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 Contracts and leases
12 terms in Contracts and leases
Showing 1 to 12
A
C
Contracts and leases
Consideration
Consideration is something of legal value exchanged as part of a contract.
Open term guideContracts and leases
Contingency
A contingency is a contract condition that must be satisfied or waived for a stated obligation to become final or continue.
Open term guideContracts and leases
Counteroffer
A counteroffer is a response that rejects an offer and proposes different terms.
Open term guideE
Contracts and leases
Executed contract
An executed contract is a contract in which the parties have completed the promised performance.
Open term guideContracts and leases
Executory contract
An executory contract is a contract under which one or more material obligations remain to be performed.
Open term guideL
N
S
Contracts and leases
Statute of frauds
The statute of frauds is a law requiring certain agreements, including many agreements involving real property, to be in writing and signed to be enforceable.
Open term guideContracts and leases
Sublease
A sublease is a lease made by a tenant that transfers less than the tenant's entire remaining leasehold interest.
Open term guide