  The results of a two decade long $R$-band photometric survey of novae in M31
are presented. From these data, $R$-band light curves have been determined for
180 novae with data sufficient for estimating peak brightness and subsequent
rate of decline. The data show a weak correlation of peak brightness with fade
rate consistent with the well-known Maximum Magnitude versus Rate of Decline
(MMRD) relation. As generally appreciated for Galactic novae, the large scatter
in the MMRD relation precludes its use in determining distances to individual
novae. The novae at maximum light are distributed with standard deviation
$\sigma=0.89$ mag about a mean $R$-band absolute magnitude given by $\langle
M_R \rangle=-7.57\pm0.07$. The overall M31 luminosity distribution is in
excellent agreement with that found for Galactic novae suggesting that the nova
populations in M31 and the Galaxy are quite similar. The notion that all novae
can be characterized by a standard luminosity 15 d after maximum light
($M_{15}$) is also explored. Surprisingly, the distribution of $M_{15}$ values
is characterized by a standard deviation only slightly smaller than that for
novae at maximum light and thus offers little promise for precise extragalactic
distance determinations. A dozen faint and fast novae that are likely to be
previously unidentified recurrent novae have been identified from their
position in the MMRD plot and in the $M_{15}$ distribution.
