REAL ESTATE TERMS

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NARRATIVE APPRAISAL: A summary of all factual materials, techniques and appraisal methods used by the appraiser in setting forth his or her value conclusion.

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.

NEGOTIABLE: Capable of being negotiated, assignable or transferable in the ordinary course of business.

NET INCOME: The money remaining after expenses are deducted from income; the profit.

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.

NOMINAL INTEREST RATES: The percentage of interest that is stated in loan documents.

NOTARY PUBLIC: An appointed officer with authority to take the acknowledgment of persons executing documents, sign the certificate, and affix official seal.

NOTE: A signed written instrument acknowledging a debt and promising payment, according to the specified terms and conditions. A promissory note.

NOTE RATE: This rate determines the amount of interest charged on an annual basis to the borrower. Also called the "accrual rate", "contract rate" or "coupon" rate.

NOTICE: (l) Actual Notice - Express or implied knowledge of a fact. (2) Constructive notice - A fact, imputed to a person by law, which should have been discovered because of the person's actual notice of circumstances and the inquiry that a prudent person would have been expected to make. (3) Legal Notice .Information required to be given by law.

NOTICE OF NONRESPONSIBILITY: A notice provided by law designed to relieve property owner from responsibility for the cost of unauthorized work done on the property or materials furnished therefor; notice must be verified, recorded and posted.

NOTICE TO QUIT: A notice to a tenant to vacate rented property.

NOVATION: The substitution or exchange of a new obligation or contract for an old one by the mutual agreement of the parties.

NULL AND VOID: Of no legal validity or effect.

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