to 1/3 of the net probate estate of the deceased spouse.

Right of First Refusal

          A right, usually given by an owner to a lessee, which gives the lessee the first chance to buy the                   property if the owner decides to sell.  The owner must have a legitimate offer, which the lessee can               then match, or refuse.

Right of Ingress or Egress

          The right to enter or leave designated premises.

Right of Survivorship

          In joint tenancy, the right of survivors to acquire the interest of a deceased joint tenant.

Right of Way

          An easement or right of passage over another’s land.

Riparian Rights

          The right of a landowner to the use of water on or adjacent to his land.

Royal Patent

          The instrument of original grant of sovereign lands in Hawaii to  individuals.

Running With the Land

          A covenant, which extends beyond the original parties to an  agreement and binds all subsequent                 parties.

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15-2714 Pahoa Village Rd. #I-2​
​Pahoa, HI 96778
Phone: (808) 965-9903
​Fax: (808) 965-9916

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