Qualified Fee - An estate in fee simple hound by limitations imposed by the grantor.

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 him.

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.

Ratification - The approval or confirmation by one person, of an act or contract performed or entered into on his 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.

Realtor A broker who belongs to NAR. (See NAR).

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

RecaptureRate A factor used in the capitalization approach to value 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.

Recording - The act of writing or entering an instrument into a hook of public records, which constitutes notice to all persons of the rights or claims contained in the instrument; olten 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. Statutory right of redemption refers to the right in some states (hut not Hawaii), to redeem the property after foreclosure or other enforcement action, during a certain period of time specified by statute.

Redlining - A practice by lending institutions restricting the number of loans that will he underwritten in a given community. The practice is illegal if based on the racial composition of a community.

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 - To obtain a new loan to pay off an existing mortgage or agreement of sale.

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 freeing a portion of his property from the mortgage.

Release Of Mortgage - The instrument given by the mortgagee to the mortgagor indicating discharge of the mortgage, stating that 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.

Rendered - Furnished, presented; performed; made.

Rescind - To annul; cancel.

Rescission - The 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 (the “status quo”).

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 he 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.

Rider - An addition, addendum or endorsement annexed to a document; it should he 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 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 hinds all subsequent parties.