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Find
the meaning of all the key terms used in Real Estate Vocabulary. Click on
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alphabetical order. We hope this service helps you further.
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NATIONAL
APARTMENT ASSOCIATION (NAA):
Organization of apartment owners.
NATIONAL
ASSOCIATION OF CORPORATE REAL ESTATE EXECUTIVES (NACORE):
Organization of business people involved in transactions dealing with
property owned by corporations.
NATIONAL
ASSOCIATION OF HOME BUILDERS (NAHB):
Organization of home builders.
NATIONAL
ASSOCIATION OF INDEPENDENT FEE APPRAISERS (NAIFA):
Organization of real estate appraisers, offering professional designations
to qualified persons.
NATIONAL
ASSOCIATION OF MASTER APPRAISERS:
Organization of real estate appraisers, offering the professional
designation of "master appraiser".
NATIONAL
ASSOCIATION OF REAL ESTATE BROKERS (NAREB):
Organization of real estate salespersons and brokers.
NATIONAL
ASSOCIATION OF REAL ESTATE LICENSE LAW OFFICIALS (NARELLO):
Organization of members of state real estate licensing agencies.
NATIONAL
ASSOCIATION OF REALTORS (NAR):
Organization of Realtors.
NATIONAL
ASSOCIATION OF REVIEW APPRAISERS AND MORTGAGE UNDERWRITERS:
Organization offering professional designations.
NATIONAL
REALTY COMMITTEE:
Government lobby group for large land owners and developers.
NATIONAL
SOCIETY OF REAL ESTATE APPRAISERS:
Organization of real estate appraisers, offering professional
designations.
NATURAL
VACANCY RATE:
The normal, average or traditional percentage of rental properties in a
community that are not leased or occupied.
NEGATIVE
AMORTIZATION:
When the periodic payments on a loan are not sufficient to pay the
interest which has accumulated during the previous period resulting in an
increase rather than a decrease in the amount owing on the mortgage.
NEGATIVE
AMORTIZATION CAP:
A limit, expressed as a percentage of the principal, of the negative
amortization allowed under a variable or adjustable
rate mortgage.
NEGATIVE
CASH FLOW:
When a business or property generates less money in a given period than
the cost of operating and maintaining it.
NEGOTIABLE
INSTRUMENT:
A document which has a cash value which may be traded, given or sold.
NEGOTIABLE
RATE MORTGAGE:
See adjustable
rate mortgage or variable
rate mortgage.
NEGOTIATION:
The act of discussing an issue between two or more parties with competing
interests with an aim of coming to an agreement.
NEIGHBORHOOD
LIFE CYCLE:
The pattern of development and change of a neighborhood over a period of
time.
NEIGHBORHOOD:
An area of a municipality which is identifiable by a common use, a common
atmosphere or a common business area.
NET
CASH FLOW:
The amount of money leftover from the income of a property after all costs
and expenses of the property have been paid.
NET
EFFECTIVE INCOME:
A person's gross pay minus federal taxes.
NET
INCOME:
The amount of money left over after all costs and expenses have been paid.
NET
LEASABLE AREA:
The area in a building which is available for rent to tenants (excludes
common areas, wasted space, etc.).
NET
LEASE:
A rental agreement wherein the tenant pays a portion of the expenses of
the property in addition to the rent set out in the agreement; the
landlord receives the full amount of the rent paid with no liability for
expenses.
NET
LISTING:
The marketing for sale of a property under an agreement between the agent
and the owner in which the parties agree to a sale price (the net price).
The vendor is guaranteed to receive the net price while the agent's
commission is equal to the amount in excess of the net price for which the
property actually sells. May not be legal in some jurisdictions.
NET
OPERATING INCOME (NOI):
The income from a property or business left over after the costs of
operating the property or business have been paid.
NEW
ENGLAND COLONIAL:
A two and a half storey, early-American house which is generally
symmetrical in shape with a shingle-covered gable roof, often made of
clapboard siding.
NEW
ENGLAND FARMHOUSE:
Another simple, symmetrical, early-American house, often with a steeply
inclined roof and white siding.
NEW
TOWN:
A planned community in which a large, undeveloped parcel of land is
designed and built as an independent community along a carefully
structured plan.
NO
BID:
Where the VA chooses not to acquire a property in foreclosure upon default
but instead to pay out on the amount it has guaranteed of the mortgage
(generally 60% of the principal).
NO
CASH-OUT REFINANCE:
The replacement of a matured loan with a new loan where no additional
principal is borrowed and added to the loan.
NO
CHANGE SCENARIO:
A method of calculating the future payments required under a variable or adjustable
rate mortgage on the assumption that the index (and therefore
the interest chargeable on the mortgage) will not change.
NO
MONEY DOWN:
Slang description of real estate purchase strategies which allow the
purchaser to obtain title to a property while paying little or no money of
her own.
NOMINAL
LOAN RATE:
The interest rate stated on the loan agreement.
NON-ASSUMPTION
CLAUSE:
A term of a mortgage contract that forbids the transfer of the mortgage to
a new owner without prior consent of the lender.
NON-CONFORMING
LOAN/MORTGAGE:
A mortgage or loan that is not eligible for Fannie Mae (FNMA) or Freddie
Mac (FHLMC) programs.
NON-CONFORMING
USE:
The occupation and use of a property in a fashion which is contrary to the
zoning regulations for the property. A Legal Non-conforming Use is one
where the non-conforming use predates the zoning by-law such that, as long
as it is continued, it is legal.
NONDISTURBANCE
CLAUSE:
A term of a mortgage which guarantees that leases regarding the subject
property will be allowed to continue uninterrupted in the event of
mortgage default.
NONEXCLUSIVE
LISTING:
A real estate listing to which no one agent or broker has claim.
NON-PERMANENT
RESIDENT ALIEN:
A category of person who lives and works in the U.S. but is expected to
return to her country of origin in the future. May face certain
restrictions when it comes to qualifying for a mortgage.
NORMAL
WEAR AND TEAR:
Damage to the condition of an asset which results from use and the passage
of time.
NOTARIAL
COPY:
A facsimile of a document which has been examined by a Notary Public and
certified to be an accurate reproduction of the original.
NOTARIZE:
To confirm the signature of another in one's official capacity as a notary
public.
NOTARY
PUBLIC:
A designation authorized by law and administered by the government,
allowing a designated person to verify and certify signatures and copies
of documents.
NOTE:
A written instrument of indebtedness, promising to pay a certain person a
particular sum of money upon stated terms.
NOTE
RATE:
The interest rate as set out in the mortgage/loan contract.
NOTICE:
Written warning to another of a person's intention to do something or take
some (legal) action.
NOTICE
OF DEFAULT:
The written notice sent by a lender to a borrower stating that the
borrower has not met his obligations under the loan contract and the
lender may take legal action to enforce the agreement.
NOTICE
TO QUIT:
A notice from a landlord to a tenant ordering the tenant to leave the
property.
NOTORIOUS
POSSESSION:
Occupation and control of a property which is obvious and accepted by the
public. May lead to a claim of title under the rules of adverse
possession if the possessor is not the owner of the property.
NOVATION:
The substitution of a new person for one of the parties to an agreement,
on consent of all people involved.
NUISANCE:
A legal term referring to any use of land which interferes with the use
and enjoyment of neighboring lands. A nuisance may be actionable by the
injured party.
NULL
AND VOID:
Unenforceable, no longer of any effect. A contract for which a condition
precedent has failed is considered "null and void".
Perdido
Key Florida Real Estate Real Estate Dictionary |
