REAL ESTATE AND MORTGAGE TERMS:  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.

GLOSSARY:

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