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 Real estate finance
12 terms in Real estate finance
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Real estate finance
Mortgage
A mortgage is a security instrument that creates a lien on real property to secure repayment of a debt.
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Mortgagee
A mortgagee is the lender or other holder that receives the mortgage interest securing the debt.
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Mortgagor
A mortgagor is the borrower or property owner who gives a mortgage as security for a debt.
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Real estate finance
Points
Points are upfront loan charges in which each point equals 1 percent of the loan amount, and discount points are paid to buy a lower interest rate.
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Private mortgage insurance
Private mortgage insurance (PMI) is insurance that protects a conventional mortgage lender against loss if the borrower defaults.
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Promissory note
A promissory note is a borrower's written promise to repay a debt under stated terms.
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