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From UFS-Wiki
Rez in Second Life means to create or to make an object appear. Rezzing an object/prim can be done by dragging it from a resident's inventory or by creating a new one via the edit window. The term "rezzing" can also be used for waiting for a texture or object to load, such as "Everything is still rezzing." or "Your shirt is still rezzing for me."
Temporary (on Rez) is an object state/parameter/property that will delete the object after a set period of time.