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. |
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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. |
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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. |
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. |
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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. |
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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. |
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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.
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