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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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Selling Your Home >Storage Priorities
No matter how much storage space a home provides, most people feel that it's never enough. Buyers typically place storage space high on their list of priorities for a new home. Sellers must often face the minor indignity of having prospective buyers open all of their closets to determine the size and capacity of each one.
Even an enormous closet looks small if it is cluttered. Your closets should be as organized as possible while your property is on the market. If you have excess belongings stuffed in your closets, hold a yard sale, rent a storage unit temporarily, or make a tax deductible donation to a local charity. When you finish cleaning and organizing all of your closets, move on to the other storage areas. Your home's storage spaces will look more impressive if they are neat and well-organized.
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| Q |
What real estate board game became the best-selling game in America just one year after it was created?
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| A |
Charles B. Darrow invented Monopoly in 1934, to cheer himself up while unemployed during the Great Depression. Monopoly is now the most popular board game in the world and has sold over 200 million copies. |
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