Raw Space
Unimproved shell space in a building.

Real Estate Brokerage Managers Council (CRB)
The Real Estate Brokerage Managers Council is one of nine affiliated groups of the National Association of Realtors. It is recognized throughout the industry as the professional peer organization for brokerage owners and managers. The council, dedicated to providing its members with quality education, benefit-oriented services, and products and information, was created to significantly improve management and leadership skills. The council offers the CRB (Certified Real Estate Brokerage Manager) designation, recognized industry-wide as the symbol of excellence. The CRB designation confers upon those who have earned it the highest level of professional achievement and recognition in the specialized field of brokerage management.

Real Property
Land, and generally what ever is erected or affixed to the land, such as buildings, fences and including light fixtures, plumbing and heating fixtures or other items which would be personal property if not attached.

REALTORS®Land Institute (RLI)
The REALTORS® Land Institute is one of nine affiliated groups of the National Association of Realtors. Its main objective is to bring together real estate professionals interested in the improvement of their professional competence in activities related to land; including, land brokerage, agri-business, land management, planning and developing, appraising, acquisition, and any other land specialty areas. This goal is carried out through various programs. As a leading land education source, the REALTORS® Land Institute has joined forces with Texas A&M University to offer the only university program for the professional who deals in land. Members who complete a comprehensive program including required Land University courses, experience in the field, and who have displayed involvement and service to the institute, are awarded the Accredited Land Consultant (ALC) designation.

REALTORS® National Marketing Institute (RNMI)
The REALTORS® National Marketing Institute is one of nine affiliated groups of the National Association of Realtors. Through its two specialized councils and their extensive education and training programs, RNMI promotes professional competence in real estate sales and brokerage, and real estate brokerage management. The following professional designations are offered: Certified Real Estate Brokerage Manager (CRB) and Certified Residential Specialist (CRS). See also the Real Estate Brokerage Managers Council and the Residential Sales Council for more information on these designations.

Recapture 1)
When the Internal Revenue Service recovers the tax benefit of a deduction or a credit previously taken by a taxpayer, which is often a factor in foreclosure since there is a forgiveness of debt. 2) As used in leases, a clause giving the lessor a percentage of profits above a fixed amount of rent; or in a percentage lease, a clause granting the landlord a right to terminate the lease if the tenant fails to realize minimum sales.

Recourse
The right of a lender, in the event of a default by the borrower, to recover against the personal assets of a party who is secondarily liable for the debt (e.g., endorser or guarantor).

Rehab
An extensive renovation of a building or project which is intended to cure obsolescence of such building or project.

Renewal
Option A clause giving a tenant the right to extend the term of a lease, usually for a stated period of time and at a rent amount as provided for in the option language.

Rent Compensation
or fee paid, usually periodically (i.e. monthly rent payments, for the occupancy and use of any rental property, land, buildings, equipment, etc.

Rent Commencement Date
The date on which a tenant begins paying rent. The dynamics of a marketplace will dictate whether this date coincides with the lease commencement date or if it commences months later (i.e., in a weak market, the tenant may be granted several months free rent). It will never begin before the lease commencement date.

Rentable Square Footage
Rentable square footage equals the usable square footage plus the tenant's pro rata share of the building common areas, such as lobbies, public corridors and restrooms. The pro-rata share, often referred to as the rentable/usable (R/U) factor, will typically fall in a range of 1.10 to 1.16, depending on the particular building. Typically, a full floor occupancy will have an R/U factor of 1.10 while a partial floor occupancy will have an R/U factor of 1.12 to 1.16 times the usable area.

Rentable/Usable Ratio
That number obtained when the total rentable area in a building i s divided by the usable area in the building. The inverse of this ratio describes the proportion of space that an occupant can expect to actually utilize/physically occupy.

Rental Concession
Concessions a landlord may offer a tenant in order to secure their tenancy. While rental abatement is one form of a concession, there are many others such as: increased tenant improvement allowance, signage, lower than market rental rates and moving allowances are only a few of the many. See also "Abatement."

Rent-Up Period
That period of time, following construction of a new building, when tenants are actively being sought and the project is approaching its stabilized occupancy.

REO (Real Estate Owned)
Real estate that has come to be owned by a lender, including real estate taken to satisfy a debt. Includes real estate acquired by lenders through foreclosure or, in settlement of some other obligation.

Representation Agreement An agreement between the owner of a property and a real estate broker giving the broker the authorization to attempt to sell or lease the property at a certain price and terms in return for a commission, set fee or other form of compensation. See "Exclusive Listing Agreement."

Request for Proposal (RFP)
 The formalized Request for Proposal represents a compilation of the many considerations that a tenant might have and should be customized to reflect their specific needs. Just as the building's standard form lease document represents the landlord's "wish list", the RFP serves in that same capacity for the tenant.

Residential Sales Council
The Residential Sales Council serves the real estate industry's top producing residential specialists. By offering state-of-the-art education courses leading to the Certified Residential Specialist (CRS) designation, the council strengthens its members' ability to operate a "business within a business" successfully and profitably. Approximately 30,000 of the council's 35,000 members have earned the right to use the prestigious CRS designation. Designees are recognized experts in listing, selling, and real estate investment.