Elected by a small group of nobles and/or powerful burghers is still "elected".
That said, people don't seem to realise how unusual a non-monarchic was in this timeframe. Even the Netherlands only became a republic after
they offered the throne to the English monarch, who refused. Then to a French nobleman, who was quickly sent away after he turned out to be a prick. The only real others are Italian city-states like Venice, Genoa or Florence, and a couple countries where there was a formal monarch, but not in a hereditary way and with shared power (Poland-Lithuania for example).
And our modern knowledge of the government of Novgorod is vague at best. If there was a government form "complex clusterfuck" it'd be appropriate for Novgorod. And Switzerland
