Sunday, May 5, 2024, 10:57 PM
Site: Burk Baker School of Real Estate & Appraising
Course: DEMO (DE101)
Glossary: Real Estate Glossary
N
NAKED OWNERThe person who owns the right of abusus of the property. |
NEGOTIABLE INSTRUMENTA written instrument signed by its maker or drawer, containing an unconditional promise to pay a certain sum of money; can be passed freely from one person to another. |
NET INCOMEWith reference to income producing property, the sum derived after a vacancy allowance and expenses have been deducted from the gross income; generally described as net income before depreciation, and usually defining the income a property will earn in a normal year's operation. |
NET LEASEA lease in which the tenant pays rent for occupancy, plus maintenance and operation expenses, and usually including taxes and insurance. |
NET LISTINGA listing which provides that the agent may retain all sums received over and above a net price to the owner as compensation for his services. |
NET OPERATING INCOMEA property's gross income minus vacancy and unpaid rent losses and all other operating expenses except those due to interest and depreciation. |
NON-CONSUMABLEA thing that can be enjoyed without altering its substance. |
NON-HOMOGENEOUSUnlike any other. When referring to land, each parcel is unlike any other, therefore non-homogeneous. |
NONCONFORMING USEA use which is contrary to zoning laws, but which is permitted because the use was allowed before the zoning law came into effect; a grandfather clause. |
NOTARIAL WILL - Civil Law TermA testament which is similar to a statutory testament which is usually typed and signed by the testator in the presence of a notary and witnesses. |