NAA National
Apartment Association.
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NACORE National Association of Corporate
Real Estate Executives.
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NAHB National Association of Home
Builders.
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NAR National Association of Realtor's
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NAREB National Association of Real
Estate Brokers.
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NARELLO National Association of
Real Estate License Law Officials.
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NATIONAL APARTMENT ASSOCIATION (NAA) an
organization of apartment owners, with local chapters
in metropolitan areas, that provides information and
services for members concerning apartment rentals,
lease forms, occupancy rates, and other matters. Address:
National Apartment Association 1111 14th Street NW
Washington, DC 20005
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NATIONAL ASSOCIATION OF CORPORATE REAL ESTATE
EXECUTIVES (NACORE)membership includes those
active with purchasing, selling, and managing real
estate held by corporations. Address: National Association
of Corporate Real Estate Executives 471 Spencer Drive,
S, Suite 8 West Palm Beach, FL 33409
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NATIONAL ASSOCIATION OF HOME BUILDERS (NAHB)
an organization of home builders, providing
educational, political information and research services.
Publishes a monthly magazine, Builder. Address: National
Association of Home Builders 15th and M Street, NW
Washington, DC 20005
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NATIONAL ASSOCIATION OF INDEPENDENT FEE APPRAISERS
(NAIFA) an organization of real estate appraisers
that offers these professional designations: IFA-Member
IFAS-Senior member IFAC-Appraiser-counselor Address:
National Association of Independent Fee Appraisers
7501 Murdoch Avenue St. Louis, MO 63119
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NATIONAL ASSOCIATION OF MASTER APPRAISERS
an association that offers the Master Senior Appraiser
(MSA) designation. Requires education but little or
no experience. Address: National Association of Master
Appraisers PO Box 12528 San Antonio, TX 78212
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NATIONAL ASSOCIATION OF REAL ESTATE BROKERS
(NAREB) an organization mostly of minority real estate
salespersons and brokers who are called Realtists.
Address: National Association of Real Estate Brokers
9th floor, Suite 900 1101 14th Street, NW Washington,
DC 20005
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NATIONAL ASSOCIATION OF REAL ESTATE LICENSE
LAW OFFICIALS (NARELLO) membership is composed
Of commissioners from state real estate licensing
agencies. Address: National Association of Real Estate
License Law Officials 2580 South 90th Street Omaha,
NE 68124
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NATIONAL ASSOCIATION OF REALTORSO (NAR) an
organization of Realtors', devoted to encouraging
professionalism in real estate activities. There are
over 600,000 members of NAR, 50 state associations,
and several affiliates. Members are required to abide
by the Code of Ethics of the NAR. Address: National
Association of Realtors(& 430 North Michigan Avenue
Chicago, IL 6061 1
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NATIONAL ASSOCIATION OF REVIEW APPRAISERS
AND MORTGAGE UNDERWRITERS an organization
that awards the Certified Review Appraiser (CRA) designation.
Address: National Association of Review Appraisers
and Mortgage Underwriters 8715 Via de Commercio Scottsdale,
AZ 85285
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NATIONAL REALTY COMMITTEE a group
whose membership is primarily composed of large, high-profile
owners and developers. Their paramount concern is
the legislative arena, especially the government's
policy toward real estate finance, taxation, and investment.
Address: National Realty Committee 1250 Connecticut
Avenue, Suite 630 Washington, DC 20036
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NATIONAL SOCIETY OF REAL ESTATE APPRAISERS
an affiliate of the National Association of Real Estate
Brokers that offers the professional designations
RA, CRA, MREA. Address: National Society of Real Estate
Appraisers 1265 East 105th Street Cleveland, OH 44108
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NATURAL VACANCY RATE the average
vacancy rate for a rental property market that would
result if supply and demand were in balance. The level
to which vacancy rates adjust over the long term.
A benchmark by which current vacancy rates in the
market are considered high or low
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NEGATIVE AMORTIZATION an increase
in the outstanding balance of a loan resulting from
the failure of periodic debt service payments to cover
required interest charged on the loan. Generally occurs
under indexed loans for which the applicable interest
rate may be changed without affecting the monthly
payments. Negative amortization will occur if the
indexed interest rate is increased.
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NEGATIVE CASH FLOW situation in
which a property owner must make an outlay of funds
to operate a property.
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NEGATIVE LEVERAGE same as reverse
leverage.
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NEGOTIABLE INSTRUMENT a promise
to pay money, transferable from one person to another.
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NEGOTIATION the process of bargaining
that precedes an agreement. Successful negotiation
generally results in a con. tract between the parties.
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NEIGHBORHOOD a district or locality
characterized by similar or compatible land uses.
Neighborhoods are often identified by a place name
and have boundaries composed of major streets, barriers,
or abrupt changes in land use.
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NEIGHBORHOOD LIFE CYCLE a generalized
pattern that describes the physical and social changes
that residential areas experience over time.
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NET INCOME 1. in accounting, the
amount remaining after all expenses have been met.
2. in appraisal, same as net operating income.
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NET INCOME MULTIPLIER a factor that,
when applied by multiplication to a property's net
operating income, results in a property value estimate.
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NET LEASABLE AREA in a building
or project, floor space that may be rented to tenants.
The area upon which rental payments are based. Generally
excludes common areas and space devoted to the heating,
cooling, and other equipment of a building.
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NET LEASE a lease whereby, in addition
to the rent stipulates the lessee (tenant) pays such
expenses as taxes, insurance, and maintenance. The
landlord's rent receipt is thereby "net"
of those expenses.
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NET LISTING a listing in which the
broker's commission is the excess of the sale price
over an agreed-upon (net) price to the seller; illegal
in so -me states.
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NET OPERATING INCOME (NOI) income
from property or business after operating expenses
have been deducted, but income taxes and financing
expenses (interest and principal payments).
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NET PRESENT VALUE a method of determining
whether expected performance of a proposed investment
promises to be adequate.
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NET SPENDABLE INCOME same as after-tax
cash flow.
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NET WORTH the excess of assets over
liabilities. The amount of equity. .
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NET YIELD the return on an investment
after subtracting all expenses.
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NEW ENGLAND COLONIAL an early-American-style,
21/2 story boxlike house that is generally symmetrical,
square, or rectangular with side or rear wings. The
traditional material is narrow clapboard siding. The
roof is usually the gable type covered with shingles.
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NEW ENGLAND FARMHOUSE an early-American-style
house that is simple and box-shaped. The traditional
material for the exterior siding is white clapboard.
A steep pitched roof is used to shed heavy snow
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NEW TOWN a large mixed-use development
designed to provide residences, general shopping,
services, and employment The basic concept of a new
town is to construct a community in a previously undeveloped
area under a central plan, to avoid unplanned development.
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NO BID decision by the Veterans
Administration, when a loan it has guaranteed goes
into default, to pay the guarantee amount to the lender
instead of acquiring the property in foreclosure.
The result is that often the lender obtains the property
at the sale. The VA guarantees 60% of the loan amount
or a fixed
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NOI net operating income.
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NOMINAL LOAN RATE same as face interest
rate.
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NOMINEE one who, in a limited sense,
acts for or represents another.
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NO MONEY DOWN general term referring
to real estate acquisition strategies based on seller-provided
financing and/or existing loan assumption and minimal
use of cash down payments. It is a method of achieving
maximum profits from real estate investments.
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NONCONFORMING USE a use that violates
zoning regulations or codes but is allowed to continue
because it began before the zoning restriction was
enacted.
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NONDISTURBANCE CLAUSE 1. an agreement
in mortgage contracts on income-producing property
that provides for the continuation of leases in the
event of loan foreclosure.
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NONEXCLUSIVE LISTING same as open
listing.
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NONRECOURSE no personal liability.
Lenders may take the property pledged as collateral
to satisfy a debt, but have no recourse to other assets
of the borrower.
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NORMAL WEAR AND TEAR physical depreciation
arising from age and ordinary use of the property.
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NOTARIZE to attest in one's capacity
as a notary public, to the genuineness of a signature.
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NOTARY PUBLIC an officer who is
authorized to take acknowledgments to certain types
of documents, such as deeds, contracts, and mortgages,
and before whom affidavits may be swom.
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NOTE a written instrument that acknowledges
a debt and promises to pay.
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NOTICE official communication of
a legal action or one's intent to take an action.
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NOTICE OF DEFAULT a letter sent
to a defaulting party as a reminder of the default.
May state a grace period and the penalties for failing
to cure the default.
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NOTICE TO QUIT a notice to a tenant
to vacate property.
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NOTORIOUS POSSESSION generally acknowledged
possession of real estate. One of the requirements
to gain ownership of real estate through adverse possession.
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NOVATION a 3-party agreement whereby
one party is re from a contract and another party
is substituted.
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NPV net present value.
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NUISANCE a land use whose associated
activities are incompatible with surrounding land
uses.
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NULL AND VOID that which cannot
be legally enforced, as with a contract provision
that is not in conformance with the law.
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