Florida Real Estate Glossary – N

Professional organization of brokers and agents; has standards for admission and maintenance of membership.

Act that requires federal agencies to do an EIS before they approve a project.

Permit system that requires EPA approval for water discharges.

An easement that prohibits a property owner from doing something that affects the property of another; e.g., a solar easement is a negative easement.

Type of listing that allows the broker to collect as a commission any amount received that is above the figure set as the seller's net take on the sale of the property.

See Triple net.

Provision in listing agreement that requires a sale of property to close before any commission is due and owing to the broker.

Environmental statute regulating noise levels, disclosure requirements, and precautions.

Broker who sells property via multi-listing but is not the listing broker.

In environmental regulation, those areas that have not reached acceptable levels of pollution; highly regulated.

In zoned areas, a use that does not comply with the area's zoning but that existed prior to the time the zoning was effective.

Second in line in terms of water pollution dangers; EPA can require higher pretreatment standards for nonconventional pollutants.

Method of zoning in which use in a particular area is limited to the zoned use; e.g., industrial zones cannot include residential buildings and apartment areas cannot include single-family dwellings.

Method for oil and gas ownership that disallows ownership of oil and gas until they have been captured through drilling.

Form of recording statute that gives later bona fide purchasers priority in the case of multiple purchases if the previous purchasers fail to give notice by recording their transactions.

Original parties to a contract and a new third party agree to substitute the third party for the performance of the agreement.

Use of property so as to interfere with another's use and enjoyment of property; e.g., bad smells and loud noises.

Oral will; not valid in all states.