Real Estate Glossary

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national do not call registry

a registry, managed by the Federal Trade Commmission, that lists the phone numbers of consumers who have indicated their preference to limit the telemarketing calls they receive.

negligent misrepresentation

is basically fraud without the intent to misrepresent. It occurs when a false statement is made about a material fact by someone who was obliged to verify the accuracy of the statement.

negotiable instrument

A written promise or order to pay a specific sum of money that may be transferred by endorsement or delivery. The transferee then has the original payee's right to payment.

net lease

a tenant has to pay rent as well as cost incurred in maintaining the property, including taxes, insurance, utilities, and repairs.

net listing

the seller will receive a net amount of money from the sale and any excess money goes to the broker as commission. Net listings are illegal in Georgia.

net operating income

is the annual "income" in the income approach formula.

The calculation of the net operating income (NOI) begins with the calculation of the potential gross income (PGI) – which is the maximum income the property is capable of generating. Next, effective gross income (EGI) is calculated which is equal to the PGI minus the appropriate vacancy and collection losses for the type of property. The NOI is the result of reducing the EGI by the operating expenses as shown in the following:

PGI – Vacancy and Collection Losses = EGI
EGI – Operating Expenses = NOI

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net-net lease

is a contract between landlord and tenant that shifts part of the cost of ownership to the tenant. In a net-net lease, the tenant will pay rent plus the tenant’s share of property taxes and insurance on the building.

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non-conforming use

land presently used in such a manner that is inconsistent with a newly enacted zoning ordinance. Depending on the zoning ordinance, the right to a non-conforming use may terminate if the improvements are partially or totally destroyed.

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nonhomogeneity

a lack uniformity. Real estate is considered to be nonhomogeneous because no two parcels of land are exactly alike.

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note

A financing instrument that states the terms of the underlying obligation, is signed by its maker, and is negotiable (transferable to a third party).

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