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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.