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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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About Appraisals >Working With A Real Estate Agent
It is not unusual for homeowners to yield to the temptation to try to sell their own home. It seems easy enough--just place an ad in the weekend paper and wait for buyers to show up. Although it may seem simple, real estate sales transactions are extremely complex proceedings.
The first pitfall can come with pricing your property realistically. Homeowners often price their property too high initially, then drastically slash the price when weeks go buy without an offer. Even if a prospective buyer agrees to the initial asking price, there could be complications if the buyers begin to feel that they have agreed to pay too much, or if the lender's appraisal values the property at far less than the agreed-upon price. Some clients hire agents to market their home professionally after weeks or months of trying to sell their own home without success, or after their FSBO transaction fell through.
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| Q |
What is the largest home in Hollywood?
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| A |
The largest home in Hollywood is currently "The Manor" at 36,500 square feet, built by T.V. producer Aaron Spelling for $37 million. |
 See More Real Estate Trivia > |
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NUMBER1EXPERT®
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All rights reserved. All information deemed reliable but not guaranteed.
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- NUMBER1EXPERT 
