N

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

naked title
Naked title is defined as the legal ownership of real property without the right to use, occupy or possess it. This type of ownership interest is often used in trusts, where the trustee holds the legal title to the property, while the beneficiary holds the equitable title. It is only title to such extent that is needed to carry out the power of sale to fulfill the terms of the lien document. (See deed of trust)

NAR Code of Ethics Standard of Practice 1-1
REALTORS®, when acting as principals in a real estate transaction, remain obligated by the duties imposed by the Code of Ethics. (Amended 1/93)The duties imposed by the Code of Ethics encompass all real estate related activities and transactions whether conducted in person, electronically, or through any other means.The duties the Code of Ethics imposes are applicable whether REALTORS® are acting as agents or in legally recognized non-agency capacities except that any duty imposed exclusively on agents by law or regulation shall not be imposed by this Code of Ethics on REALTORS® acting in non-agency capacities.

narrative report
A narrative report is an appraisal report that includes all pertinent information about a subject property and the area in which it is located. It includes maps, photographs, charts, plot plans as well as the reasons and computations for a value consideration. It is usually considered the most complete and detailed appraisal report.

NASDAQ
National Association of Securities Dealers Automated Quotation System or Nasdaq is an automatic information network that provides brokers and dealers with price quotations on securities traded over-the-counter. The Nasdaq 100 Index is a common stock market indicator representing the 100 largest nonfinancial domestic companies on the Nasdaq market. (See over-the-counter)
NASDAQ Homepage

National Apartment Assn (NAA)
The National Apartment Association (NAA) is a leading organization for the apartment housing industry. It serves as an advocate for rental housing providers, including apartment owners, managers, developers, and suppliers. The NAA is a federation of more than 150 state and local affiliates, representing over 82,000 members managing more than 9.7 million apartment homes globally.

National Assn of Home Builders (NAHB)
A prominent trade association in the United States that represents the interests of home builders, developers, contractors, and associated businesses. Founded in 1942, the NAHB plays a critical role in influencing public policy through lobbying efforts, aiming to make housing a national priority and to ensure that regulations are reasonable and promote growth in the housing industry.

National Assn of Residential Prop Mgrs (NARPM)
A professional organization for individuals involved in managing residential properties. Founded in 1988, NARPM aims to promote a high standard of business ethics, professionalism, and fair housing practices among its members.

National Association of Consumer Credit Administrators (NACCA)
Organization formed in 1935 to improve the supervision of consumer credit agencies and to facilitate the administration of laws governing these agencies.

National Association of Independent Fee Appraisers (NAIFA)
A professional association of appraisers with more than 2,000 members nationally. NAIFA offers the specialty designations IFA (member), IFAS (senior member) and IFAC (appraiser-counselor).
NAIFA Website

National Association of REALTORS® (NAR)
Formerly known as the National Association of Real Estate Boards (NAREB), NAR is the largest and most prestigious real estate organization in the world. Its members include REALTORS® and REALTOR-ASSOCIATES representing all branches of the real estate industry. The national organization functions through local boards and state associations. NAR Website

National Bank Act of 1863
In 1863, President Abraham Lincoln, at the urging of Salmon Chase, the Secretary of the Treasury, signed the National Bank Act. The Act established a national banking system and a uniform national currency to be issued by new “national” banks. The banks were required to purchase U.S. government securities as backing for their National Bank notes. In 1865, a 10-percent tax levied against State Bank notes essentially taxed those notes out of existence. From 1863 to 1877, National Bank notes were printed privately by the issuing banks. After 1877, the Bureau of Engraving and Printing, a division of the U.S. Department of the Treasury, assumed responsibility for printing all notes.

National Burglar and Fire Alarm Association (NBFAA)
In property management, the National Burglar and Fire Alarm Association (NBFAA), now known as the Electronic Security Association (ESA), is a trade association representing the electronic security and life safety industry. It provides education, certification, and advocacy for professionals who install and maintain security and fire alarm systems. The association aims to enhance the effectiveness and reliability of these systems to ensure the safety and security of property and occupants.

National Credit Union Administration
The National Credit Union Administration (NCUA) is the independent federal agency that charters and supervises federal credit unions. NCUA Website

National Credit Union Administration
The National Credit Union Administration (NCUA) is the independent federal agency that charters and supervises federal credit unions.
 NCUA Website

National Do Not Call Registry
The “do not call” list is a registry of phone numbers in the United States that telemarketers are prohibited from calling in most circumstances. The list is maintained by the National Do Not Call Registry of the Federal Trade Commission (FTC). Consumers can contact the agency to have their numbers registered. Organizations are prohibited from making calls to sell goods or services to any numbers listed, and are subject to substantial fines if they fail to comply.

National Environmental Policy Act
Federal agencies are required to prepare an environmental assessment (EA) to determine whether a proposed action would significantly affect the environment. If the EA concludes that there is no significant impact, the agency can issue a Finding of No Significant Impact (FONSI). If the EA determines that the proposed action would significantly affect the environment, the agency must prepare a more detailed Environmental Impact Statement (EIS). This involves a comprehensive analysis of potential environmental impacts, including potential alternatives and mitigation measures.

National Housing Act
Passed by Congress in 1934, the National Housing Act set up the Federal Housing Authority (FHA) to encouraged banks, building and loan associations, etc. to make loans for building homes, small business establishments, and farm buildings. If the FHA approved the plans, it would insure the loans.

In 1937 Congress passed another National Housing Act that enabled the FHA to take control of slum clearance. It made 60 year loans at low interest to local governments to help them build apartment blocks. Rents in these homes were fixed and were only available to low income families. By 1941 the agency had assisted in the construction of more than 120,000 family units.
Federal Housing Administration Website

National Multifamily Housing Council (NHMC)
A trade organization that represents the interests of the multifamily housing industry, which includes apartment owners, managers, developers, lenders, and service providers.

Nationwide Mortgage Licensing System (NMLS)
The Nationwide Mortgage Licensing System (NMLS) is the legal system of record for mortgage originator licensing in the United States. The NMLS&R is the registry for all mortgage originators licensed under the provisions of the NMLS and SAFE Act. (See SAFE Mortgage Licensing Act)

Nationwide Specialty Consumer Reporting Agency
A consumer reporting agency that compiles and maintains files on consumers on a nationwide basis relating to: 1) medical records or payments; 2) residential or tenant history; 3) check writing history; 4) employment history; or 5) insurance claims.

Native American Direct Loan (NADL) Program
The NADL program helps Native American Veterans purchase, construct, improve, or re-finance a home on Native American trust lands. The tribal organization must participate in the VA direct loan program. The veteran must have a valid Certificate of Eligibility (COE).

Natural Hazard Disclosure Statement
Document indicating property location in a hazardous area that must be provided by seller to buyer in California residential transactions of one to four dwelling units, with certain exceptions.

natural increase
In a population, natural increase is the excess of births over deaths.

navigable waterway
1. A body of water, such as a river, canal or lake, is navigable if it is deep, wide and slow enough for a vessel to pass. 2. Waters that provide a channel for commerce and transportation of people and goods.

negative amortization
A financing arrangement in which the monthly payments are less than the true amortized amounts and the loan balance increases over the term of the loan rather than decreases; an interest shortage that is added to unpaid principal.

negative declaration
A declaration by a developer that a project will not have a negative impact on the environment.

negative easement
An easement where the owner of a servient estate is prohibited from doing something on his or her estate that is otherwise lawful, because it will affect the dominant estate. (See easement)

negative fraud
Deliberate concealment of something that should be revealed.

negative incentives
Negative incentives are actions that discourages behavior, for example, fines discourage business activities that pollute.

negative leasehold
Negative leaseholds are created when the contract rent is above the market rent price.

negative option feature
In an offer or agreement to sell or provide any goods or services, a provision under which the customer’s silence or failure to take an affirmative action to reject goods or services or cancel the agreement is interpreted by the seller as acceptance of the offer.

negligence
The failure to use ordinary or reasonable care under the circumstances.

negligent misrepresentation
Negligent misrepresentation occurs when the licensee should have known that a statement about a material fact was false. The fact that the licensee may actually be ignorant about the issue is no excuse. (See material fact, misrepresentation)

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.

neighborhood analysis
Neighborhood analysis is an evaluation process used in real estate, urban planning, and community development to assess various characteristics of a neighborhood, including demographic trends, economic conditions, real estate market dynamics, available amenities, infrastructure quality, safety levels, and community involvement. This comprehensive assessment helps stakeholders such as investors, developers, homebuyers, and local governments understand the current state and potential future developments of an area. By analyzing these factors, stakeholders can make informed decisions regarding property investments, urban development projects, and community enhancement strategies, ensuring alignment with both market demands and community needs.

neighborhood boundaries
A residential or commercial area with similar types of properties, buildings of similar value or age, predominant land-use activities, and natural or fabricated geographic boundaries, such as highways or rivers.

neighborhood information request
A questionnaire used by brokers to obtain information about the neighborhood where a listed property is located. The questionnaire is completed by the homeowner and can provide valuable information that will aid in the sale of the property. The questionnaire should include questions about neighborhood schools, recreational facilities, churches, shopping centers, medical facilities, and other features that may be important to prospective buyers.

net absorption
When applied to real estate markets, net absorption is the measurement of the total square footage or units in a specific market area defined by geography (city or region) and by type of properties (i.e. retail, office, and residential) that is occupied minus (-) the total space vacated in a given period of time, typically a monthly or annual basis.

net exports
“Net exports” is the value of a country’s total exports minus the value of its total imports. It is used to calculate a country’s aggregate expenditures, or GDP, in an open economy.

net gain
Income that remains after allowed deductions from adjusted gross income.

net income approach
A method of pricing multiple unit rental properties where the desire to buy is driven by the property’s ability to generate cash flow and profit. Most often used to price rental properties of 2 or more units. When pricing single-family rental homes and condos, the market approach is preferable. (See market approach, net operating income)

net income ratio
The ratio of net operating income to effective gross income.

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. Sometimes known as an absolute net lease, triple-net lease, or net, net, net lease. (See lease)

net listing
An employment contract in which the broker receives as commission all excess monies over and above the minimum sales price agreed on by broker and seller. Because of the danger of unethical practices in such a listing, its use is discouraged in most states. (See listing agreement)

net loan funds
Net loan funds are the mortgage loan amounts specified in the note and mortgage, less lender-retained fees, as specified in the lender’s instruction to the closing agent.

net migration
Characteristic of a population study in which the number of people coming into an area is divided by the number of people who leave during the same period.

net operating income
Net operating income is the result when annual operating expenses are subtracted from gross operating income.Net operating income is a key figure in cash flow analysis:

1. First, it is the amount of money the property is estimated to produce to cover the loan payments for the year.
2. Second, as shown later, net operating income is used by investors and appraisers to estimate the price or value of the property.

net operating income (NOI)
The income projected for an income-producing property after deducting losses for vacancy, collection and operating expenses.

net passive activity loss
In calculating losses for rental activity properties, a taxpayer first nets all their losses and income from all of their properties onto Schedule E. That “net” of all properties is used on Line 17, subject to the PALL limitations on the ability to use those losses.

net passive activity loss
In calculating losses for rental activity properties, a taxpayer first nets all their losses and income from all of their properties onto Schedule E. That “net” of all properties is used on Line 17, subject to the PALL limitations on the ability to use those losses. (See 1040 form, Schedule E form, Line 17 – rental income and losses)

net present value (NPV)
The NPV is the PV calculation netted against the cash outflow that helped earn the cash inflows in the PV calculation. The NPV can be positive, in which can you would want to invest, or negative, in which case most investors would pass on that investment option.

net proceeds
The cash received after paying all liens and expenses including
broker commissiondeed of trust payoffescrow feesmiscellaneous closing fees required by statute

net spendable income
Net operating income less loan payments and income taxes on the property’s taxable income. (See after-tax cash flow, net operating income)

net taxable income
The amount of taxable income earned for the year after subtracting deductions from income. This is also the amount upon which to calculate, based on tax filing status, how much an individual owes in taxes for the year.

net worth
Assets less liabilities pursuant to generally accepted accounting principles. (See asset, liability)

net worth
Net worth is the applicant’s or licensee’s total assets less total liabilities, omitting that portion of an applicant’s assets pledged to secure obligations of any person or entity other than that of the applicant; any asset due from officers or stockholders of the applicant or persons in which the applicant’s officers or stockholders have an interest; an amount in excess of the lower of the cost or fair market value of mortgage loans in foreclosure, or real property acquired through foreclosure; an investment shown on the balance sheet in joint ventures, subsidiaries, or affiliates, which is greater than the fair market value of the assets; goodwill or value placed on insurance renewals or other similar intangible value; organization costs; the value of servicing contracts not determined in accordance with the Financial Accounting Standards Board’s Statement of Financial Accounting Standards No. 65, Accounting for Certain Mortgage Banking Activities. For an applicant who is applying to hold the mortgage broker or mortgage lender license as a natural person, any real property having a dwelling house with accommodations for four or fewer separate households and occupied, or to be occupied, by the applicant and any other intangible asset, as determined by the commissioner.

net worth
Net worth is a financial metric that represents the difference between a person’s or entity’s assets and liabilities. In simpler terms, it’s the total value of what someone owns (assets) minus what they owe (liabilities). Assets can include cash, investments, real estate, vehicles, and other valuables, while liabilities encompass debts, loans, mortgages, and other financial obligations. Net worth provides a snapshot of an individual’s or organization’s overall financial health and can be used to assess wealth, financial stability, and creditworthiness.

network contact log
Information stored about each person who could possibly help you in your job search. Include the following items: name, referred by, organization, title, address, phone, fax, email, organizational information, context of contact, spouse/partner/children, copy of resume sent (yes or no?), date of first contact.

networking
Generating prospects through a real estate professional’s communications with friends and professional associates. (See prospecting)

networking
1) Meeting, socializing and talking with as many people as you can about the career field(s) that interests you; 2) using an informal group of people (and their referrals) who can help someone hunting for a job.

new construction maintenance
New construction maintenance is often performed at the request and expense of the tenant, encompassing tasks necessary to maintain the newly built space according to their specific needs. This category of maintenance is closely tied to leasing and tenant relations, as it ensures the space remains functional and satisfactory for the tenant’s operations.

new home sellout
When a builder begins to sell the new homes in a new subdivision, the process is referred to as the sellout.

New Mexico Mortgage Foreclosure Consultant Fraud Prevention Act
Under the New Mexico Mortgage Foreclosure Consultant Fraud Prevention Act (MFCFPA), foreclosure consultants are required to have a written foreclosure consulting contract with an owner. The bill also requires foreclosure consultants to provide owners a Notice of Rescission Rights and Rescission of Contract Form. In addition, the bill allows owners to rescind a foreclosure consulting contract until midnight of the 3rd business day after the day on which the owner signs a foreclosure consulting contract. The bill became effective May 19, 2010.

New York City Department of Housing Preservation and Development (HPD)
The New York City Department of Housing Preservation and Development (HPD) is the largest municipal developer of affordable housing in the nation. Since 1987, HPD has provided over $8.7 billion to support the repair, rehabilitation, and new construction of hundreds of thousands of units of housing. This administration’s housing agenda, The New Housing Marketplace, features Creating Housing for the Next Generation, which features the largest investment in the city’s housing stock in 20 years. It is a $8.5 billion plan to create and preserve more than 165,000 homes and apartments in neighborhoods over ten years.

New York State Affordable Housing Corporation (AHC)
The New York State Affordable Housing Corporation (AHC) administers the Affordable Home Ownership Development Program (AHOD Program), which provides grants to governmental, not-for-profit, and charitable groups to build, acquire, rehabilitate, or improve homes for low- and moderate-income families.

New York State Homes and Community Renewal (HCR)
New York State Homes and Community Renewal (HCR) consists of all the state’s major housing and community renewal agencies, including the Affordable Housing Corporation, the Division of Housing and Community Renewal, the Housing Finance Agency, the State of New York Mortgage Agency, the Housing Trust Fund Corporation, and others.

New York State Housing Finance Agency (HFA)
The New York State Housing Finance Agency (HFA) offers financing to create and preserve affordable multifamily rental housing throughout the state. Developers can take advantage of several financing resources. These include agency-issued bonds, which can be tax-exempt, taxable, or 501(c)(3) bonds, low-income housing tax credits, and subsidy loans.

niche market
A niche market is a subset of a broader market in which a specific product is sold. The market niche defines the specific product features aimed at satisfying specific market needs, as well as the price range, quality and demographics of the market it is intended to serve.

nine community property states

NMLS&R mortgage call report
A statement of condition on the company and its operations including financial statements and production activity volumes reported on a per state basis.

NO GLOSSARY TERMS FOR THIS CHAPTER
This chapter does not contain any glossary terms.

No Glossary Terms for this Unit

no loan, no commission
A listing agreement requiring that escrow be closed and title transferred before an agent is entitled to a commission. (See listing agreement)

no-choice rule
If a real estate transaction qualifies as an exchange, it must be treated as an exchange. An exchanger who qualifies for the 1031 tax-deferred exchange has “no choice,” they cannot recognize the gain or loss. (See exchange)

no-loss rule
If a real estate transaction qualifiies as an exchange, “no loss” can be recognized. (See exchange)

nolo contendere
A Latin word meaning “I am unwilling to contend.” In a criminal case, a defendant’s pleading that does not admit guilt but subjects him or her to punishment as though a guilty plea had been entered, the determination of guilt remaining open in other proceedings.

nominal damages
Monetary damages of a token amount awarded for a wrongful act where no loss occurred. (See compensatory damages, exemplary damages)

nominal interest rate
The stated interest rate in a note or contract, which may differ from the true or effective interest rate, especially if the lender discounts the loan and advances less than the full amount. (See effective interest rate)

non-agent
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.

non-conforming loan
A mortgage loan that does not meet Fannie Mae and Freddie Mac underwriting guidelines. Non-conforming loans are available as both fixed and adjustable rate mortgages. (See Fannie Mae, Freddie Mac)

non-conforming use
A type of zoning variance where a parcel of land may be given an exception from current zoning ordinances due to improvements made by a prior owner or before the current zoning ordinances made the desired use non-conforming under local law. (The use is “grandfathered in”.)

non-depository institution
A finance company that makes loans to individuals or businesses. An investment company, investment firm, investment trust, of fund that sells shares to individuals and invests in securities issued by other companies. A financial institution that funds their investment activities from the sale of securities or insurance. For a non-depository institution, “branch office” does not include the office of an affiliate or other third party such as a loan broker. Certain non-depository institutions must report property location even in Metropolitan Statistical Areas or Metropolitan Divisions where they do not have a physical location.

non-exempt employees
Non-exempt employees are workers entitled to overtime pay after working more than 40 hours in a five day work week. Generally includes secretaries, factory workers, clerical workers and anyone paid by the hour.

non-traditional lending
Non-traditional lending; long-term, fully amortized, fixed-rate loans that were the preferred method of financing from the late 1930s to the early 1980s.

nonaffiliated third party
Any entity that is not an affiliate of, or related by common ownership or affiliated by corporate control with, a financial institution.

nonamortized
A loan that includes payment of interest, and may include payment of principal, but not enough principal to bring the outstanding balance of the loan to zero by the end of the loan term.

noncompete covenants
A contract that restricts participation in a certain market by a company or individual under specific circumstances. Employers often require employees to sign a non-compete agreement to deter them from quitting to join a competitor or starting a competitive firm.

noncompeting clause
In the context of leases, particularly commercial leases, a noncompeting clause can be included to restrict tenants from engaging in business activities that directly compete with other tenants within the same property or shopping center. This type of clause is aimed at protecting existing tenants and maintaining a diverse mix of businesses that do not cannibalize each other’s sales, which can enhance the overall appeal and success of the location. For example, a property owner might include a noncompeting clause in leases to ensure that only one coffee shop or boutique clothing store operates in their shopping center, preventing market saturation and supporting the viability of each tenant.

nonconforming use
A use of property, legally permitted to continue as such, in spite of the original zoning ordinance which prohibited such use for the area.

nonconforming use
A once lawful property use that is permitted to continue after a zoning ordinance prohibiting it has been established for the area; a use that differs sharply from the prevailing uses in a neighborhood.

noncumulative zoning
Zoning that allows only the stated use and not more restrictive uses. (See zoning)

nondisturbance clause
An agreement where the lienholder agrees to honor a tenant’s lease in the event that the property is foreclosed. Also known as a nondisturbance agreement, is a provision in a lease that protects a tenant’s right to continue occupying the leased premises, even if there are changes in the property’s ownership or the property is foreclosed. Specifically, a nondisturbance clause typically ensures that the tenant’s lease will not be terminated prematurely or adversely affected if the property is sold or if the landlord defaults on a mortgage.

nongeographic farming
Farming/prospecting a particular segment of the market such as an ethinic group or nationality, as opposed to a geographic area. (See farming, geographic farming)

nonhomogeneity
A lack of uniformity; dissimilarity. Because no two parcels of land are exactly alike, real estate is said to be nonhomogeneous. (See homogeneous)

noninstitutional investor
A noninstitutional investor is an investor other than an institutional investor.

noninstitutional lenders
Credit unions, pension funds, private individuals and real estate investment trusts. (See credit unions, institutional lenders, pension funds, real estate investment trusts)

nonjudicial foreclosure
The process of selling real property under a power of sale in a mortgage or deed of trust that is in default. One disadvantage is that the lender cannot obtain a deficiency judgment. Also, some title insurance companies are reluctant to issue a policy unless a court has judicially foreclosed the mortgagor’s interest. (See judicial foreclosure, strict foreclosure)

nonrecognition transaction
According to section 1001(c) of the Internal Revenue Code (IRC section 1001(c)), all realized gains and losses must be recognized “except as otherwise provided…” While the general rule of recognition applies in most cases, there are actually several exceptions located throughout the Internal Revenue Code. These exceptions are commonly referred to as nonrecognition provisions. The three most common nonrecognition provisions are: Like-kind exchanges, Involuntary conversions, and transfers between spouses and certain former spouses.

nonrecourse clause
In the context of real estate loans being sold in the financial market, if the sales agreement includes a nonrecourse clause, the only recourse for the entity purchasing the loan is to forecluse on the property securing the loan. If the borrower defaults and the market value of the collateral property is not sufficient to cover the remaining loan balance, the entity that purchased the loan generally cannot seek further repayment from the borrower’s other assets. The seller of the loan is not liable for any shortfall. However, if the real estate loan is sold with recourse, the entity that purchased the loan has recourse not only to the collateral but also to the borrower’s other assets. If a real estate loan is sold with recourse, the seller of the security (the loan) is obligated to reimburse the buying entity if the borrower defaults.

nonresident alien
Any person who is not a U.S. citizen and doing business in the U.S. is considered a nonresident alien unless that person meets either the green card test or the substantial presence test for the calendar year (January 1-December 31). See taxation status of resident aliens here:

nontraditional mortgage product
A nontraditional mortgage product is any mortgage product other than a 30-year fixed-rate mortgage.

normal distribution
How the variates in a group will be shown on a line graph, absent any deviation.

normal distribution
How the variates in a group will be shown on a line graph, absent any deviation.

notary public
A person who acknowledges oaths, such as the signing of a grant deed or deed of trust; must be duly appointed by the proper authorities.

note (original note)
A document signed by the borrower of a loan and stating the loan amount, the interest rate, the time and method of repayment and the obligation to repay. The note serves as evidence of the debt. When secured by a mortgage, it is called a mortgage note, and the mortgagee is named as the payee. In a trust deed, the note is usually made payable to the bearer or holder. The note may also contain some of the same provisions as in the mortgage or trust deed document, such as prepayment or acceleration.

notice of cessation
A notice that gives subcontractors 30 days and gives prime contractors 60 days to file liens from the date of cessation of work. (See cessation of work)

notice of completion
A document recorded to give constructive notice that a building job has been completed. (See constructive notice)

notice of default
Notifies a defaulting party that a default has occurred. The defaulting party is usually provided a grace period during which to cure the default. Notices of default are frequently provided for in contracts for deeds and mortgages, and are sometimes required by operation of law.

notice of default
This is a notice which is filed in the public record of the county where the property is located. It states that the borrower is in default, behind in the loan payments, and if the payments are not paid up, the lender will initiate foreclosure proceedings.

notice of deliquency
In junior financing, where the borrower gives the senior lender permission to notify the junior lender in the event of a default. (See default, junior mortgage, senior loan)

notice of intent to terminate lease
A notice of intent to terminate the lease is the notice from a landlord to a tenant to either comply with the terms of the lease, or to quit the premises leased, and to give possession of the same to the landlord.

notice of nonresponsibility
A legal notice designed to relieve a property owner of responsibility for the cost of improvements ordered by another person (such as a tenant). The owner usually gives notice that he or she will not be responsible for the work done by posting notice in some conspicuous place on the property, and by recording a verified copy in the public records.

notice of trustee’s sale
Notice of a sale of property under the terms of a deed of trust securing a debt on which the borrower has defaulted.

notice of value (NOV)
A notice insured by the Veterans Administration setting forth a property’s current market value estimate, based on a VA-approved appraisal. The CRV places a ceiling on the amount of a VA-guaranteed loan allowed for a particular property. (See VA loan)

notice to pay or quit
A notice to pay or quit is a request from a landlord to his tenant, to quit the premises leased, and to give possession of the same to him, the landlord, at a time therein mentioned. (See landlord, tenant)

notice to pay or quit
A notice to pay or quit is a request from a landlord to his tenant, to quit the premises lessed, and to give possession of the same to him, the landlord, at a time therein mentioned.

novation
Substituting a new obligation for an old one or substituting new parties to an existing obligation.

nuisance
An interference with a person’s use and enjoyment of their property. This interference can be caused by actions or conditions on a nearby property that are unreasonable or harmful. There are generally two types of nuisances in real estate: (1)Public nuisance, which affects a larger group of people or the community as a whole, such as pollution, noise, or hazards that interfere with public health, safety, or welfare; or (2) Private Nuisance, which affects a specific individual or a small group of people, such as loud noises, foul odors, or excessive smoke emanating from a neighboring property that disrupts the use and enjoyment of one’s own property.

nuncupative will
An oral will declared by the testator in his or her final illness, made before witnesses and then created in legal written form.

nutrient
Any of numerous individual organic and inorganic factors, which provide nourishment to living organisms. (See vitamins)

nutrition
The sum of the processes by which an animal or plant takes in and utilizes food substances.

NYSE
Abbreviation for the New York Stock Exchange. The NYSE is the oldest and largest auction market for stocks in the United States. It is located on Wall Street in New York City.
NYSE Homepage