Like many other industries, the real estate industry has its own unique language and vocabulary. Without some knowledge of this specialized language, you may find yourself a bit confused if you become involved in a real estate transaction.

Whether entering the real estate market for the first time or if you have invested before, this handy reference will provide an understanding of basic real estate words and phrases.

N.A.R. (National Association of Realtors) – An association on a national scale that real estate professional can pay to belong to. Members subscribe to a code of ethics.

Note – Also called “promissory note”. A written promise to pay a sum of money, usually at a specified interest rate, at a stated time to a named payee. Often secured by a mortgage of the same date.