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 Home Search  
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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:
Type of lease whereby the Tenant pays for part or all of the operating expenses which may include utilities, janitorial, property insurance, property management, sewer, water & garbage.  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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NEVADA REAL ESTATE AGENTS:
Dana Anderson is a Las Vegas Real Estate office located in the beautiful state of Nevada.

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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.