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National Association of Realtors (NAR) |
A real estate trade organization that sets the
standards for integrity and honesty within the real estate
profession nationwide |
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Negative amortization |
A gradual increase in the balance of a loan or
mortgage which occurs because the monthly payments made are too
small to cover the entire principal and interest charges; this
shortfall amount is added to the remaining balance, resulting in
negative amortization |
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Net listing |
The advertisement of the price of property for
sale in terms of the net price the seller will receive, once the
property is sold, a type of listing which is illegal in many
states |
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Net worth |
The total value of all of an individual's
assets, minus all liabilities or debts |
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No cash-out refinance |
A transaction for refinancing a mortgage in
which the new mortgage amount is limited to the sum total of the
remaining balance of the first mortgage, points, closing costs,
whatever is required to satisfy any liens that are more than one
year old and other funds for the borrower's use (as long as the
amount is one percent or less of the principal amount of the new
mortgage) |
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Notary |
An individual authorized by law to certify
documents and signatures |
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Note |
A legal document that obligates a borrower to
repay a loan or owed sum of money at a stated interest rate over
a designated period of time |
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