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REAL ESTATE AND MORTGAGE TERMS:
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- 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 teh
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 provde
assurances to the public of the REALTORS integrity and professionalism.
- 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.
- An arrangement wherby the Broker receives as commission all
monies received above a minimum sales price agreed to by the
owners and the Broker.
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- A personal guarantee by the borrower is not required. Under
this loan provision, the lenders only recourse in the event
of default is the security of the loan and the borrower is not
personally liable.
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- Loans that are above the loan limits set by FNMA and FHLMC.
Also known as jumbo loans.
- A property which does not conform to the zoning of an area.
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- An organization created for charitable purposes. These organizations
are typically accorded tax advantages over for profit organizations.
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- A written promise to repay a certain sum of money on specified
terms.
GLOSSARY:
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