JUA – JOINT UNDERWRITING ASSOCIATION – 1) A device used to provide INSURANCE to those who cannot obtain insurance in the VOLUNTARY MARKET. Certain companies (called carriers) issue POLICIES at one rate level and handle CLAIMS, but the ultimate costs are borne by all companies writing INSURANCE in that state; 2) one of several types of shared market mechanisms used to make AUTOMOBILE INSURANCE available to persons who are unable to obtain such insurance in the regular market. JUAs also have been created in some states to help alleviate availability problems in the fields of medical malpractice and commercial INSURANCE.
KEOGH (HR 10) ACCOUNT – An account to which a self-employed person can make annual tax deductible contribution of the lesser of twenty-five percent of income or $30,000.
LIBOR – LONDON INTERBRAIN OFFERED RATE – The rate that international banks dealing in Eurodollars charge each other for large LOANS. Some domestic banks use this rate as an INDEX for ADJUSTABLE RATE MORTGAGES.
MACRS – MODIFIED ACCELERATED COST RECOVERY SYSTEM – System of DEPRECIATION for income tax purposes which specifies annual DEPRECIATION TAX DEDUCTIONS.
MAI – MEMBER OF THE APPRAISAL INSTITUTE – A designation conferred by the AMERICAN INSTITUTE OF REAL ESTATE APPRAISERS.
MBA – MORTGAGE BANKERS ASSOCIATION OF AMERICA – Master of Business Administration Degree.
MET – MULTIPLE EMPLOYER TRUST – A legal TRUST established by a plan sponsor that brings together a number of small, unrelated employers for the purpose of providing GROUP MEDICAL COVERAGE on an insured or self-funded basis.
MGIC – MORTGAGE GUARANTY INSURANCE CORPORATION – A private company that INSURES REAL ESTATE lenders against a LOSS in FORECLOSURE.
MIP – MORTGAGE INSURANCE PREMIUM – Generally required by the lender when the down payment is less than 20 percent of the PROPERTY VALUE in a CONVENTIONAL LOAN and mandatory on all FHA-INSURED LOANS, the amount that a lender requires a borrower to pay for MORTGAGE INSURANCE. The INSURANCE protects the LENDER against a LOSS in FORECLOSURE.
MLS – MULTIPLE LISTING SERVICE – A marketing organization which BROKERS can join to obtain information about PROPERTIES LISTED with other BROKERS and gain better exposure for their LISTED PROPERTIES.
MPP – MINIMUM PREMIUM PLAN – An arrangement under which an INSURANCE carrier will, for a fee, handle the administration of CLAIMS and INSURE against large CLAIMS for a self-insured group.
MSA – METROPOLITAN STATISTICAL AREA – One or more counties having a population of at least 50,000. See also CONSOLIDATED METROPOLITAN STATISTICAL AREA.
MVR – MOTOR VEHICLE REPORT
NAA – NATIONAL APARTMENT ASSOCIATION – An organization of apartment owners, with local chapters in metropolitan areas, hat provides information and services for members concerning apartment RENTALS, OCCUPANCY RATES, LEASE forms and other matters.
NACORE – NATIONAL ASSOCIATION OF CORPORATE REAL ESTATE EXECUTIVES – Members includes those active with selling, purchasing and managing REAL ESTATE held by CORPORATIONS.
NAIC – NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS – Formed to promote national uniformity in the regulation of INSURANCE, the membership is comprised of members of INSURANCE COMMISSIONERS of various states.
NAIFA – NATIONAL ASSOCIATION OF INDEPENDENT FEE APPRAISERS – A professional APPRAISAL organization.
NAHB – NATIONAL ASSOCIATION OF HOME BUILDERS – An organization of homebuilders providing educational and political information as well as research services and publishes a monthly magazine, Builder.
NAR – NATIONAL ASSOCIATION OF REALTORS – A professional REAL ESTATE organization whose members subscribe to a CODE OF ETHICS.
NAREB – NATIONAL ASSOCIATION OF REAL ESTATE BROKERS – An organization whose membership is primarily made up of minority REAL ESTATE SALESPERSONS and BROKERS who are called REALTISTS.
NAREIT – NATIONAL ASSOCIATION OF REAL ESTATE INVESTMENT TRUST – A trade association that serves REITS which collects data on the performance of REITS and prepares definitions to be used for the industry, including FFO and CAD.
NARELLO – NATIONAL ASSOCIATION OF REAL ESTATE LICENSE LAW OFFICIALS – Membership is composed of COMMISSIONERS from REAL ESTATE licensing agencies.
NCREIF – NATIONAL COUNCIL OF REAL ESTATE INVESTMENT FIDUCIARIES- Sorted by geographic areas, the organization collects historical data on various institutionalgrade PROPERTY types and publishes data on INCOME and VALUE changes.
NLA – NET LEASABLE AREA – Also known as NET RENTABLE AREA or RENTABLE AREA – 1) Floor space that may be rented to TENANTS in a building or project; 2) the area upon which RENTAL payments are based. Generally excludes COMMON AREAS and space devoted to the cooling, heating and other equipment of a building.
NOI – NET OPERATING INCOME – Used to CAPITALIZE the VALUE of the INVESTMENT, the EFFECTIVE GROSS INCOME minus all OPERATING EXPENSES and RESERVES FOR REPLACEMENT.
NPV – NET PRESENT VALUE – A method of determining whether expected performance of a proposed INVESTMENT promises to be adequate.
OASDI – OLD-AGE, SURVIVORS AND DISABILITY INSURANCE PROGRAM – The Social Security social INSURANCE program into which participants make payroll contributions based on earnings. BENEFITS are paid to INSURED workers and eligible family members when they retire or become DISABLED and to the survivors of deceased workers.
OILSR – OFFICE OF INTERSTATE LAND SALES REGISTRATION – A division of the U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT that regulates offerings of LAND for sale across state lines.
OTS – OFFICE OF THRIFT SUPERVISIONS – A federal agency created by FIRREA to regulate and supervise federally chartered SAVINGS AND LOAN ASSOCIATIONS. The OTS takes over the thrift regulatory duties exercised by the FEDERAL HOME LOAN BANK BOARD prior to passage of the Act. The new agency is part of the Treasury Department.
PAM – PLEDGED ACCOUNT MORTGAGE – A type of MORTGAGE in which part of the cash down payment is put aside in a special savings account from which the lender draws to supplement the MORTGAGE payments which makes smaller payments possible during the first few years of the LOAN term.
PBGC – PENSION BENEFIT GUARANTY CORPORATION – The Federal body responsible for administering the plan termination insurance program under ERISA.
PETE – The four basic government powers derived from English law are (1) Police power, (2) EMINENT DOMAIN, (3) TAXATION and (4) ESCHEAT.
P&I – PRINCIPAL AND INTEREST PAYMENT – Commonly used with AMORTIZING LOANS, a periodic PAYMENT usually paid monthly, that includes the INTEREST charges for the period plus an amount applied to AMORTIZATION of the PRINCIPAL balance.
PIG – PASSIVE INCOME GENERATOR – A business or INVESTMENT that produces passive income which can be used to offset passive losses.
PIP – PERSONAL INJURY PROTECTION – First-party NO-FAULT coverage in which an INSURER pays, within the specified limits, the wage loss, hospital, medical and funeral expenses of the INSURED.
PITI – PRINCIPAL, INTEREST, TAXES AND INSURANCE PAYMENT – Also known as BUDGET PAYMENT – The periodic, typically monthly. payment required by an AMORTIZING LOAN that includes ESCROW deposits that covers the four basic costs of home ownership: repayment of INTEREST, PRINCIPAL, HAZARD INSURANCE, and REAL ESTATE TAXES
PMI – PRIVATE MORTGAGE INSURANCE – Generally required by the lender when the DOWN PAYMENT is less than 20 percent of the PROPERTY VALUE, INSURANCE provided by a private company which protects the lender against a LOSS in case of FORECLOSURE.
PMSA – PRIMARY METROPOLITAN STATISTICAL AREA – As classified by the U.S. Census Bureau, within a metropolitan area with a population of one million or more, there may be areas that would qualify as metropolitan areas on their own, but are linked to other cities in close proximity. These individual areas are called PRIMARY METROPOLITAN STATISTICAL AREAS, while the metropolitan area containing these PMSA’S is called a CONSOLIDATED METROPOLITAN STATISTICAL AREA (CMSA).
PPO – PREFERRED PROVIDER ORGANIZATION – An arrangement whereby a THIRDPARTY payer CONTRACTS with a group of medical care providers who furnish services at lower than usual fees in return for prompt payment and a certain volume of patients.
PRO – PROFESSIONAL REVIEW ORGANIZATION – An organization in which practicing physicians assume responsibility for reviewing the propriety and quality of health care services provided under MEDICARE and MEDICAID.
PRP – POTENTIALLY RESPONSIBLE PARTIES
PUD – PLANNED UNIT DEVELOPMENT – A ZONING classification that allows flexibility in the design of a subdivision which generally set an overall DENSITY limit for the entire subdivision, allowing the DWELLING UNITS to be clustered to provide for common OPEN SPACE.
