REAL ESTATE DICTIONARY - N
NATIONAL ASSOCIATION OF REALTORS
The association of REALTORS dedicated to the protection
and the preservation of the free enterprise system and
the right of the individual to own real property as
guaranteed by the Constitution of the United States
of America. Each member of the NATIONAL ASSOCIATION
OF REALTORS must adhere to a strict Code of Ethics and
Standards of Practice designed to provide assurances
to the public of the REALTORS integrity and professionalism.
Negative Amortization
An increase in principal balance which occurs when the
monthly payments do not cover all of the interest cost.
The interest cost which is not covered by the payment
is added to the unpaid principal balance.
Net Listing
An arrangement whereby the Broker receives as commission
all monies received above a minimum sales price agreed
to by the owners and the Broker.
Non-conforming Loan
Loans that are above the loan limits set by FNMA and
FHLMC. Also known as jumbo loans.
Nonconforming Use
A property which does not conform to the zoning of an
area.
Note
A written promise to repay a certain sum of money on
specified terms.
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