NARRATIVE APPRAISAL . A summary of all factual materials, techniques and appraisal methods used by the appraiser in setting forth his or her value conclusion.

NEGATIVE AMORTIZATION . Occurs when monthly installment payments are insufficient to pay the interest accruing on the principal balance, so that the unpaid interest must be added to the principal due.

NEGOTIABLE . Capable of being negotiated, assignable or transferable in the ordinary course of business.

NET INCOME . The money remaining after expenses are deducted from income; the profit.

NET LEASE . A lease requiring a lessee to pay charges against the property such as taxes, insurance and maintenance costs in addition to rental payments.

NET LISTING . A listing which provides that the agent may retain as compensation for agent’s services all sums received over and above a net price to the owner.

NOMINAL INTEREST RATES . The percentage of interest that is stated in loan documents.

NOTARY PUBLIC . An appointed officer with authority to take the acknowledgment of persons executing documents, sign the certificate, and affix official seal.

NOTE . A signed written instrument acknowledging a debt and promising payment, according to the specified terms and conditions. A promissory note.

NOTE RATE . This rate determines the amount of interest charged on an annual basis to the borrower. Also called the “accrual rate”, “contract rate” or “coupon rate”.

NOTICE . (l) Actual Notice - Express or implied knowledge of a fact. (2) Constructive notice - A    fact, imputed to a person by law, which should have been discovered because of the person’s actual notice of circumstances and the inquiry that a prudent person would have been expected to make. (3) Legal Notice. Information required to be given by law.

NOTICE OF NONRESPONSIBILITY . A notice provided by law designed to relieve property owner from responsibility for the cost of unauthorized work done on the property or materials furnished therefore; notice must be verified, recorded and posted.

NOTICE TO QUIT . A notice to a tenant to vacate rented property.

NOVATION . The substitution or exchange of a new obligation or contract for an old one by the mutual agreement of the parties.

NULL AND VOID . Of no legal validity or effect.