Vocabulary N

Question 1

Net lease

Answer 1

The lease pays a base rent (fixed amount) and also pays a pro-rate share of expenses associated with the building, such as taxes, insurance, and other specified operating expenses

Question 2

Net listing agreement

Answer 2

Agreement between seller of a real estate and a real estate broker, where by seller/ client hires the broker to locate a buyer and also agrees to compensate the broker with the difference between the actual sale price and some set amount of money

Question 3

Net operating income

Answer 3

The net operating expenses are divided by subtracting all other operating expenses from the effective gross income

Question 4

Non-conforming use

Answer 4

Use that is inconsistent with, or down not conform to, zoning ordinances

Question 5

Non-freehold estate

Answer 5

Estate in property, also k own as a leasehold estate, which conveys the right of possession without the right of ownership

Question 6

Non legal description to property

Answer 6

Method to describe real property for convenience only, and not for the purpose of deed, mortgage or other instruments that require legal descriptions

Question 7

Notice

Answer 7

Act or process to provide or receive information. Three types of notices are actual, constructive and inquiry notice

Question 8

Notation

Answer 8

Situation where contracting parties agrees to substitute one agreement in part or in full for another agreement