N words Flashcards
National Association of Realtors (NAR)
A national organization of real estate brokers created to
promote the real estate profession and foster professional behavior in its members.
Negative Amortization
Occurs when monthly installment payments are insufficient to pay the interest
accruing on the principal balance, so that the unpaid interest must be added to the principal due.
Negative Easement
An easement enabling its holder to prevent the possessor of the land subject to
the easement from doing certain acts or exercising certain rights of ownership he would otherwise have
a legal right to.
Negotiable Instrument
An unconditional promise or order, to pay a fixed amount of money, with or
without interest, or other charges described in the promise or order.
Negotiation
A discussion aimed at reaching an agreement.
Net Lease
A lease requiring a lessee to pay charges against the property such as taxes, insurance and
maintenance costs in addition to rental payments.
Net Listing
A listing which provides that the agent may retain as compensation for agent’s services all
sums received over and above a net price to the owner.
Net Operating Income
The annual income generated by an income‐producing property after taking
into account all income collected from operations, and deducing all expenses incurred from operations.
Non‐conforming Use
The historical use whereby an individual would ask to use that property for that
historical use, otherwise they will have to endure undue hardship.
Non‐Exclusive Listing (Open Listing)
a listing given to one or more brokers in which the broker
procuring a sale is entitled to the commission but imposes no commission obligation on the owner when
the owner sells the property.
Novation
The substitution or exchange or a new obligation or contract for an old one by the mutual
agreement of the parties.
