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NAHI (National Association of Home Inspectors)

An independent professional association of home inspectors whose members meet the group’s education and performance requirements.

nail pops

Nails that are set in load-bearing parts of new homes that pop out slightly due to the settling of the home.

NAR (National Association of Realtors)

A trade organization for real estate agents and brokers; when they become members, they must abide by the organizations code of ethics.

NAR Code of Ethics

A formal code of ethics and standards of practice that was established by the National Association of Realtors (NAR) and which all members must abide by.

National Association of Exclusive Buyer Agents

A national trade organization of buyers and brokers whose members do not accept property listings.

National Association of Home Inspectors (NAHI)

An independent professional association of home inspectors whose members meet the group’s education and performance requirements.

National Association of Realtors (NAR)

A trade organization for real estate agents and brokers; when they become members, they must abide by the organizations code of ethics.

National Council of State Housing Agencies

A nonprofit organization that provides information on local and state housing agencies.
Phone: (202) 624-7710.

National Foundation for Consumer Credit

A nonprofit organization that provides information on nationwide nonprofit credit counseling centers. Phone: (301) 589-5600.

needs-based pricing

An asking price that is based upon factors such as the amount of funds that are required to pay off the seller’s mortgage, the cost of remodeling or the purchase of another home.

negative amortization

This situation occurs when a borrowers monthly payment is too small to cover both the principal and the interest on a loan, so the outstanding balance actually grows larger with each payment.

negative-slope driveway

A driveway that slopes down from street level to the garage.

neo-traditional planning

A planned community which favors new home development with traditional features such as grid-street patterns, prominent front porches, backyard garages, multi-use buildings and housing clustered near commercial service areas.

net cash flow

The after expenses income that is gained from investment property.

net listing

A listing agreement where the commission the broker earns consists of an amount above a net price that is set by the owner. If the net price is not met, the broker does not earn a commission.

net worth

The net worth of an individual is based on the difference between the total assets and liabilities.

neutral bus bar

A grounded metal bar set inside an electrical service panel or sub panel, and which all neutral and grounding wires are connected to.

neutral wire

A grounded conductor that carries electrical current back to the source.

new urbanism

A planned community which favors new home development with traditional features such as grid-street patterns, prominent front porches, backyard garages, multi-use buildings and housing clustered near commercial service areas.

niche

A small recess in a wall, traditionally arched at the top.

no-cash-out refinance

The amount of a new mortgage that covers the remaining balance of the first mortgage plus closing costs and liens, and yields no more than 1 percent of the new mortgages principal in cash.

no-competition lots

A lot in which a preselected builder will construct the home.

no-documentation loan

A loan application that does not require verification of income; granted in such cases as a large down payment is deposited.

non-conforming loan

A loan that does not meet the qualifications or is too large to be purchases by Fannie Mae or Freddie Mac. The current conforming loan limit is $252,700.00.

non-liquid asset

An asset that can not be easily turned into cash.

non-solicitation order

An order that is issued to brokers and agents by the secretary of state, 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 lenders consent.

nonrecurring closing costs

A one-time-only fee for items such as an appraisal, loan points, a credit report, title insurance and a home inspection.

nosing

The front edge of a stair tread that extends over the riser.

not in my back yard (NIMBY)

A response that is given by neighborhoods or communities to proposed changes or development.

note

A legal document that requires a borrower to repay a mortgage at a specified interest rate over a specified period of time.

note rate

The interest rate specified in a mortgage note.

notice of default

A lenders initial action due to a borrowers defaulting on mortgage payments and the attempts to reconcile the issue out of court have failed.

novation

The release to liability on a loan to a first borrower, and the substitution of a next borrower with the lenders approval.