GLOSSARY OF TERMS

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net lease
A lease requiring the tenant to pay not only rent but also costs incurred in maintaining the property, including taxes, insurance, utilities, and repairs.
 
net operating income (NOI) 
The income projected for an income-producing property after deducting losses for vacancy and collection and operating expenses.
 
non-conforming loan
Also called a jumbo loan.  Conventional home mortgages not eligible for sale and delivery to either Fannie Mae (FNMA) or Freddie Mac (FHLMC) because of various reasons, including loan amount, loan characteristics or underwriting guidelines.  Non-conforming loans usually incur a rate and origination fee premium.  The current non-conforming loan limit is 601? and above.
 
non-conforming use
A use of property that is permitted to continue after a zoning ordinance prohibiting it has been established for the area.
 
note
A written agreement containing a promise of the signer to pay to a named person, or order, or bearer, a definite sum of money at a specified date or on demand.