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Real Estate Terms / Real Estate Dictionary

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National Association of Realtors (NAR)
A national trade group of real estate licensees

National Flood Insurance Program
See Federal Emergency Management Agency, FEMA

Negative Amortization
A loan in which the outstanding principal balance goes up instead of down because the monthly payments are 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 Easement
The reasonable right to compel a land owner to refrain from blocking ones right to light or air which would otherwise normally be a lawful use of land.

An asset's capability of being assigned or transferred in the ordinary course of business

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 Worth
The value of all of a person or businesses assets, including cash, after all debt liabilities and obligations have been subtracted.

New England Farmhouse
An early-American-style home that is simple and box-shaped with white clapboard exterior siding and a steeply-pitched roof for shedding heavy snow.

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 pay them off, 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.

Non-liquid Asset
An asset that cannot easily be converted into cash. Investments such as real estate, bonds, cars or boats, are examples of non-liquid assets since they can take a long time to sell.

Debt for which a borrower is not held personally liable. A lender agrees that in the event of default, to take the pledged property as satisfaction for the debt and have no claim on any other assets of the borrower.

A person who resides in another state.

A type of property other than housing such as office buildings, shopping centers, industrial parks, churches, etc.

A nonrestrictive use of the land by way of zoning regulations.

Normal Wear and Tear
The physical depreciation of a property arising from its age and normal use.

A legal document that obligates a borrower to repay a mortgage loan at a stated interest rate during a specified period to a named person, or order, or bearer, a definite sum of money at a specified date or on demand and that usually provides for interest and which is secured by a mortgage or trust deed. Also called a promissory note.

Note Rate
An annual interest rate stated on a mortgage note.

Notice of Default
A letter sent as a reminder to a borrower that he has breached one or more of the loan covenants and that legal action may be taken.

Null and Void
Being of no legal validity or effect.

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