Glossary
R
RACK RENT The rent at which a property is worth to be let by the year in the open market, i.e. what a tenant, taking one year with another, might fairly and reasonably be expected to pay, the tenant paying rates and taxes, and the landlord doing repairs.
RANCH HOUSE A one-storey rambling-style home, usually having a low-pitched gable or roof line.
RATEABLE PROPERTY Real estate property in respect of which there is power to impose rates.
RATEABLE VALUE The value of property on which rates are assessed.
REAL ESTATE Land and hereditaments or rights therein and whatever is made part of or is attached to it by nature or persons.
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 This refers to the interests, benefits and rights inherent in the ownership of the physical real estate. It is the bundle of rights with which the ownership of real estate is endowed.
REALTY Used as a synonym for real estate.
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.
RENTAL BOND See bond.
RESERVE PRICE The minimum price at which the owner of a property is prepared to sell a property at auction.
RESIDENCE The place where one lives; a persons home.
RESIDENTIAL TENANCIES TRIBUNAL Specialist tribunal that determines most matters relating to residential tenancies including breaches of tenancy agreements by either the landlord or the tenant. Usually does not involve lawyers.
RESTORATION Remodelling a building to its original form; contrasted with rehabilitation.
RESTRICTION An encumbrance which limits the use of real estate in some way.
RESUMPTION The taking by the Crown, or some statutory body, of certain lands.
RETICULATION Formation of network of individual lines to service urban land on establishment of principal utility services, e.g. supply of water to individual houses from a water main.
ROW HOUSING A group of one or two-storey dwellings separated by fire rated party walls; more often known as a terrace of housing.
