Philippine Real Estate Systems, Inc.

REAL ESTATE	-	Real property. Property in land and improvements that which is not personal property.
REAL ESTATE BOARD	-	An organization where members consist of primarily of real estate brokers and salesmen.
REALTOR	-	A real estate broker holding active membership in a real estate board affiliated with the Philippine Association of Realtors Boards.
RECONVEYANCE	-	The transfer of the title of the land from one person to the immediate preceding owner.
REDEMPTION	-	Buying back one's property after a judicial sale.
REFORMATION	-	An action to correct a mistake in deed or other document.
RELEASE CAUSE	-	This is a stipulation that, upon the payment of a specific sum of money to the holder of a trust deed or mortgage, the lien of the instrument as to a specific described lot or area shall be removed from the blanker lien on the whole area involved.
RESCISSION OF CONTRACT	-	The abrogation or annulling of a contract; the revocation or repealing of a contract by mutual consent by the parties to the contract, or for cause by either party to the contract.
RESERVATION	-	A right retained by a grantor in conveying property.
RESTRICTION	-	The term as used relating to real property, means the owner of real property is restricted in or prohibited from doing certain things relating to the property for certain purposes. For instance, the requirements in a deed that a lot maybe used for the construction of not more than a one-party dwelling, costing not less than ten thousand pesos (P10,000.00), is deemed to be restriction: also a legislative ordinance affecting all properties in a given area, requiring that improvement on property shall not be constructed any closer than twenty feet from the street curb, is a restriction by operation of law.
REVERSION	-	The right to future possession or enjoyment by the person, or his heirs, creating the preceding estate.
REVERSIONARY INTEREST	-	The interest which a person has in lands or other property, upon the termination of preceding estate.
RIGHT OF SURVIVORSHIP	-	The right to acquire the interest of a deceased joint-owner; distinguished feature of a joint tenancy.
RIGHT OF WAY	-	A privilege operating as an easement upon land, whereby the owner does by grant, or by agreement, give to another the right to pass over his land; to construct a roadway over, or use as a roadway, a specific part of his land, telephone, telegraph, or electric power lines, or the right to place underground water mains, gas mains or sewer mains.
RIPARIAN RIGHTS	-	The right of a landowner to water, on, under, or adjacent to his land.

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