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.

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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.

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12 terms in Agency

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A

Agency

Accounting

The fiduciary duty to safeguard and properly account for money, documents and property entrusted to the agent.

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Agency

A relationship in which an agent is authorized to act for a principal and owes duties within that relationship.

Open term guide

B

Agency

Broker's agent

An agent who cooperates with or is engaged by another agent without becoming a subagent of that agent's principal.

Open term guide

C

Agency

Client

A principal who is represented by a real estate agent.

Open term guide

Agency

Customer

A person who receives services from a licensee but is not represented by that licensee as an agent.

Open term guide

D

Agency

Designated sales agent

A sales agent appointed within a disclosed dual agency arrangement to advocate for one principal in negotiations.

Open term guide

Agency

Dual agency

Representation of both sides in the same transaction by the same broker, with the required informed consent.

Open term guide

F

Agency

Fiduciary

A person who owes duties of trust, loyalty and care to another person within the scope of their relationship.

Open term guide

Agency

First substantive contact

The point at which a conversation becomes specific enough that agency disclosure may be required for the recipient and role involved.

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I

Agency

Informed consent

Agreement given after a person receives enough material information to understand the relationship and its consequences.

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P

Agency

Principal

The person who authorizes an agent to act and to whom the agent owes agency duties.

Open term guide

S

Agency

Subagent

An agent authorized to act for another agent's principal and who owes agency duties to that principal.

Open term guide