Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

Category: R

RATE LOCK FLOAT DOWN

Deposit a borrower pays to lock in their interest rate for the period while their mortgage application is processed. If interest rates drop, the borrower may choose the lower rate.

RATING PROCESS

This is the procedure used to determine the cost for premiums for a group based on the risk they represent. Factors including age, cost to administer and sex are considered.

REACH AND FREQUENCY (R/F)

The Number of homes, which are exposed to a media schedule multiplied by the number of times they are exposed. The result will indicate the total potential audience exposure in a specific

REAL ESTATE AGENT

A real estate agent is an individual licensed to negotiate and transact land and real estate sales for a commission. Most real estate agents work for a broker or realtor.

REAM

The number of pieces of paper found in a package. An office ream has 500 sheets of paper while a printer ream has 516 and a traditional ream features 480 pieces.

RECEIVE

To acquire or get something. Someone can receive an item such as a letter or a gift or can receive something non-tangible such as a word of encouragement or praise.

RECIPROCAL TRADE AGREEMENT

This agreement led to General Agreement on Tariffs and Trade in 1947. Congress passed act of 1934 that allows the President to create foreign tariff reduction agreements without approval of Congress.

RECORD DISPOSITION

This term refers to the final stage of record management in which a record is either destroyed or is permanently retained in a storage facility.

RECURRING DEMAND

This term refers to the repetitive or periodic request for an item of inventory.

REDEMPTION FEE

1. Banking: Penalty charged by the lender f a mortgage is paid off (1) before its maturity date, (2) after its maturity or foreclosure date. 2. Mutual fund: Penalty charged for withdrawals

REFERENCE BOOK

Atlas, encyclopedia, thesaurus dictionary, directory, handbook, or any other work designed to for use in finding specific items of information, rather than for cover-to-cover reading.

REFINERY

A facility where a semi-finished substance such as oil or metal is refined and turned into a higher grader product through electrolysis or distillation.

REGION

This term refers to an area where people live, work and participate in daily activities.

REJECTED BID

This is a response to an invitation to bid and the proposal was not chosen for a variety of reasons.

RELEASE OF LIEN

When a person pays off a loan in full, the lien is removed. The asset is no longer pledged to the creditor when the balance is completely paid. When this happens, the

REMOTE SERVER

A server that is dedicated to handling users that are not on a LAN but need remote access to it. The remote access server allows users to gain access to files and

REPEATER

1) In digital communication systems, a repeater is a device that receives a digital signal on an electromagnetic or optical transmission medium and regenerates the signal along the next leg of the

REPUBLICAN

Member of US political party started in the 1850s by a group of Democrats who split from the main party.

RESIDENTIAL SECTOR

The unoccupied or occupied, rented, owned, one or multi-family houses, mobile homes that does not include institutional housing like schools, barracks for example.

RESPONDEAT SUPERIOR

Latin-Let the chief answer. A superior is responsible for any acts of ommission or commission by a person of less responsibility to him.

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