New York real estate glossary
Know the term. Understand the rule.
Search 189 exam terms from all 19 New York salesperson curriculum subjects. Every definition opens into a sourced guide with an exam cue, a practical example and the distinction students often miss.
How to use this glossary
Read the short definition first. Then open the term for the exam pattern, New York example and common mix-up.
Filter by topic All 19 topics
189 terms
Showing 1 to 18
A
Agency
Accounting
The fiduciary duty to safeguard and properly account for money, documents and property entrusted to the agent.
Open term guideReal estate math
Acre
A land-area unit equal to 43,560 square feet.
Open term guideProperty insurance
Actual cash value
A loss-settlement measure commonly based on replacement cost less depreciation, subject to the policy language.
Open term guideIncome tax
Adjusted basis
Original basis increased or decreased by tax-law adjustments such as qualifying improvements and allowed depreciation.
Open term guideAgency
Agency
A relationship in which an agent is authorized to act for a principal and owes duties within that relationship.
Open term guideReal estate finance
Amortization
Repayment of debt through scheduled payments that reduce principal over time.
Open term guideIncome tax
Amount realized
The total value received on a disposition, adjusted for selling expenses and other items as tax law provides.
Open term guideValuation
Appraisal
An opinion of value developed by a qualified appraiser for an identified use, property interest and effective date.
Open term guideMunicipal government
Architectural review board
A local body that may review exterior design features under authority granted by local law.
Open term guideReal estate math
Area
The amount of surface within a two-dimensional boundary.
Open term guideLand use
Area variance
Permission to deviate from a dimensional or physical zoning requirement.
Open term guideLicense law
Article 12-A
The part of New York Real Property Law that regulates real estate brokers and salespersons.
Open term guideLicense law
Article 78 proceeding
A court proceeding used to seek review of certain actions or determinations by a New York state or local body.
Open term guideConstruction and environment
Asbestos
A group of mineral fibers formerly used in many building materials and associated with health risks when fibers become airborne and are inhaled.
Open term guideTaxes and assessments
Assessed value
The value placed on real property for property-tax administration.
Open term guideTaxes and assessments
Assessment roll
The official municipal record listing parcels, assessed values, exemptions and related assessment information.
Open term guideContracts and leases
Assignment
A transfer of a party's contractual rights or leasehold interest to another person, subject to the agreement and law.
Open term guideFair housing
Assistance animal
An animal that works, provides assistance or performs tasks, or provides disability-related emotional support under applicable housing rules.
Open term guide