Glossary R

R/A
See Reassign. Transfer responsibility of an assignment from one independent contractor to another, often resulting in a chargeback.

Radon Testing
Monitoring methods used to provide indication of Radon levels present as compared to acceptable EPA levels.

REAC

The Real Estate Assessment Center (REAC) is an organization within HUD Public and Indian Housing (PIH) that is responsible for capturing, standardizing, improving and evaluating data from the portfolio of properties for which HUD has a financial interest or statutory obligation to monitor.

Reassign

Transfer responsibility of an assignment from one independent contractor to another. Often resulting in a chargeback.

Reconveyance
The transfer of property from one owner to another; specifically to transfer title or interest in property from present owner back to previous owner.

The following definition is courtesy of the staff at OfficeTiger Global Real Estate Services:

A reconveyance occurs when a field rep is basically re-keying a house back to FHA specs.

  • You would need to either re-key all the doors to the FHA key code or make sure all are already done
  • make sure winterized and note if it is still intact
  • cut the grass
  • remove stickers from prior contractors and companies and put on the current clients
  • note utility information
  • secure or make sure all outbuildings are secured to A389 padlock
  • take interior and exterior property condition photos
  • bid/note all damages and h/h and debris.
    That is a general definition and procedure. Obviously each client can be more specific or differ a little bit – but in general they all have to follow the same guidelines.

Regional Coordinator

The first point of contact for the field rep and participates in the distribution of work for a named area to the field reps.

Re-Check

An inspection request for the inspector to return to the property to clarify conflicting information.

Re-Keying

Changing the locking mechanism of a lock to operate with another key instead of the one that came with the lock. After re-keying the old key will not work; only the new key will work.

REO or Real Estate Owned

Property acquired by the Servicer on behalf of the Trust through foreclosure or deed-in-lieu of foreclosure on a defaulted loan. The servicer is typically responsible for selling the REO. Proceeds from the sale are returned to the trust. In most cases, the sale of REO does not generate enough to pay off the balance on the loan underlying the REO, causing a loss to the pool.

REO Services

Activities at a property to repair or improve the property owned by a loan servicer that improves the marketability of the property and /or prevent loss of value to the property. Some physical activities that are performed are:

  • Board Up
  • Lawn Maintenance
  • Pool Securing
  • Re-Keying
  • Winterization

Marketing activities that improve the marketability of the property or decrease the expense of ownership for the loan servicer may include:

  • Cash for keys negotiation
  • Eviction Representation
  • Secret Shopper REO Report
  • Broker Report
  • REO Property Condition Report

Regional

A term that refers to a company that needs independent contractors only a certain region of the United States.

Re-glaze Broken Glass

Replace the glass in broken windows and doors in order to secure the property. The applicable published regulatory fee schedule for the loan type is to be followed.

Rep ID

An alpha-numeric identification of an independent contractor or field services business such as: DIGFS, 71253, AL222, 60253.

RepNetSchool ™
An institution for instruction in the skill of The Field Services Business.  Classes are held at  HYPERLINK “http://www.WebExam.us” www.WebExam.us. RepNetSchool™ is a trademark of Gulf Thunder Corporation

Re-secure as Required

Return and secure an unsecured property that was previously secured. The property is secured according to the regulatory specifications for the loan type, unless otherwise instructed.

Rush Inspection

Any type of inspection can be classified as a rush inspection.

Common requests:  HYPERLINK “” \l “24_Hour_Rush” RUSH 24, RUSH 48, RUSH 72.
The inspection must be performed and returned within the time limit specified such as 24 hours, 48 hours or 72 hours.
Normally, RUSH inspections are faxed or phoned in immediately.
Rush inspections pay more than regular inspections however they normally do have a priority status over other work you may have already planned or routed for the day.