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| Neighborhood - The environment of a subject property that has a direct and immediate effect on value. A geographic area (in which there are typically fewer than several thousand properties) defined for some useful purpose, such as to ensure for later multiple regression modeling that the properties are homogeneous and share important location characteristics. |
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| Neighborhood binary variable - A binary variable used in a valuation model to separate the effects on value of distinct. |
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| Net operating income - Annual net income after operating expenses are subtracted form effective gross income. Does not include payment for interest or principal. |
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| NOI - See net operating income. |
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| Nominal - Pertaining to the named or state value of something. |
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| Nominal tax rate - The stated tax rate, which does not necessarily correspond to the effective tax rate. |
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| Nonparametric statistic - A statistic whose interpretation or reliability does not depend on the distribution of the underlying data. |
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| Normal distribution - A theoretical frequency distribution often approximated in real word situations. It is symmetrical and bell-shaped; 68 percent of the observations occur within one standard deviation of the mean and 95 percent within two standard deviations of the mean. |
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| Normal goods - Goods, the consumption of which increases as consumer's income increases. |
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| Numerator - In a fractional expression, the number that is divided by some other number. For example, 3 is the numerator of the fraction ¾. |
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