Real Estate Glossary "N"
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
National Association of REALTORS - A professional organization for the real estate industry. National Flood Insurance Program (NFIP) - A program administered by a division of the Federal Emergency Management Agency (FEMA) that helps provide coverage to homeowners for losses due to flooding. necessity - See easement by necessity. negative amortization - A loan arrangement in which the loan balance increases with each payment rather than decreasing because the payment amount is not sufficient to cover the interest. negotiable instrument - A written promise or order to pay a specific amount of money. The instrument may be transferred to someone else by endorsing the document. A mortgage note and checks are examples of negotiable instruments. net income - Gross income less operating expenses. Also called net operating income. net lease - A lease arrangement in which the tenant pays a fixed amount of rent plus some or all of the building's expenses. net listing - A listing in which a specified amount is due the seller and the broker's commission is any amount above that. This type of listing is illegal in some states because of the potential for fraud by the broker. nonconforming loan - A mortgage not eligible for sale and delivery to either FNMA or FHLMC for various reasons, including the loan amount, loan characteristics or underwriting guidelines. nonconforming use - A property's use that existed prior to the current zoning laws and is not in compliance with those laws. nonhomogeneity - An economic characteristic of real estate meaning that no two parcels of land are exactly alike. nonjudicial foreclosure - Foreclosure procedures used by lenders that do not involve the courts. Common types are power of sale clauses and deeds in lieu of foreclosure. note - A written promise to pay a sum of money at a stated rate during a specific term. novation - Substituting a new contract for an old one. nuncupative will - A will created orally by a person near death. |
|