New England Colonial
An architectural style dating from early American history typified by a two-story building with clapboard siding.

Net Listing
An arrangement whereby the Broker receives as commission all monies received above a minimum sales price agreed to by the owners and the Broker.

No-frames tag
Alternative non-framed HTML on a frameset page for very old, non-frames capable web browsers and search engine spiders. Placing good keyword-rich text in no-frames tags is a good idea if your site is framed. A framed web site is not search engine friendly as long as it uses no frames tags.

Non-conforming Loan
Loans that are above the loan limits set by FNMA and FHLMC. Also known as jumbo loans.

Non-conforming Use
A property which does not conform to the zoning of an area.

Non-Liquid Asset
Any asset which can not be quickly converted into cash at little or no cost.

Non-performing asset
An asset such as a mortgage that is not currently accruing interest or on which interest is not being paid.

Note
A written promise to repay a certain sum of money on specified terms.

Note Rate
The interest rate stated on a mortgage note.

Notice Of Default
Formal written notice from a lender to a borrower that default has occurred.