Interest-only mortgage is a mortgage in which the borrower only pays interest on the loan balance for a specified period of time, after...

Insurable interest is interest in property that is sufficient to warrant the purchase of insurance on the property. Considering a career...

An investment property is a property that is purchased with the intention of generating income, such as rent or royalties. Considering a...

An interest rate is the percentage of the loan amount that the borrower must pay to the lender each year. Considering a career in real...

An Inspection Contingency is a clause in a real estate contract that allows the buyer to cancel the contract if the home inspection...

Inclusionary Zoning are zoning laws that require developers to include a certain percentage of affordable housing units in their...

A homestead exemption is a tax exemption that homeowners can claim on their property taxes. Considering a career in real estate? Check...

The relationship between a real estate agent and a client. Considering a career in real estate? Check out our upcoming pre-licensing...

A No Objection Certificate (NOC) document that is issued by a lender to a borrower, stating that the lender does not object to the...

Brynn, thank you for submitting this review! Are you considering a career in real estate? Check out our upcoming pre-licensing courses...

The National Associations of Realtors (NAR) is a trade association that represents real estate professionals in the United States. NAR is...

Nonhomogeneity is a lack of uniformity in a property or neighborhood. Nonhomogeneity can make it difficult to value a property, as it can...

A use of property that is not permitted by the zoning ordinance. Nonconforming uses are often grandfathered in, meaning that they are...

Variance is a permit that allows a property to be used in a way that is not allowed by the zoning laws. Considering a career in real...

Title insurance is insurance that protects the buyer against any title defects. Considering a career in real estate? Check out our...

A settlement is the final step in a real estate transaction, when the buyer takes possession of the property and the seller receives the...

A title is a legal document that proves ownership of a property. Considering a career in real estate? Check out our upcoming...

A real estate agent is a licensed professional who can help buyers and sellers buy, sell, or rent property. Considering a career in real...

A back-up offer is an offer to purchase a property that is made after the seller has already accepted another offer. Considering a career...

Closing costs are the fees associated with the closing of a real estate transaction, such as title insurance, appraisal fees, and...