Real Estate Dictionary

N

National Association of Realtors (NAR): the largest real estate professional organization in the world, reperesenting all branches of the real estate industry.

net lease: a lease requiring that the tenant pay not only rent but also 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 is the property is sold.

nonconforming use: a use of property that is permitted to continue after zoning ordinance prohibiting it has been established for the area.

nonhomogeneity: a lack of uniformity; dissimilarity.

nonrecourse note: a loan for which the sole source of satisfaction for default is the property that was given as collateral.

nonresident broker: a resident broker of another state also licensed in Texas but not a Texas resident.

note: an instrument of credit arresting to a debt and promising to pay.

novation: substituting a new obligation for an old one or substituting new parties to an existing obligation.

nuncupative will: an oral will declared by the testator in his or her final illness, made before witnesses and afterward reduced to writing.