| National Association of Real Estate
Brokers (NAREB) |
organization of minority real
estate salespersons and brokers who are called REALTISTS®.
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| net lease |
A lease requiring the tenant to pay
not only rent, but also all costs incurred in maintaining the property,
including taxes, insurance, utilities, and repairs. |
| net listing |
A listing based on the net price the
seller will receive if the property is sold. Under a net listing, the
broker is free to offer the property for sale at the highest price he or
she can get in order to increase the commission. This
type of listing is outlawed in many states.
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| New Town |
A community completely created and
developed in accordance with well-defmed overall city plans.
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| nonconforming use |
A use of property that is permitted
to continue after a zoning ordinance prohibiting it has been
established for the area.
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| nonhomogeneity |
A lack of uniformity; dissimilarity.
Since no two parcels of land are exactly alike, real estate is said to
be nonhomogeneous.
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| note |
An instrument of credit given to
attest a debt.
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| novation |
Substituting a new obligation for an
old one, or substituting new parties to an existing obligation, as when
the parties to an agreement accept a new debtor in place of an old one.
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