A national association of real estate personnel whose
goal is the professional advancement of the real estate industry and
whose membership is comprised of state and Local real estate boards.
Often abbreviated NAR.
The opposite of amortization. In the case of an adjustable-rate
mortgage with a payment cap, an upward adjustment in the interest rate
may cause the loan payment to be insufficient to cover even the interest
portion of the scheduled payment. In this case, the unpaid interest
is added to the mortgage loan principal (if the loan agreement permits)
and the loan amount increases.
A written instrument signed by a maker or drawer, containing
an unconditional promise to pay a certain sum of money, which can be
passed freely from one person to another.
A written instrument acknowledging a debt and promising