REALTOR. A licensed real estate broker who is an active member of any affiliated organization of the Philippine Association of Real Estate Brokers, and who is pledged on his honor to abide by the Golden Rule of Ethics in dealing with his clients and fellow brokers, with the authority of the Association holding him to his pledge, thus insuring the best possible service to the public.
RECONVEYANCE. The transfer of the title of land from one person to the immediate preceding one.
REDEMPTION. Reclaiming or buying back one’s property within the statutory period of time after losing it at a judicial sale,
REFORMATION. An action to correct a mistake in a deed or other document.
RELEASE CLAUSE. The stipulation that upon Ac 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 blanket lien on the whole area involved.
REMAINDER ESTATE. An estate created to follow another and limited to begin upon the termination of Ac companion estate, such as the remainder estate that follows a life estate.
RESCISSION. The revocation, cancellation or annulment of a contract by the mutual consent of the parties to the contract or for cause by court order
RESERVATIONN.A right retained by a grantor in coveymg property
RESTRICTIVE COVENANT. An agreement limiting the use of property.
REVERSION. The right to future possession or enjoyment by the person creating the preceding estate, or his heirs
REVERSIONARY INTEREST. The interest which a person lias in lands or other property upon the termination of the preceding estate.
RIGHT OF SURVIVORSHIP. The right to acquire the interest of a deceased joint owner which is a distinguishing feature of a joint tenancy.
RIGHT OF WAY. A privilege operating as an easement upon land but an encumbrance upon the owner who, by rant or by agreement, gives to another the right to use his land, such as to pass over it, to construct a roadway over it, to install electric, telephone, telegraph power lines or to place water, gas, sewer pipes underground.
