REAL ESTATE DICTIONARY
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| NAHI (National Association of Home Inspectors) A professional association of independent home inspectors whose members must meet the group's education and performance requirements. Call (800) 448-3942 for list of NAHI-certified inspectors in your area. | |
| nail pops Nails in load-bearing parts of new homes that pop out slightly due to settling of the structure. | |
| NAR (National Association of Realtors) A trade organization for real estate agents and brokers who become members by agreeing to abide by the organization's code of ethics. Members may call themselves Realtors. | |
| NAR Code of Ethics A formal code of ethics and standards of practice established by the National Association of Realtors (NAR) and by which its members must abide. | |
| National Association of Exclusive Buyer Agents National trade organization of buyer's brokers whose members do not accept property listings. Call (800) 986-2322 for information and referrals. | |
| National Association of Home Inspectors (NAHI) A professional association of independent home inspectors whose members must meet the group's education and performance requirements. Call (800) 448-3942 for list of NAHI-certified inspectors in your area. | |
| National Association of Realtors (NAR) A trade organization for real estate agents and brokers who become members by agreeing to abide by the organization's code of ethics. Members may call themselves Realtors. | |
| National Council of State Housing Agencies Nonprofit clearinghouse of information on local and state housing agencies. Consumers may call for names of agencies in their area. Phone: (202) 624-7710. | |
| National Foundation for Consumer Credit Nonprofit clearinghouse of information on nonprofit credit counseling centers nationwide. Consumers may call for names of centers in their area. Phone: (301) 589-5600. | |
| needs-based pricing An asking price based on factors such as the funds required to pay off the seller's mortgage, the cost of remodeling, or the purchase of another house. | |
| negative amortization Occurs when a borrower's monthly payment is too small to cover both the principal and interest of a loan, so the outstanding balance of the loan actually grows larger with each payment. Many adjustable rate mortgages are susceptible to this. | |
| negative-slope driveway A driveway that drops from street level to the garage. | |
| neo-traditional planning Planning of a community that favors new home development with such traditional features as grid-street patterns, prominent front porches, backyard garages, multi-use buildings, and housing clustered near commercial service areas. | |
| net cash flow Income from an investment property after expenses such as principal, interest, taxes, and insurance are subtracted. | |
| N Back to top | net listing A listing agreement in which the broker's commission consists of the amount above a net price set by the owner. If the net price is not met, a commission is not earned. |
| net worth The worth of a person or company based on the difference between total assets and liabilities. | |
| neutral bus bar Grounded metal bar inside an electrical service panel or subpanel to which all neutral and grounding wires are connected. | |
| neutral wire A grounded conductor that carries electrical current back to the source from an electrical device. Neutral wires usually (but don't always) have white or gray insulation. | |
| new urbanism A community design philosophy that favors the return of new home development with such traditional features as prominent front porches, backyard garages, multi-use buildings, and housing clustered near commercial service areas. | |
| niche A small recessed area in a wall, traditionally arched at the top. | |
| no-cash-out refinance The amount of the new mortgage covers the remaining balance of the first loan plus closing costs and any liens, and yields no more than 1 percent of the new loan's principal in cash. | |
| no-competition lots A lot in which the buyer's home will be constructed by a preselected builder. | |
| no-documentation loan A loan application that does not require verification of income but typically is granted in cases of large down payments. | |
| non-conforming loan A non-conforming loan is any loan that doesn't meet the qualifications or is too large to be purchased by Fannie Mae or Freddie Mac. The current conforming loan limit is $252,700. | |
| non-liquid asset An asset such as a house that is not easily turned into cash. | |
| non-solicitation order An order issued by the secretary of state to brokers and agents, prohibiting them from soliciting listings in a designated area. | |
| nonassumption clause A loan provision that prohibits the transfer of a mortgage to another borrower without lender approval. | |
| nonrecurring closing costs One-time-only fees for items including an appraisal, loan points, credit report, title insurance, and home inspection. | |
| nosing The front edge of a stair tread that extends over the riser. | |
| N Back to top | not in my back yard (NIMBY) A response sometimes given by neighborhoods and communities to proposed changes or development. |
| note A legal document that requires a borrower to repay a mortgage at a certain interest rate over a specified period of time. | |
| note rate The interest rate specified in a mortgage note. | |
| notice of default A lender's initial action when a mortgage payment is late and attempts to reconcile the issue out of court have failed. | |
| novation A release of liability to the first borrower of a loan, and the substitution of a subsequent borrower with the lender's approval |