189 terms across 19 subjects
New York Real Estate Exam Glossary
This glossary defines 189 terms you need for the New York real estate salesperson exam, organized by the 19 subjects of the Department of State's 77-hour course. Each term opens into a short guide with a one-sentence definition, how the idea shows up in exam questions, an example, the trap students fall for and links to the official source.
How to use this glossary
Read the one-line definition first. Then open the term for the exam cue, an example and the trap that costs students points.
Filter by topic Agency
12 terms in Agency
Showing 1 to 12
A
Agency
Accounting
Accounting is the fiduciary duty to safeguard and properly account for money, documents and property entrusted to the agent.
Open term guideAgency
Agency
Agency is a relationship in which an agent is authorized to act for a principal and owes duties within that relationship.
Open term guideB
C
D
Agency
Designated sales agent
A designated sales agent is a salesperson or associate broker assigned by the broker to represent one client when the same broker also represents another client in the deal.
Open term guideAgency
Dual agency
Dual agency is one brokerage representing both buyer and seller, or landlord and tenant, in the same transaction, which New York allows only with informed written consent.
Open term guideF
Agency
Fiduciary
A fiduciary is a person who owes duties of trust, loyalty and care to another person within the scope of their relationship.
Open term guideAgency
First substantive contact
First substantive contact is the point at which a conversation becomes specific enough that agency disclosure may be required for the recipient and role involved.
Open term guide