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 All 19 topics
18 terms beginning with A
Showing 1 to 18
A
Agency
Accounting
Accounting is the fiduciary duty to safeguard and properly account for money, documents and property entrusted to the agent.
Open term guideReal estate math
Acre
An acre is a land-area unit equal to 43,560 square feet.
Open term guideProperty insurance
Actual cash value
Actual cash value is a loss-settlement measure commonly based on replacement cost less depreciation, subject to the policy language.
Open term guideIncome tax
Adjusted basis
Adjusted basis is the original basis increased or decreased by tax-law adjustments such as qualifying improvements and allowed depreciation.
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 guideReal estate finance
Amortization
Amortization is the repayment of debt through scheduled payments that reduce principal over time.
Open term guideIncome tax
Amount realized
Amount realized is the total value received on a disposition, adjusted for selling expenses and other items as tax law provides.
Open term guideValuation
Appraisal
An appraisal is an opinion of value developed by a qualified appraiser for an identified use, property interest and effective date.
Open term guideMunicipal government
Architectural review board
An architectural review board is a local body that may review exterior design features under authority granted by local law.
Open term guideReal estate math
Area
Area is the amount of surface within a two-dimensional boundary.
Open term guideLand use
Area variance
An area variance is permission to deviate from a dimensional or physical zoning requirement.
Open term guideLicense law
Article 12-A
Article 12-A is the part of New York Real Property Law that regulates real estate brokers and salespersons.
Open term guideLicense law
Article 78 proceeding
An Article 78 proceeding is a court proceeding used to seek review of certain actions or determinations by a New York state or local body.
Open term guideConstruction and environment
Asbestos
Asbestos is a group of mineral fibers formerly used in many building materials and associated with health risks when fibers become airborne and are inhaled.
Open term guideTaxes 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 guideContracts and leases
Assignment
An assignment is a transfer of a party's contractual rights or leasehold interest to another person, subject to the agreement and law.
Open term guideFair housing
Assistance animal
An assistance animal is an animal that works, provides assistance or performs tasks, or provides disability-related emotional support under applicable housing rules.
Open term guide