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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
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
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
Net worth
The total value of all of an individual's assets, minus all
liabilities or debts
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)
Notary
An individual authorized by law to certify documents and signatures
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
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