News Front Page
Real Property Glossary -N-
RETURN TO GLOSSARY PLANET
NAHI (National Association of Home Inspectors)A professional association of independent home inspectors whose members must meet certain education and performance requirements.
Nail pops
Nails in load-bearing parts of new homes that pop out slightly due to settling
of the structure.
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 trade organization of buyer's brokers whose members do not accept property listings.
National Association of Home Inspectors (NAHI)
A professional association of independent home inspectors whose members must
meet the group's education and performance requirements.
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.
Nonprofit clearinghouse of information on nonprofit credit counseling centers nationwide.
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.
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.
Net cash flow
Income from an investment property after expenses such as principal, interest,
taxes and insurance are subtracted.
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.
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.
Niche
A small recessed area in a wall.
When 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 pre-selected builder.
A loan application that does not require verification of income or assets and is generally based on a combination of strong credit with a large down payment.
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.
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.
A loan provision that prohibits the transfer of a mortgage to another borrower without lender approval.
Nonrecurring closing costs
Fees that are only payable once such as appraisal, loan points, credit report,
title insurance and home inspection.
The front edge of a stair tread that extends over the riser.
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.
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.
