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EQUITY That interest or value remaining in property after payment of all liens or other charges on the property. A owner's equity is normally the monetary interest over and above the mortgage indebtedness. NON-COMPETITION CLAUSE A provision in a contract or lease prohibiting a person from operating or controlling a nearby business which would compete with one of the parties to the contract. 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. EVICTION The legal process of removing a tenant from possession of the premises for some breach of the lease contract. FREDDIE MAC A common nickname for the Federal Home Loan Mortgage Corporation. FINDER'S FEE A fee paid to someone for producing a buyer to purchase or a seller to list property; also called a referral fee. |
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