The HomeTeam Real Estate Glossary

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RE/MAX Valley Real Estate The HomeTeam Jack Pearce Al Leonard Phone: (330) 720-3619	A \| B \| C \| D \| E \| F \| G \| H \| I \| J \| K \| L \| M \| N \| O \| P \| Q \| R \| S \| T \| U \| V \| W \| X \| Y \| Z The National Association of REALTORS (NAR) NAR members are known as REALTORS and is North America's largest trade association representing over 1 million members (as reported in 2006), including NAR's institutes, societies, and councils, involved in all aspects of the residential and commercial real estate industries. NAR also functions as a Self Regulatory Organization for real estate brokerage. The National Association of Realtors was founded on May 12th, 1908 as the National Association of Real Estate Exchanges, the founding group being located in Chicago, Illinois. In 1916, the National Association of Real Estate Exchanges changed its name to The National Association of Real Estate Boards. The current name was adopted in 1974. NAR's membership is composed of residential and commercial real estate brokers, real estate salespeople, immovable property managers, appraisers, counselors, and others engaged in all aspects of the real estate (immovable property) industry, where a state license to practice is required. Members belong to one or more of some 1,600 local Associations of Realtors and Boards of Realtors in the 54 state and territory Associations of Realtors. They are pledged to a code of ethics and Standards of Practice, which includes duties to clients, the public, and other REALTORS. National Foundation for Credit Counseling (NFCC) With over 100 member agencies throughout the country, the NFCC is the national voice for its members.Many NFCC members are known as Consumer Credit Counseling Service ® ("CCCS"). An increasing number of agencies operate under other names, but all members can be identified by the NFCC member seal. This seal represents accredited agencies with high standards, ethical practices, certified counselors, and policies and practices which help consumers achieve financial stability. Visit http://www.nfcc.org/ negative amortization A gradual increase in mortgage debt that occurs when the monthly payment is not large enough to cover the entire principal and interest due. The amount of the shortfall is added to the remaining balance to create "negative" amortization. Read more >> net cash flow The income that remains for an investment property after the monthly operating income is reduced by the monthly housing expense, which includes principal, interest, taxes, and insurance (PITI) for the mortgage, homeowners' association dues, leasehold payments, and subordinate financing payments. net worth The value of all of a person's assets, including cash, minus all liabilities. no cash-out refinance A refinance transaction in which the new mortgage amount is limited to the sum of the remaining balance of the existing first mortgage, closing costs (including prepaid items), points, the amount required to satisfy any mortgage liens that are more than one year old (if the borrower chooses to satisfy them), and other funds for the borrower's use (as long as the amount does not exceed 1 percent of the principal amount of the new mortgage). no-doc loan Mortgages for which lenders require very little loan documentation as long as the borrower puts down a sizable down payment, generally 25 percent or more. These mortgages are common among self-employed people who say they earn a certain amount of money but whose tax returns show that their earnings are much lower. non-conforming loan A loan that fails to meet bank criteria for funding. Reasons include the loan amount is higher than the conforming loan limit (for mortgage loans), lack of sufficient credit, the unorthodox nature of the use of funds, or the collateral backing it. In many cases, non-conforming loans can be funded by hard money lenders, or private institutions/money. A large portion of real-estate loans are qualified as non-conforming because either the borrower's financial status or the property type does not meet bank guidelines. Non-conforming loans can be either A-paper or subprime loans. non-liquid asset An asset that cannot easily be converted into cash. note A legal document that obligates a borrower to repay a mortgage loan at a stated interest rate during a specified period of time. note rate The interest rate stated on a mortgage note. notice of default A formal written notification given to a borrower stating that he or she has not made their payments by the predetermined deadline. It dictates that if the money owed (plus an additional legal fee) is not paid in a given time, the lender may choose to foreclose the borrower's property. Any other people whom may be affected by the foreclosure may also receive a copy of the notification. Notice (Judgment) of Foreclosure Sale An order signed by a judge, directing a “ Notice of Sale” be published and that a referee (trustee - usually the county sheriff) sell the property at public auction.

The HomeTeam, Jack Pearce and Al leonard, Boardman Ohio REMAX real estate and homes for sale in Poland, Canfield, Youngstown, Austintown, Warren, Mahoning and Trumbull from REMAX Valley Real Estate.

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Glossary of Real Estate

The HomeTeam, Jack Pearce and Al Leonard, RE/MAX Valley Real Estate, Mahoning County, 1006 Boardman - Canfield Rd., Ohio 44512

RE/MAX
Valley Real Estate
The HomeTeam
Jack Pearce
Al Leonard
Phone: (330) 720-3619

A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z

The National Association of REALTORS (NAR)
REALTOR.org Logo - National Association of REALTORS NAR members are known as REALTORS and is North America's largest trade association representing over 1 million members (as reported in 2006), including NAR's institutes, societies, and councils, involved in all aspects of the residential and commercial real estate industries. NAR also functions as a Self Regulatory Organization for real estate brokerage.

The National Association of Realtors was founded on May 12th, 1908 as the National Association of Real Estate Exchanges, the founding group being located in Chicago, Illinois. In 1916, the National Association of Real Estate Exchanges changed its name to The National Association of Real Estate Boards. The current name was adopted in 1974.

NAR's membership is composed of residential and commercial real estate brokers, real estate salespeople, immovable property managers, appraisers, counselors, and others engaged in all aspects of the real estate (immovable property) industry, where a state license to practice is required. Members belong to one or more of some 1,600 local Associations of Realtors and Boards of Realtors in the 54 state and territory Associations of Realtors. They are pledged to a code of ethics and Standards of Practice, which includes duties to clients, the public, and other REALTORS.

National Foundation for Credit Counseling (NFCC)
With over 100 member agencies throughout the country, the NFCC is the national voice for its members.Many NFCC members are known as Consumer Credit Counseling Service ® ("CCCS"). An increasing number of agencies operate under other names, but all members can be identified by the NFCC member seal. This seal represents accredited agencies with high standards, ethical practices, certified counselors, and policies and practices which help consumers achieve financial stability. Visit http://www.nfcc.org/

negative amortization
A gradual increase in mortgage debt that occurs when the monthly payment is not large enough to cover the entire principal and interest due. The amount of the shortfall is added to the remaining balance to create "negative" amortization. Read more >>

net cash flow
The income that remains for an investment property after the monthly operating income is reduced by the monthly housing expense, which includes principal, interest, taxes, and insurance (PITI) for the mortgage, homeowners' association dues, leasehold payments, and subordinate financing payments.

net worth
The value of all of a person's assets, including cash, minus all liabilities.

no cash-out refinance
A refinance transaction in which the new mortgage amount is limited to the sum of the remaining balance of the existing first mortgage, closing costs (including prepaid items), points, the amount required to satisfy any mortgage liens that are more than one year old (if the borrower chooses to satisfy them), and other funds for the borrower's use (as long as the amount does not exceed 1 percent of the principal amount of the new mortgage).

no-doc loan
Mortgages for which lenders require very little loan documentation as long as the borrower puts down a sizable down payment, generally 25 percent or more. These mortgages are common among self-employed people who say they earn a certain amount of money but whose tax returns show that their earnings are much lower.

non-conforming loan
A loan that fails to meet bank criteria for funding. Reasons include the loan amount is higher than the conforming loan limit (for mortgage loans), lack of sufficient credit, the unorthodox nature of the use of funds, or the collateral backing it. In many cases, non-conforming loans can be funded by hard money lenders, or private institutions/money. A large portion of real-estate loans are qualified as non-conforming because either the borrower's financial status or the property type does not meet bank guidelines. Non-conforming loans can be either A-paper or subprime loans.

non-liquid asset
An asset that cannot easily be converted into cash.

note
A legal document that obligates a borrower to repay a mortgage loan at a stated interest rate during a specified period of time.

note rate
The interest rate stated on a mortgage note.

notice of default
A formal written notification given to a borrower stating that he or she has not made their payments by the predetermined deadline. It dictates that if the money owed (plus an additional legal fee) is not paid in a given time, the lender may choose to foreclose the borrower's property. Any other people whom may be affected by the foreclosure may also receive a copy of the notification.

Notice (Judgment) of Foreclosure Sale
An order signed by a judge, directing a “ Notice of Sale” be published and that a referee (trustee - usually the county sheriff) sell the property at public auction.