Real Estate Glossary

This list is provided for reference only. Each state has it's own real estate laws, terms and regulations for Realtors. In Arizona, your Realtor and Title Company handle most real estate transaction activities that involve attorneys in many other states. However, you have the right to seek the advice of an attorney or other professional counsel in any real estate transaction.

Net Lease - A lease in which the tenant pays such expenses as taxes, insurance, repairs, utilities, etc. Also see Gross Lease - .

Net Listing - A price, which must be expressly agreed upon, below which the owner will not sell the property and at which the broker will not receive a commission; the broker receives the excess over and above the net listing price as commission. The broker in this type of listing will have a very hard time maintaining his fiduciary responsibilities to his seller since his interests are potentially at odds with the interests of the seller.

Non-Agent - Limited form of agency used in Florida in which the agent does not represent the seller or the buyer. Comment: This form of agency offer a NO level of service and should never be considered unless you are very knowledgable about real estate and the agent offers a drastically reduced rate of commission. Since you will be getting less than full service and no representation whatsoever, you should not have to pay full price.

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

Note - A written instrument of credit attesting to a debt and promise to pay.