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MORTGAGE LOAN A loan for which real estate serves as collateral to provide for repayment in case of default. NATIONAL ASSOCIATION OF REALTORS Formerly known as the National Association of Real Estate Boards (NAREB), it is the largest and most prestigious real estate organization in the world. MECHANIC'S LIEN A statutory lien created in favor of materialmen and mechanics to secure payment for materials supplied and services rendered in the improvement, repair or maintenance of real property. PARTICIPATION MORTGAGE A mortgage in which the lender participates in the income of the mortgaged venture beyond a fixed return, or receives a yield on the loan in addition to the straight interest rate. ETHICS A system of moral principles, rules and standards of conduct. COMMON ELEMENTS Parts of the property which are necessary or convenient to the existence, maintenance and safety of the condominium, or are normally in common use by all of the condominium residents. EXCHANGE A transaction in which all or part of the consideration for the purchase of real property is the transfer of property of a like kind. |
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