Real Estate Glossary Letter :  Q & R

Real Estate Glossary Letter :  Q & R

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QUALIFIED BUYER – A buyer who has satisfied a lender that he or she is financially able to qualify for a loan. Qualifying the buyer is one of the primary steps taken by the lender as part of the loan process.

QUANTITY SURVEYOR – A person trained in construction measurement and costs. They usually work closely with the architect, designer, engineer and builder to itemise the quantities of materials and labour needed to build a house or other building. Using the design drawings to give an estimate of how much the project should cost.

QUARRY TILE – Machine-made, unglazed tile often used for floors.

QUOIN – A decorative stone or brick corner of a wall.

QUOTE – The document provided by the builder or contractor that details what work is to be done and the costs included. Forms part of the contract if accepted.

Real Estate Glossary Letter :  R

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RAFT SLAB – A concrete floor slab designed with an integrated edge and internal beams (where necessary) to support the full load of the structure above.

RAFTER – A structural member used to support the weight of the roofing material and the roof loads.

  • Common Rafter – A rafter spanning the full distance from the eaves to the ridge.
  • Cripple Rafter – A rafter connecting a hip and a valley.
  • Gable Rafter – A common rafter at the end of a pitched roof.
  • Hip Rafter – A rafter forming the hip at the external line of intersection of two roof surfaces. Jack rafters meet against it.
  • Jack Rafter – A rafter between a ridge and a valley or a hip rafter and theeaves.

RAKED CEILINGS – Where the ceiling line, follows the line of the roof timbers often referred to as a Cathedral Ceiling and may have the roof timbers exposed.

RAKED JOINT – A brick joint raked out as a decorative finish; from rake, which means slanted or sloped.

RAMMED EARTH – A method for building walls from layers of soil mix compacted between forms. The soil mix is composed of clay, sand and aggregate mixed with a small amount of cement; a pneumatic rammer is used to compact the soil mix within the forms.

RATES – Periodic property taxes levied by Local and State Governments (e.g. water rates).

RAW LAND – A piece of property that has not been developed and remains in its natural state. (Also known as undeveloped land)

REACTIVE SOILS – Soils generally containing clay, that are subject to varying degrees of swelling and shrinkage due to changes in moisture content.

REAL ESTATE AGENT – See Agent.

REAL ESTATE MARKET – The buying and selling of real property that creates supply and demand resulting in the setting of market values and prices.

REAL PROPERTY – All the rights, interests, and benefits related to the ownership of real estate. Real property is a legal concept distinct from real estate, which is a physical asset. There may also be potential limitations upon ownership rights to real property.

REAL PROPERTY ACT 1886 – The statute which presently governs the registration of dealings with land held under the Torrens System.

REALTOR – Term used for Real Estate Agent in the USA.

REALTY – Term used for Real Estate in the USA.

REBAR or REINFORCING BAR – Ribbed steel bars used to strengthen poured concrete structures, such as slabs, walls and footings; comes in various sizes and shapes.

REDEVELOPMENT – The development or improvement of cleared or undeveloped land in an urban renewal area.

REDEVELOPMENT ZONE – An area of land designated by a planning scheme as an area in which the existing development is to be replaced by a new development of the kind specified in the planning scheme.

REDRAW FACILITY – A loan where the borrower can make additional payments and then access those funds when required. There may be a minimum redraw amount.

REFERRAL – The act of telling someone about the positive features of a person or a business, or the person who is being referred. This could be for a consultation, a review or further action which would be of benefit to the referred person.
An example of a referral is telling someone or giving a recommendation, why a certain reliable, ethical and trusted person or business would be of help to them or a good relationship for them to consider. You can Refer a Friend here.

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

REGISTERED BUILDER – An individual, partnership or company duly licensed to carry out construction contracts.

REGISTERED PROPRIETOR – Any person appearing by the register book or by any registered instrument of title to be the proprietor of land or of a mortgage, encumbrance or lease.

REGISTER GENERAL – The official charged by the Real Property Act with the responsibility for the administration of that act. The Registrar-General (who is responsible to the Attorney-General and ultimately to parliament) acts through officers of the Land Titles Office who have been delegated his or her powers, duties and functions.

REGISTRATION – (Under the Real Property Act) – Register any instrument purporting to transfer or otherwise deal with or affect any estate or interest in land under the provisions of the Real Property Act.

Registration confers indefeasibility of title. Effectively, a transferee or mortgagee seeking registration of a transfer or mortgage seeks State affirmation -eg government guarantee, of his or her position through registration.

REINFORCEMENT – Reinforcing Rods, bars or prefabricated mesh, usually of steel, embedded in concrete for the purpose of resisting particular stresses.

REINFORCED CONCRETE – Concrete which has been strengthened by the inclusion of steel reinforcing mesh, bars and rods.

RELIEF VALVE – A valve or device design to open when it detects high pressure or temperature; a safety feature found in hot water service heaters and boilers.

RENDER – A hardwall finish such as cement or plaster applied to brick or masonry walls.

RENT – A payment made periodically by a lessee to a lessor for the use of premises.

RENT REVIEW – A periodic review of rental under a lease using a predetermined method. For example, an increase in line with Consumer Price Index (CPI) or in accordance with a market valuation.

RENT ROLL – A group of rental properties managed by a real estate agent and includes names of tenants and the amount they pay.

RENTAL DETERMINATION – A valuation report by an independent Valuer fixing a rent, in circumstances where a lessor and lessee have been unable to negotiate an agreement.

REQUISITION – A formal written request by a Land Services Group officer in the Lands Title Office.

A requisition may require the following:

  • completion, correction or alteration of the instrument
  • production of muniments of title, documentary evidence or declarations
  • clarification of the intention of the parties and of the certifying party
  • submission of a legal opinion to support or substantiate the instrument
  • some other action be performed eg – the temporary withdrawal of the requisitioned instrument, or the withdrawal of a caveat affecting the estate or interest being dealt with.

The Registrar-General may refuse to proceed with the registration of the instrument until the requisition is complied with.

RESCIND – To terminate a contract of sale.

RESERVE BANK of AUSTRALIA – Australia’s central bank with responsibility for regulating monetary policy including the official interest rate.

RESCISSION – Rescission is the act of cancelling the contract from the beginning and restoring the parties to the positions they were in as if the contract was never made. It is thus distinguished from discharge or termination of a contract where the rights and obligations accrued up to the moment of termination remain in place.

RESERVE PRICE – A seller’s minimum sale price for the property. It must be recorded in the auction record and cannot be more than 110% of the vendor’s acceptable price.

RESIDENCE – The place where one lives; a person’s home.

RESIDENTIAL PROPERTY – Property zoned and used for dwellings such as houses, flats and apartments.

RESIDENTIAL TENANCIES TRIBUNAL – Specialist bodies exist in most Australian States and Territories to resolve disputes between landlords and residential tenants in a low-cost manner, usually without the involvement of lawyers. Specifically, these bodies include the: Residential Tenancies Tribunal (ACT, SA); Residential Tenancies Authority (QLD); Residential Tenancies List (VIC); Residential Tribunal (NSW); Commissioner of Tenancies (NT); and Residential Tenancy Commissioner (TAS). Tenancy disputes may be heard by the Small Disputes Division of Local Courts in WA.

RESIDENTIAL TENANCY DATABASE – A risk management tool used by agents to identify tenants with a history of breaching tenancy rules.

RESTORATION – Remodelling a building to its original form; contrasted with rehabilitation.

RETAINING WALL – A wall used to hold back some solid material such has earth and to prevent erosion.

RETENTION – A portion of the contract price withheld from payment until all the specifications in the building contract has been completed.

REVERSE MORTGAGE – A mortgage over a residential property owned by a person (usually over 55 years of age), where repayments are not required until the property is sold or the last homeowner dies.

REZONING – The change of land use by the responsible authority or local municipality from one zone to another, e.g. residential to commercial etc.

RIDGE – The highest edge (Apex) of a roof, usually horizontal.

RIGHT OF ACCESS or RIGHT OF WAY – Where an ongoing right of access has been granted, usually for inspection of services, agistment, etc.

RIGHT OF ENTRY – Where a landlord may inspect the premises, provided reasonable notice is given to the tenant.

RIGHT OF FIRST REFUSAL– A provision in an agreement that gives a party the first opportunity to purchase or lease the property before it is offered for sale or lease to others.

RISE AND FALL CLAUSE – This clause would be contained in a building contract. It provides for an upward or downward contract price dependant on the movement of prices, wages or other factors specified.

RISER – The vertical surface of a stair between two treads.

ROADS (OPENING AND CLOSING) ACT – The South Australian statute which governs the opening and closing of public streets and roads.

ROLLER DOORS – A metal garage door that rolls up on a drum, manually activated or motor driven. The upper enclosing element of a building or area which gives protection to the covered space from the external environment.

ROOF – The upper enclosing element of a building or area which gives protection to the covered space from the external environment.

  • Dutch Gable – A roof having a small gable near the ridge of a hipped end.
  • Hip(ped) roof – A roof or part of a roof which is pyramidal in shape with sloping surfaces and level eaves all round.
  • Skillion roof – A roof slopingon one direction only, without a ridge or peak.

ROOF PITCH – The slope of the roof.

ROOF SHEETING – Wood panels or sheet materials fixed to the roof rafters, on which the roof covering is laid.

ROOF TILE – Usually of concrete or terracotta. A wide range of patterns and colours.

ROUGHING IN – To install basic lines (plumbing, electrical, HVAC) without making the final connections; done while the covering materials for the walls, ceilings and floors are not yet in place during construction.

RURAL PROPERTY – Property zoned for non-urban uses, including farmland and bush blocks.

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