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Ever had that moment when a real estate definition leaves you with more questions than answers, causing a wave of irritation? Yeah... us too.

Common Joe 'n Jane Real Estate Wiki

Your down-to-earth guide to mastering real estate exam terms and concepts! We've stripped away the industry jargon and complex language, breaking down intricate ideas into bite-sized, easy-to-digest pieces for all the common "Joe 'n Jane's" out there.

National Credit Union Administration (NCUA)
The National Credit Union Administration (NCUA) is a group that helps keep an eye on credit unions all over the country. Credit unions are groups that help people save money and get loans. The NCUA is kind of like a watchdog that makes sure... (Read more)
National Mortgage Market
The National Mortgage Market, sometimes called the "Secondary Mortgage Market," is a big group of people who buy and sell home loans. When someone wants to buy a house, they usually go to a bank or another primary lender to get a loan.... (Read more)
Negative Amortization
Negative amortization happens when you're not paying enough on your loan, so the amount you owe actually goes up instead of down. This can happen with loans that have adjustable interest rates or if you're making very... (Read more)
Negotiable Instrument
A negotiable instrument is a special kind of paper that can be sold or traded to someone else. It's like a special ticket or IOU that you can give to someone else who can then use it to get something in return. Promissory notes are an example of... (Read more)
A neighborhood is an area where people live, work, and play, made up of different types of buildings and land that all work well together. It's like a puzzle where each piece fits perfectly with the others to create a complete picture. In the... (Read more)
"Net" refers to the amount of money or profit left over after everything else has been paid or subtracted. It's like the bottom line or the final amount that you're left with. For example, your net income is your take-home pay after taxes and... (Read more)
Net Lease
A "net lease" is when someone rents a property and agrees to pay some of the expenses associated with it. This could include things like property taxes, maintenance costs, or insurance. Depending on the agreement, the tenant might be responsible... (Read more)
Net Listing
A "net listing" is when someone who wants to sell or lease their property sets a minimum price they're willing to accept. If the property sells for more than that amount, the excess goes to the real estate broker as their commission. Net... (Read more)
Net Operating Income (NOI)
Net Operating Income (NOI) is a key financial measure in real estate, particularly for income-producing properties like rental buildings or commercial spaces. It represents the total income a property generates after accounting for all... (Read more)
Non-Conforming Use
Non-Conforming Use: A non-conforming use is when a building or piece of land is being used in a way that doesn't follow the rules set by the local government for that area. Sometimes this use is allowed, while other times... (Read more)
Non-Judicial Foreclosure
"Non-judicial foreclosure" is when a property is sold by the lender without having to go through a court process. This can happen if there's a "power of sale" clause in the mortgage or trust deed document, which gives the lender the right to... (Read more)
Non-Prorated Expense
A "non-prorated expense" is a cost that either the buyer or the seller has to pay during a real estate transaction, but it's not shared with the other party. This means that one person has to pay for it all on their own, without... (Read more)
A "note" is a promise to pay back a loan under certain conditions. It's like a written agreement that says how much money you borrowed, how much you have to pay back, and when you have to pay it back. The terms of the note might also include... (Read more)
Notice of Title
A "notice of title" is a document that shows who owns a piece of real estate. It can be something that's recorded publicly, like a deed or a title, or it can be something that's known to people through... (Read more)
Null and Void
"Null and void" means that something is completely invalid and has no legal effect. This could be a contract, agreement, or other legal document that's not enforceable for... (Read more)