Definition: the largest real estate organization in the world with more than one million members including REALTORS® and REALTOR®-ASSOCIATES® representing all branches of the real estate industry Pronunciation: Used in a Sentence: After I got my real estate license I joined the National Association of R..
Category : N
Definition: a financing arrangement in which the monthly mortgage payments are less than required to pay both interest and principal. The unpaid balance is added to the loan balance. Pronunciation: \ˈne-gə-tiv\ \ˌa-mər-tə-ˈzā-shən also ə-ˌmȯr-\ Used in a Sentence: Negative amortization occurs when the mortgage payments are not large enough to cover the interes..
Definition: borrowed funds cost more than the income the funds generate Pronunciation: \ˈne-gə-tiv\ \ˈle-və-rij, ˈlē-; ˈlev-rij, ˈlēv-\ Used in a Sentence: When the property didn’t generate as much income as anticipated the investor was faced with a negative leverage ..
Definition: profit from property or business after expenses have been deducted; effective gross income less operating expenses Pronunciation: Used in a Sentence: The investor wanted to know the net income of the property he was consideri..
Definition: a lease, usually commercial, in which the tenant not only pays the rent for occupancy but also pays maintenance and operating expenses such as taxes, insurance, utilities and repairs. Pronunciation: Used in a Sentence: In a true net lease, the tenant is responsible for expenses relating to the premises exactly as if the tenant ..
Definition: the resulting amount when all operating expenses are subtracted from effective gross income Pronunciation: Used in a Sentence: The net operating income from the apartment building was greater than what we had an..
Definition: the broker does not represent the customer (customer may be the buyer or the seller) Pronunciation: \ˈbrō-k(ə-)rij\ \ri-ˈlā-shən-ˌship\ Used in a Sentence: In a no brokerage relationship, the brokerage firm simply facilitates the tr..
Definition: a plea by a defendant in a criminal prosecution that without admitting guilt subjects the defendant to conviction as in the case of a guilty plea Pronunciation: \ˈnō-(ˌ)lō-kən-ˈten-də-rē\ Used in a Sentence: The defendant pleaded nolo contendere to the charges..
Definition: a permitted use of real property that was lawfully established and maintained at the time of its original construction but that no longer conforms to the current zoning law Pronunciation: \(ˈ)nän-kən-ˈfȯrm\ Used in a Sentence: A small grocery store located in an area that was later zoned residential is allowed to continue as a ..
Definition: a mortgage loan, such as an FHA or VA, that is insured or guaranteed by the federal government Pronunciation: \(ˈ)nän-kən-ˈvench-nəl, -ˈven(t)-shə-nəl\ Used in a Sentence: We applied for a nonconventional loan when purchasing ..