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 Taxes and assessments
8 terms in Taxes and assessments
Showing 1 to 8
A
Taxes and assessments
Assessed value
Assessed value is the value placed on real property for property-tax administration.
Open term guideTaxes and assessments
Assessment roll
An assessment roll is the official municipal record listing parcels, assessed values, exemptions and related assessment information.
Open term guideE
Taxes and assessments
Equalization rate
The equalization rate is New York State's measure of a municipality's overall level of assessment, calculated from total assessed value and total market value.
Open term guideTaxes and assessments
Exemption
A property tax exemption is a law-based reduction or removal of qualifying property value from specified property taxation.
Open term guideT
Taxes and assessments
Tax levy
A tax levy is the total amount a taxing jurisdiction determines it must raise through property taxes.
Open term guideTaxes and assessments
Tax lien
A tax lien is a charge against real property that secures payment of unpaid property taxes.
Open term guideTaxes and assessments
Tax rate
A tax rate is the rate applied to taxable assessed value to calculate property tax for a jurisdiction.
Open term guideTaxes and assessments
Taxable assessed value
Taxable assessed value is the portion of assessed value remaining after applicable exemptions for the tax being calculated.
Open term guide