Rural development

A federal agency of the U.S. Department of Agriculture that channels credit to farmers and rural residents and communities; formerly known as the Farm Service Agency and Farmer’s Home Administration (FmHA).

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Riparian rights

An owner’s rights in land that borders flowing water, such as a stream or river. These rights include access to and use of the water.

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Rezoning

The process involved in changing the existing zoning of a property or area. The right of first refusal A person’s right to have the first opportunity to either lease or purchase real property.

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Reversion

The remnant of an estate that the grantor holds after he or she has granted a life estate to another person; the estate will return or revert to the grantor. Also called reverter.

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Restriction

A limitation on the use of real property, generally originated by the owner or subdivider in a deed.

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Reservation in a deed

The creation by a deed to the property of a new right in favor of the grantor. Usually involves an easement, a life estate, or a mineral interest.

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Reproduction cost

The cost of construction at current prices of an exact duplicate or replica using the same materials, construction standards, design, layout, and quality of workmanship and embodying all the deficiencies, super adequacies, and obsolescences of the subject building.

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