Glossary of real estate terms used on this site
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| Term | Definition |
|---|---|
| National Association of Home Builders |
An organization which represents home builders at all levels of government and provides information on new developments in the housing industry. It is also responsible for initiating the Homeowners Warranty Corporation which provides a guarantee of workmanship in residential homes. |
| National Association of Housing and Rede |
An organization which develops new techniques related to the finance, design, construction and management of housing. The NAHRO also plays a key role by consulting with Federal Agencies and the Congress on U.S. housing policy. |
| National Association of Real Estate Brok |
The oldest minority trade association in America founded in 1947 on the principle that all citizens have the right to equal housing opportunities, regardless of race, creed, or color. Internet Site: www.nareb.com |
| National Association of Realtors (NAR) |
An organization which represents the interests of realtors and promotes education, professional standards, and modern techniques in real estate practices. |
| National Tenants Organization (NTO) |
Organization which represents tenants in subsidized housing. |
| Navigable water |
A waterway capable of passage by watercraft; navigable if so designated by a U.S. or state map. |
| Negative Amortization |
A gradual increase in mortgage debt that occurs when the monthly payment is not large enough to cover the entire principal and interest due. The amount of the shortfall is added to the remaining balance to create "negative" amortization. |
| Negative leverage |
Situation where the cost of funds exceeds the rate of return on the real estate. |
| Net Cash Flow |
The income that remains for an investment property after the monthly operating income is reduced by the monthly housing expense, which includes principal, interest, taxes, and insurance (PITI) for the mortgage, homeowners' association dues, leasehold payments, and subordinate financing payments. |
| Net lease |
A lease agreement in which the tenant pays rent plus all taxes, insurance, repairs and other costs. |
| Net Operating Income (NOI) |
The property gross earnings less the operating expenses, but before interest and depreciation expenses are deducted. |
| Net Present Value (NPV) |
The sum of the present values of all future cash flows netted against the initial investment, discounted at a given rate. |
| Net Worth |
The value of all of a person's assets, including cash, minus all liabilities. |
| Net-Net-Net Lease (NNN) |
See tripple net lease. |
| No Cash-Out Refinance |
A refinance transaction in which the new mortgage amount is limited to the sum of the remaining balance of the existing first mortgage, closing costs (including prepaid items), points, the amount required to satisfy any mortgage liens that are more than one year old (if the borrower chooses to satisfy them), and other funds for the borrower's use (as long as the amount does not exceed 1 percent of the principal amount of the new mortgage). |
| Nominal interest rate |
The interest rate stipulated in an agreement. |
| Non-recurring closing costs |
See Closing costs. |
| Nonconforming use |
A use of land that lawfully existed before a zoning ordinance that is legally continued after the effective date of the ordinance, even though the use no longer conforms to the new zoning regulations. |
| Nonliquid Asset |
An asset that cannot easily be converted into cash. |
| Nontraditional credit history |
A record of credit performance shown with receipts and bill and check stubs from payments to landlords, utility companies, child-care providers, and others. A method for loan applicants who do not have a credit history from, for example, car-loan or credit card payments. |
| Note |
A legal document that obligates a borrower to repay a mortgage loan at a stated interest rate during a specified period of time. One way to think of the mortgage note is that it is a legal "IOU." Often called the promissory note, it represents your promise to pay the lender according to the agreed upon terms of the loan, including when and where to send your payment. The note lists any penalties that will be assessed if you don't make your monthly mortgage payments. It also warns you that the lender can "call" the loan -- demand repayment of the entire loan before the end of the term -- if you violate the terms of your mortgage. |
| Note Rate |
The interest rate stated on a mortgage note. |
| Notice of Default |
A formal written notice to a borrower that a default has occurred and that legal action may be taken. |
| Nuisance |
The wrongful interference by one person with the use and enjoyment of real estate owned by another. |
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