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Welcome > Resources > Real Estate Dictionary - A
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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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First Time Buyers >The Buyer Interview
The first step toward matching you with the perfect home usually involves an in-depth interview with the real estate agent who will help you establish a price range and determine the features that you need in a home.
The agent will ask a lot of questions, and many of them will seem very personal. What is your income and debt situation? Where do you work? Are schools an important factor? Do you have children or pets? Do you have hobbies that will create special needs?
The more information your real estate agent has, the easier it will be to eliminate the homes that will not work for you and show you the ones in your price range that should fit your needs. A good agent can be a tremendous resource in this process, providing you with information about the homes that are available, shopping facilities, community services, and public transportation. The best real estate agents are excellent listeners and counselors.
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| Q |
What are considered the ideal conditions for a buyer's market?
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In a buyer's market, there are more houses for sale than buyers, homes take longer to sell, and sellers may have to cut prices. |
 See More Real Estate Trivia > |
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NUMBER1EXPERT®
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- NUMBER1EXPERT 
