NAR – The National Association of REALTORS. Only brokers who are members of local real estate boards are entitled to use the trademark name “REALTOR”, salespeople are called “REALTOR-ASSOCIATES.”

Negotiable Instrument – A written instrument signed by its maker or drawer, containing an unconditional promise to pay a certain sum of money; can be passed freely from one person to another.

Negotiate – To transact business; to arrange terms of a contract.

Net Income – With reference to property, the sum derived after a vacancy allowance and expenses have been deducted from the gross income; generally described as net income before depreciation, and usually defining the income a property will earn in a normal year’s operation (net operating income).

Nominal Consideration – One bearing no relation to the real value of the contract. An example is a property which is deeded for $10.00.

Nonconforming Use – A use which is contrary to zoning laws , but which is permitted because the use was allowed before the zoning law came into effect; a grandfather clause.

Note – A written instrument acknowledging a debt and promising payment.

Notice To Quit – Notice to a tenant to vacate. Commonly used for homes for rent and other types of rentals.