Continue Real Estate Vocab Letter N

Front 1

Narrative appraisal report

Back 1

the longest and most thorough appraisal report, containing a summary of all factual materials, techniques, and appraisal methods used in setting forth the appraiser’s conclusion of value

Front 2

Nagotiable instrument

Back 2

an instrument, such as a promissory note, that is capable of being assigned or transferred in the ordinary course of business

Front 3

national environmental policy act

Back 3

this act requires an environmental impact statement on federal projects that could significantly affect the environment

Front 4

Nationwide mortgage licensing system and registry

Back 4

a uniform system for license applications and reporting requirements for all loan originators established by the Conference of state bank supervisors and the American Association of Residential Mortgage Regulators

Front 5

Natural Hazard Disclosure Statement

Back 5

Document indicating property location in a hazardous area that must be provided by seller to buyer in Califronia residential transactions of one to four dwelling units, with certai exceptions

indicates if a property is in a special flood hazard area, an area of potential flooding, a very high fire hazard severity zone, a wildlife area that may contain substantial fire risks and hazards, an earthquake fault zone, or a seismic hazard zone

Front 6

Natural monument

Back 6

a point or boundary in a metes - and bounds description that is natural, such as a rock, tree, or river, as opposed to an artificial monument, such as a road, iron stake, wall, et cetera

Front 7

Navigable

Back 7

Waters capable of being used for commerce

Front 8

negative covenants

Back 8

promises not to do something, such as a prohibition against any detached garages or sheds.

Front 9

Negative amortization

Back 9

increase in principal balance that occurs when monthly loan payment does not cover entire interest owed for the payment period

Front 10

Negative declaration

Back 10

declaration by developer that a project will not have an adverse effect on the environment

statement that a proposed property use is not expected to have a significant impact on the environment and therefore does not require preparation of an environmental impact report

Front 11

Negative fraud

Back 11

Deliberate concealment of something that should be revealed

Front 12

Negligent misrepresentation

Back 12

a representation made carelessly that turns out to be false

Front 13

Negative easement

Back 13

an easement that prohibits the servient tenenment owner from a use. An example would be a building height restriction so the dominant tenement owner retains a view.

Front 14

Negotiable instrument

Back 14

An instrument, such as a promissory note, that is capable of being assigned or transferred in the ordinary course of business

written, signed, unconditional promises or orders to pay to bearer or a payee a sum certain in money now or at a definite time in the future

Front 15

Net listing

Back 15

a listing agreement providing that the agent may retain as compensation for her services all sums received over and above a net price to the owner

a listing whereby the agent receives all money received over a net price as his commission

Front 16

Net operating income

Back 16

profit, the money remaining after expenses are deducted from income

Front 17

Niche marketing

Back 17

specialization in an area, type of property, and/or category of buyer

Front 18

nominal rate

Back 18

the stated interest rate of a loan before taking into account loan fees, points, and other costs that make up the annual percentage (APR)

Front 19

Nonamortized

Back 19

a loan that includes payment of interest and may include payment of principal, but not enough principal to bring the oustanding balance of the loan to zero at the end of the loan term

Front 20

Nonconforming use

Back 20

a property use that is not allowed by the current zoning ordiance

existing uses that are not in conformance with the zoning

Front 21

Notice

Back 21

knowledge of a fact; actual notice is express or implied knowledge of a fact; constructive notice is knowledge of a fact that is imputed to a person by law because of the person’s actual notice of circustances and the inquiry that a prudent person would have been expected to make; legal notice is information required to be given by law

Front 22

No deal no commission

Back 22

a listing requiring the escrow actually be closed and title transferred before the agent is entitled to a commission

Front 23

Nominal damages

Back 23

damages awarded in a token dollar amount for a wrongful act where no actual loss occurred

Front 24

Noncumulative zoning

Back 24

zoning that allows only the stated use and not more restrictive uses, as well.

Front 25

Nondisturbance clause

Back 25

an agreement where the mortgagee agress to honor the tenant’s lease in the event that the prior mortgage (trust deed) is forclosed

Front 26

Nonfreehold estates

Back 26

less-than-freehold interest; leasehold estates

Front 27

Nonresident licensee

Back 27

a licensee who is a resident of a state other than california

Front 28

Novation

Back 28

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

a substitution of a party to a contract or the substitution of one agreement for another

Front 29

Notice of cessation

Back 29

notice that can be filed by a property owner after work on a construction project has been stopped for 30 continuous days

a notice that, when recorded, gives subcontractors 30 days to file their liens and the prime contractor 60 days.

Front 30

Notice of completion

Back 30

a notice that can be filed by a property owner within 10 days following completing of a construction project

a notice that, when recorded, gives subcontractors 30 days to file their liens and the prime contractor 60 days

Front 31

Notice of defualt

Back 31

notice by trustee of the trustor’s default in payment of the debt underllying the deed of trust and stating intention of the trustee to sell the property being held by the trustee as secruity for the debt

notice given to interested parties of the defualt of the trustor

Front 32

Notice of delinquency

Back 32

notice requested by junior creditor of delinquency of a priority lien

Front 33

Notice of nonresponsibility

Back 33

a notice by an owner, or a vendor under a real property sales contract, that the owner will not be liable for work on the property authroized by a tenant or vendee under a real property sales contract. The notice must be recorded and posted in a timely manner to protect the property from mechanics’ lien

Front 34

Nusiance

Back 34

an act that disturbs the use or enjoyment of the property of another

Front 35

Notice of nonresponsibility

Back 35

notice that must be filed by a property owner and posted in a conspicuous placee on the property within 10 days of learning of construction, repair, or other work being performed on the property that the owner has not authorized

Front 36

Notice of nonresponsibility

Back 36

notice that must be filed by a property owner and posted in a conspicuous placee on the property within 10 days of learning of construction, repair, or other work being performed on the property that the owner has not authorized

Front 37

Notice of trustee’s sale

Back 37

notice of a sale of property under the terms of a deed of trust securing a debt on which the borrower has defaulted

Front 38

Notice of nonresponsibility

Back 38

notice that must be filed by a property owner and posted in a conspicuous placee on the property within 10 days of learning of construction, repair, or other work being performed on the property that the owner has not authorized

Front 39

Notice of trustee’s sale

Back 39

notice of a sale of property under the terms of a deed of trust securing a debt on which the borrower has defaulted

Front 40

Notice to pay or quit

Back 40

notice by a landlord to a tenant who has defualted in payment of rent that the amount owed must be paid within three days of the notice or the tenant must vacate and surrender possession of the premises

Front 41

Notice of nonresponsibility

Back 41

notice that must be filed by a property owner and posted in a conspicuous placee on the property within 10 days of learning of construction, repair, or other work being performed on the property that the owner has not authorized

Front 42

Notice of trustee’s sale

Back 42

notice of a sale of property under the terms of a deed of trust securing a debt on which the borrower has defaulted

Front 43

Notice to pay or quit

Back 43

notice by a landlord to a tenant who has defualted in payment of rent that the amount owed must be paid within three days of the notice or the tenant must vacate and surrender possession of the premises

Front 44

Null and void

Back 44

of no legal validity or effect