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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