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

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.

It is  a trade association.  Real estate brokers and salespersons must be licensed by the state.  Their joining the National Association of Realtors and its sub organizations, i.e. the State and Local Associations of Realtors, are strictly voluntary and are not required for licensure.

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. (See "Fannie Mae" and "Federal Home Loan Mortgage Corporation" in this Glossary)

Nonconforming Use
A property which does not conform to the municipal zoning of an area.

Note
A written promise to repay a certain sum of money on specified terms.