Provided by the Real Estate Institute of Australia

RACK RENT is 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 is A one-storey rambling-style home, usually having a low-pitched gable or roof line.

RATEABLE PROPERTY is Real estate property in respect of which there is power to impose rates.

RATEABLE VALUE is The value of property on which rates are assessed.

REAL ESTATE is Land and hereditaments or rights therein and whatever is made part of or is attached to it by nature or persons.


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

REAL PROPERTY is 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 is Used as a synonym for real estate.

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

REDEVELOPMENT ZONE is 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 is See isbondis.

RESERVE PRICE is The minimum price at which the owner of a property is prepared to sell a property at auction.

RESIDENCE is The place where one lives; a personiss home.

RESIDENTIAL TENANCIES TRIBUNAL is 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 is Remodelling a building to its original form; contrasted with rehabilitation.

RESTRICTION is An encumbrance which limits the use of real estate in some way.

RESUMPTION is The taking by the Crown, or some statutory body, of certain lands.

RETICULATION is 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 is A group of one or two-storey dwellings separated by fire rated party walls; more often known as a terrace of housing.

R of the A-Z Glossary Provided by the Real Estate Institute of Australia you will find Glossary R, Glossary, A-Z Glossary, Provided by the institute of Australia, if offers you Information, Advice, Help, in regards to Property, properties, apartments, units, buying, selling, and Real Estate, any further questions contact Alan McGillivray, at Alan McGillivray Real estate
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