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NAIL POP - The protrusion of a nail head due to temperature changes or improperly cured wood framing.

NATIONAL ASSOCIATION OF REAL ESTATE BOARDS - The original name of the National Association of Realtors (changed in 1972)

NAR - NATIONAL ASSOCIATION OF REALTORS – A national trade organization of real estate salespeople and brokers that stresses education, ethics, research and political involvement. (www.realtor.org)

(The National Association of Realtors logo)

 

NATIONAL FIRE PROTECTION ASSOCIATION (nfpa)An international non-profit organization, whose mission is to reduce fires and other hazards by advocating codes & standards, research, training and education.
(http://www.nfpa.org/index.asp )

NATIONAL INSTITUTE OF STANDARDS AND ECHNOLOGY (NIST) - Founded in 1901, NIST is a non-regulatory federal agency within the U.S. Department of Commerce. NIST's mission is to promote U.S. innovation and industrial competitiveness by advancing measurement science, standards, and technology in ways that enhance economic security and improve our quality of life. ( http://www.nist.gov/ )

NATURAL PARTIES OR NATURAL PERSONS - Meaning real people as opposed to legal entities.

NATIONAL CONFERENCE OF STATES ON BUILDING CODES AND STANDARDS (NCSBCS) -, a nonprofit organization formed to increase interstate cooperation and coordinate intergovernmental reforms of building codes. (http://www.ncsbcs.org/)

NEAR CORNER – A corner piece of property located on the right side of the road prior to crossing an intersection. Because vehicles usually cannot make all direction changes after entering and exiting the site, it’s often the least desirable of the corner locations; even though it may possess good visibility.

 

NEGATIVE AMORTIZATION – Payments not covering the total amount of interest due resulting in an increase in loan balance.

NEGATIVE DECLARATION (NEG DEC) - A document approved by a public agency based on a determination that a project not exempt from CEQA will not have a significant adverse effect on the environment.

NEGOTIABLE - Capable of being negotiated; assignable or transferable in the ordinary course of business.

NEGOTIABLE INSTRUMENT - A written instrument signed by a maker or drawer, containing an unconditional promise to another.

NET LEASE - A lease that is not all-inclusive. (i.e. Lease Agreement indicates the tenant will pay taxes, utilities, insurance, etc).

NET OPERATING INCOME - The amount of money left after deducting operating expenses, taxes and insurance from the building’s gross income.

NET PRESENT VALUE (NPV) - The value of the lease once all costs of doing a transaction are deducted from the gross income of a lease.

NET SQUARE FOOTAGE - Also referred to as “Usable Square Footage” or “Net Rentable Area”; it is the measurement of a space, a floor or a building less all vertical penetrations (Walls, Stairways, Chases, etc.).

 

NATIONAL FIRE PROTECTION ASSOCIATION (NFPA) - An international technical society that disseminates fire prevention, fighting and protection information. NFiPA technical standards include the National Electrical Code which is widely adopted. (http://www.nfpa.org/index.asp)

NONCOMBUSTIBLE -Definition excerpted from the ICBO Uniform Building Code: 1. Material of which no part will ignite and burn when subjected to fire. 2. Material having a structural base of noncombustible material as defined, with a surface not over 1/8" thick that has a flame spread rating of 50 or less. The term does not apply to surface finish materials.

NON-COMPETE CLAUSE - A contractual clause in a lease restricting the landlord from leasing space to a similar or competitive type of business.

NON-CONFORMING – Something inconsistent (not conforming) with current code.

NON-CONFORMING BUILDING - A building that was constructed prior to the adoption of the zoning law or zoning amendment that is not in accordance with the dimensional provisions, such as building height or setback requirements, of that law or amendment.

NON-CONFORMING LOAN - A loan, which does not follow Fannie Mae/Freddie Mac “conforming guidelines”.

NON-CONFORMING SIGN – An advertising structure or sign which was lawfully erected and maintained prior to a building code or zoning law being revised or amended. Usually maintained by Special Permit, nonconforming signs can usually exist as long as they substantially remain unchanged.

NON-CONFORMING USE - It is a “legal violation” of a current zoning ordinance due to the use of the land (or structure) existing prior to an ordinance being enacted or amended. Nonconforming uses are often referred to as a "Grandfathered" use.

NON-DISTRUBANCE AGREEMENT (NDA) – A second-party agreement between a Tenant (Lessee) and the Landlords (Lessor) Mortgagor that assures the Tenant’s lease will remain in effect should the Owner or Mortgagee default on their loan.

NON-DISTURBANCE - Insures the tenant quiet enjoyment while occupying the rented space.

NON-JUDICIAL FORECLOSURE – A foreclosure that does not require a court action. Usually used with Deeds of Trust.

NORMAL USE - Tenant will use the premises for permitted purposes within the guidelines of the lease (i.e., during normal building operating hours, etc.).

NOTE – A legal instrument specifying an agreement to repay a debt on certain terms and/or conditions. A "Promissory Note" - A written instrument acknowledging a debt and promising payment.

NOTICE - Written legal warning of a persons intention to do something or take some action (usually legal).

NOTARY PUBLIC - An official, authorized by law to attest to and certify certain documents by his hand and official seal.

NOTICE OF ELECTION AND DEMAND - The document filed in the public record, which demands that the real property given as security for a loan be sold by the Public Trustee to satisfy the delinquent debt.

NOTICE OF NONRESPONSIBILITY - A notice provided by law designed to relieve a property owner for responsibility for the cost of work done on the property or materials furnished thereof. Notice must be verified, recorded and posted.

NUISANCE - A broad legal term that refers to any use of land which interferes with the use and enjoyment of neighboring lands by excessive noise, odors, fumes, or other harmful or unpleasant emissions.

 

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