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
25 terms beginning with C
Showing 1 to 18
C
Income tax
Capital gain
Capital gain is the gain from the sale or exchange of a capital asset, calculated under tax law and subject to classification and exclusions.
Open term guideProperty management
Capital improvement
A capital improvement is a major addition or replacement that extends a property's useful life, adds value or adapts it to a new use.
Open term guideValuation
Capitalization
Capitalization is the process of converting income into an indication of value.
Open term guideReal estate math
Capitalization rate
A capitalization rate is a rate that relates a property's net operating income to its value or price.
Open term guideCommercial and investment
Cash flow
Cash flow is the money remaining or changing hands during a period after the receipts and payments included in the stated calculation.
Open term guideLand use
Certificate of occupancy
A certificate of occupancy (CO) is an official document confirming that a building or space may be occupied for the approved use under applicable code and local requirements.
Open term guideLicensee safety
Check-in procedure
A check-in procedure is a planned communication process that confirms a licensee's status and triggers action when contact is missed.
Open term guideAgency
Client
A client is a principal who is represented by a real estate agent.
Open term guideLicense law
Commingling
Commingling is mixing client funds or property with a broker's own funds or property.
Open term guideReal estate math
Commission
Commission is compensation paid for brokerage services under an agreement.
Open term guideCondominiums and cooperatives
Common charges
Common charges are amounts assessed against condominium unit owners for common expenses under the governing documents and budget.
Open term guideCondominiums and cooperatives
Common elements
Common elements are the parts of a condominium property owned collectively by unit owners rather than as part of one unit.
Open term guideValuation
Comparable
A comparable is a property used as market evidence because it is sufficiently similar to the property being analyzed.
Open term guideValuation
Comparative market analysis
A comparative market analysis (CMA) is a broker's analysis of relevant market data to help a seller or buyer consider a probable price range.
Open term guideCondominiums and cooperatives
Condominium
A condominium is a form of ownership in which a person owns an individual unit and an undivided interest in common elements.
Open term guideCondominiums and cooperatives
Condop
A condop is a property structure that combines a condominium framework with a cooperative component, often through separately owned condominium units.
Open term guideMunicipal government
Conservation advisory council
A conservation advisory council is a local advisory body that may inventory natural resources and advise officials on environmental matters.
Open term guideContracts and leases
Consideration
Consideration is something of legal value exchanged as part of a contract.
Open term guide