Vocab: N, O

Question 1

Narrative Report

Answer 1

A summary of all factual materials techniques and appraisal methods used by the appraiser in establishing the value of a property. This is the most thorough type of appraisal report

Question 2

Natural Hazard Disclosure (NHD)

Answer 2

A report provided by a local agency or NHD vendor and used by sellers and sellers agent to disclose natural hazards which exist on all properties held out for sale

Question 3

Nonjudicial foreclosure

Answer 3

When property is sold at a public auction by a trustee as authorized under the power of sale provision in a trust deed

Question 4

Note

Answer 4

A document often secured by a trust deed on real estate evidencing an obligation to pay money to a creditor, usually a lender or carryback seller

Question 5

Notice of default (NOD)

Answer 5

The notice filed to begin the nonjudicial foreclosure process. Generally, the NOD is filed following three or more months of delinquent mortgage payments

Question 6

Notice of nonresponsibility

Answer 6

A notice used by a landlord to declare that they are not responsible for any claim arising out of the improvement being constructed on their property by the tenant

Question 7

Novation

Answer 7

An agreement entered into by a mortgage holder, buyer, and seller to shift responsibility for a mortgage obligation to the buyer by an assumption and release the seller of liability

Question 8

Obsolescence

Answer 8

Loss in value due to reduce desirability and usefulness of a structure because its design and construction become obsolete; loss because of becoming old-fashioned and not in keeping with modern needs. with consequent loss of income. Functional or economic

Question 9

Open Listing

Answer 9

An employment opened into by a broker to render real estate services on a best effort basis under which a fee is due to the broker if they achieve the clients objective of employment before the client or another broker seperately first meet the objective such as the sale or locating of a property

Question 10

Option

Answer 10

A right given for a consideration to another by a property owner to purchase or lease a property as agreed withing a specified time without obligating the person who receives the right to exercise the right

Question 11

Overlying Rights

Answer 11

The right of real estate owner to take the ground water below the surface of their land