A B C D E F G H I J K L M [N] O P Q R S T U V W X Y & Z
Negligent misrepresentation – When a broker should have known that a statement about a material fact was false. The fact that the broker might actually be ignorant about the issue is no excuse.
Negotiable instrument – A written promise or order to pay a specific sum of money that may be transferred by endorsement or delivery. The transferee then has the original payee’s right to payment.
Net lease – A lease requiring the tenant to pay not only rent but also costs incurred in maintaining the property, including taxes, insurance, utilities, and repairs.
Net listing – A listing based on the net price the seller will receive if the property is sold. Under a net listing the broker can offer the property for sale at the highest price obtainable to increase the commission. This type of listing is illegal in many states.
Net operating income (NOI) – The income projected for an income-producing property after deducting losses for vacancy and collection and operating expenses.
Nonagent – An intermediary between a buyer and seller, or landlord and tenant, who assists both parties with a transaction without representing either. Also known as a facilitator, transaction broker, transaction coordinator, and contract broker.
Nonconforming use – A use of property that is permitted to continue after a zoning ordinance prohibiting it has been established for the area.
Nonhomogeneity – A lack of uniformity; dissimilarity. Because no two parcels of land are exactly alike, real estate is said to be nonhomogeneous.
Note – The borrower’s personal promise to repay a debt according to agreed-upon terms. See also promissory note.
Novation – Substituting a new obligation for an old one or substituting new parties to an existing obligation.
Nuncupative will – An oral will declared by the testator in his or her final illness, made before witnesses and afterward reduced to writing.
