Law Dictionary Definitions

realized gain.See GAIN(3). [Blacks Law 8th]

realization,n.1. Conversion of noncash assets into cash assets. 2.Tax. An event or transaction, such as the sale or exchange of property, that substantially changes a taxpayer’s economic position so that income tax may be imposed or a tax allowance granted. Cf. RECOGNITION(4). [Cases: Internal Revenue 3115, 3178; Taxation 996. C.J.S. Internal Revenue §§ 61, 110;…

real income.See INCOME. [Blacks Law 8th]

  realignment (ree-<<schwa>>-lIn-m<<schwa>>nt), n. The process by which a court, usu. in determining diversity jurisdiction, identifies and rearranges the parties as plaintiffs and defendants according to their ultimate interests. [Cases: Federal Civil Procedure 101; Federal Courts 304.] — realign,vb. [Blacks Law 8th]

  real evidence.See EVIDENCE. [Blacks Law 8th]

  real-estate syndicate.A group of investors who pool their money for the buying and selling of real property. • Most real-estate syndicates operate as limited partnerships or real-estate investment trusts. [Blacks Law 8th]

Real Estate Settlement Procedures Act.A federal law that requires lenders to provide home buyers with information about known or estimated settlement costs. 12 USCA §§ 2601–2617. — Abbr. RESPA. See REGULATION X. [Cases: Consumer Credit 30. C.J.S. Interest and Usury; Consumer Credit §§ 317–318.] [Blacks Law 8th]

real estate owned.Property acquired by a lender, usu. through foreclosure, in satisfaction of a debt. — Abbr. REO. [Cases: Mortgages 534. C.J.S. Mortgages § 897.] [Blacks Law 8th]

  real-estate mortgage trust.A real-estate investment trust that buys and sells the mortgages on real property rather than the real property itself. — Abbr. REMT. Cf. REAL-ESTATE INVESTMENT TRUST. [Blacks Law 8th]

real-estate-mortgage investment conduit.An entity that holds a fixed pool of mortgages or mortgage-backed securities (such as collateralized mortgage obligations), issues interests in itself to investors, and receives favorable tax treatment by passing its income through to those investors. Real-estate-mortgage investment conduits were created by the Tax Reform Act of 1986. They can be organized as…