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Glossary

 

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Ramp

A metal, wooden or fiberglass slope used to bridge an incline.

Rate

Charges applicable to the transportation and services on a shipment.

Rate Basis

A formula of the specific factors or elements that control the making of a rate. A rate can be based on any number of factors (i.e., weight, measure, equipment type, package, box, etc.).

Rating System

A system designed to be able to rate all shipments, pulling information from the point systems, registration file and tariff system.

Real Estate

Land and the structures on, above and below it.

Real Estate Agent

A licensed professional who has the ability to sell property and who works for a licensed real estate broker. Although the salesperson works for a broker, he or she may have already obtained an individual broker's license.

Real Estate Broker

A licensed real estate professional or company that assists others in buying and selling property.

Real Estate Commission (REC)

A payment to a broker for assisting with the selling a home. It is usually a percentage of the sale price.

Real Estate Inspection Service

An inspection service used to document the condition of a home. The home is that which the transferee is selling or buying. The report will list any defects found so that they may be remedied.

Real Estate Salesperson

A person employed by a real estate broker to sell a property for compensation or valuable consideration.

Real Estate Tax

A tax assessed by the local government against the ownership of land and everything on it.

Real Property

Land and everything permanent on the land. Also called Real Estate.

Reasonable Dispatch

The dates or period of time agreed upon by the customer and Matco Moving Solutions to pick up and deliver a shipment, as noted on the Bill of Lading.

Reconciliation

The final estimate of the market value of a property made by an appraiser by reconciling the estimates of the direct sales comparison approach, cost approach and income approach. Also called Final Value Estimate.

Reconsignment

A change in the final consignee on the bill of lading prior to delivery.

Reconveyance

The transfer of real property from the buyer back to the original owner.

Recording

The public filing of bills of sale, deeds, liens, mortgages and other documents as legal records.

Recording Charge

A charge for filing public records like deeds, liens, mortgages and bills of sale.

Redemption Period

A period during which a property owner can buy back property that has been foreclosed by paying the sales price, interest and costs.

Redlining

Restricting the number of loans available in certain areas of the community.

Reefer

A slang term for a refrigerated trailer.

Re-Enlistment Bonus

See Assignment Extension Bonus.

Refinancing

The process of rearranging finances to pay one loan with another for a better interest rate.

Refund

Return of excess charges.

Register

To provide the van line all pertinent information regarding a shipment so that arrangements can be made to handle the shipment from start to finish.

Registration Number

A reference number assigned to identify a shipment. The number will appear on all documentation and correspondence.

Registration Year

The year in which registration is issued.

Release of Lien

Acknowledgment that excuses a property from the lien of a mortgage after partial payment and satisfaction has been made by the mortgagee. See Deed of Release.

Released Rate Liability

A valuation protection option available for shipping household effects.

Released Value (REL VAL)

The value declared on a shipment that establishes the carrier's liability for loss or damage.

Relocation Allowance

See Allowance.

Relocation Assistance

A service provided to an employee for assistance in a relocation.

Relocation Center

A facility that provides clients with information about the new city or area of the new home. These centers often offer service to both individuals and corporations and are established by real estate firms or relocation specialists.

Relocation Expenses

Any financial costs resulting from a relocation.

Relocation Kit

A packet of information sent to a transferee containing pertinent information on the new location.

Relocation Management Company

A third-party business used to administer a company's relocation policy. A relocation management company makes fair market value offers to purchase the homes of transferees, provide counseling and aid in the home search. It also can coordinate shipments, write corporate relocation policies and offer lease management options.

Relocation Policy

A policy of benefits and services provided by a company to its transferring employee during a relocation.

Remedy

Money or action used as compensation for a wrongful condition.

Remittance

Funds sent by one person to another as payment.

Renegotiable Rate Mortgage

A variable rate mortgage with an interest rate that automatically adjusts every 3, 4 or 5 years. The adjustment is made according to the Federal Home Loan Bank Board national average mortgage contract interest rate of existing homes. A specified percentage is set so that the adjustment will not vary greatly every year.

Renewal

Renegotiation at the end of a mortgage's term for a new term.

Repairs

Any restoring or renovating to a home to better its condition prior to selling.
Fixing an item damaged in transit.

Replacement Cost

The cost of replacing property damaged, lost or stolen, with a similar property.

Replacement Value Protection

A valuation protection option available for shipping household effects.

Replacement Value Protection Exclusions

Replacement Value Protection coverage does not cover certain items such as accounts, bills, deeds, evidence of debt, letters of credit, passports, documents, airline or other tickets, money, currency, coin or stamp collections, bullion, notes, securities, manuscripts, mechanical drawings, dies or patterns, precious stones, jewellery, dried flowers, aircraft or aircraft parts, trailers or non-admissible water craft.

Required Delivery Date (RDD)

The mandatory delivery date agreed upon by the military and the agent on military shipments.

Rescission of Contract

The termination of a contract by mutual consent of all concerned parties that returns all parties to their original positions. See Right of Rescission.

Reserve Account

See Escrow Account.

Residential moving

Relocating household goods from one place of residence to another.

Rest and Recreation Trip

A company-paid trip awarded to expatriates assigned to a foreign location, especially those locations abnormally difficult or hazardous. This trip differs from a home leave in that vacation time is not used.

Restrictions of Record

When an owner of a property is legally restricted from certain things or uses relating to the property.

Restrictive Covenants

See Zoning.

Resubmit

A counteroffer made by the seller after the initial offer with the intention of agreeing to a sale.

Reverse Annuity Mortgage (RAM)

A loan that allows elderly homeowners to borrow money against the equity of their homes and receive monthly payments to assist in meeting their living costs.

Revocable

Capable of being changed, canceled or recalled.

Reweigh

When there is doubt about the origin weight of a shipment, a reweigh may be requested by the customer at destination. There is no charge for the reweigh; however, charges are calculated on the new weight.

RFQ

Request for quotation.

Right of First Refusal

The right to the first opportunity to purchase a property.

Right of Redemption

The right to reclaim a property during foreclosure within a certain time period.

Right of Rescission

The right of a buyer to cancel a contract within three days after signing. Applies by law only in limited circumstances.

Right of Survivorship

The right of survivors to acquire interest once held in joint ownership by a relative who is now deceased. See Joint Tenancy and Tenancy by the Entirety.

Right of Way

An easement whereby a land owner gives someone the right of way to cross the land.

Riparian Rights

The right of a land owner to all water on, under or adjacent to the land.

Rollover Time

The time gap between the third-party's acquisition of a property and the closing date.

Ro-Ro Vessel

A "roll on/roll off" vessel with spaced decks and ramps that allow for a conventional highway trailer to be pulled onto the vessel by a tractor and then be parked and secured to a deck. This vessel is used especially for oversized cargo like construction machinery and buses, and can be thought of as a floating parking garage.

Route

The manner in which a shipment moves; i.e., the carriers handling it and the points at which the carriers interchange.

Route Cards

A card with the control number or pro number assigned to a bill of lading to identify individual shipments.

Routing

The preference of a customer when more than one route between origin and destination points may be followed by one carrier because of interchanging or interlining with another carrier. Normally adhered to by carriers, provided the rate involved would not change.