Terms N-O Flashcards
Occurs whenever the loan payment for any period is less than the interest charged over that period so that the outstanding balance of the loan increases.
Negative amortization
The result of subtracting expenses from income.
Net Income
A lease that requires the tenant to pay, in addition to rent, some or all of the property expenses that normally would be paid by the property owner. These include expenses such as real estate taxes, insurance, maintenance, repairs, utilities, and other items.
Net Lease
A price below which an owner will not sell the property, and at which price a broker will not receive a commission; the broker receives the excess over and above the net listing as the broker’s commission.
Net Listing
Equal to the Gross income minus expenses (and sometimes debt service). Also referred to as cash flow.
Net Operating Income
Protects individuals from the discrimination based on their age, creed, race, color, sex, sexual orientation, national origin, marital status, disability, military status, domestic violence victim status, arrest record, conviction record, predisposing genetic characteristics, and familial status.
New York State Human Rights Law
Oversees public recreational areas and administrators federal and state preservation programs authorized by federal and state law.
New York State Office of Parks, Recreation and Historic Preservation (OPRHP)
A loan that fails to meet bank criteria for funding.
Non-Conforming Loan
Utilization of a use that does not comply with local zoning for a particular parcel.
Non-Conforming Use
Real property that does not meet the definition of homestead. Non-homestead real property is generally counted as an asset; however, it is considered unavailable during the time the client make a reasonable effort to sell the property.
Non-Homestead
A term of the law of property to describe any of a category of rights held by one person to use land that is in the possession of another.
Non-Possessory
A rule adopted by the Secretary of State which prohibits any or all types of solicitation directed towards homeowners within a defined geographic area. Such rule may be adopted after a public hearing and upon the Secretary’s determination that homeowners within the subject area have been subject to intense and repeated solicitations by real estate brokers or salespersons and that such solicitations have caused owners to reasonably believe that property values may decrease because persons of different race, ethnic, religious or social backgrounds are moving or about to move into such area.
Non-Solicitation Order
The act of either:
1) Replacing an obligation to perform with a new obligation; or
2) Adding an obligation to perform; or
3) Replacing a party to an agreement with a new party.
Novation
The fiduciary relationship obligates the agent to act in good faith at all times, obeying the client’s instructions in accordance with the contract.
Obedience
One of the causes of depreciation. It is the loss of desirability and usefulness caused by new inventions, changes in design, and improved processes for production, or from the influence of external factors. Obsolescence may be either economic or functional.
Obsolescence
