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Real Estate Dictionary N
"National Association of Realtors" - "nuncupative will"
We try to provide as much information as possible to buyers of Ocala Real Estate. These terms and definitions apply pretty much nation wide, and we try to update with terms specifically relating to Florida Real Estate as soon as we come across something we've missed. We welcome your comments and suggestions!
N.A.R.:
National Association of Realtors.
NAKED LEGAL TITLE:
The right to sell the property if the trustor defaults. This right is
given by the trustor to the trustee in a trust deed.
NARRATIVE APPRAISAL:
A summary of all factual materials, techniques and appraisal methods used
by the appraiser in setting forth his value conclusion.
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:
Capable of being negotiated; assignable or transferable in the ordinary
course of business.
NEGOTIABLE
INSTRUMENT:
A document which has a cash value which may be traded, given or sold.
NEGOTIABLE RATE
MORTGAGE:
See variable or adjustable rate mortgages.
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 gross income of income property minus the vacancies and allowable
expenses equals the net income. Also the net profit of a business.
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:
A listing which provides that the agent may retain as compensation for
his services all sums received over and above a net price to the owner.
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.
NET WORTH:
The assets of a business minus the liabilities equals the net worth. The
value of a business as of a given date.
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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 witness a signature on a document and to place a notary public's seal
on that document.
NOTARY PUBLIC:
An official of the state who witnesses an acknowledgment by a person who
has signed a document.
NOTE:
A signed written instrument acknowledging a debt and promising payment.
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 COMPLETION:
A document which is recorded when an improvement is completed on a
property.
NOTICE OF DEFAULT:
A document that is recorded and delivered to the borrower when a default
has occurred under a deed of trust.
NOTICE OF INTENT TO SELL IN BULK:
A document which is recorded and published when merchandise is sold in
bulk rather than in the ordinary course of business.
NOTICE OF NONRESPONSIBILITY:
A notice provided by law designed to relieve a property owner from
responsibility for the cost of work done on property or materials furnished
therefore; notice must be verified, recorded and posted.
NOTICE TO QUIT:
A notice to a tenant to vacate rented 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 obligation for an existing one with the intent
to extinguish the original contract. A new contract which takes the place of an
existing one.
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".
NUNCUPATIVE WILL:
An oral statement made in anticipation of immediate and pending death