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
15 terms beginning with E
Showing 1 to 15
E
Property rights and title
Easement
An easement is a nonpossessory right to use another person's land for a stated purpose.
Open term guideCommercial and investment
Effective gross income
Effective gross income (EGI) is the income expected or received after vacancy and collection loss, plus other property income included in the analysis.
Open term guideLand use
Eminent domain
Eminent domain is the government's power to take private property for public use with just compensation as required by law.
Open term guideProperty rights and title
Encroachment
An encroachment is a physical improvement that crosses a property line or intrudes into another protected area.
Open term guideConstruction and environment
Environmental assessment form
An environmental assessment form (EAF) is a New York SEQRA form used by an agency to help evaluate the environmental significance of a proposed action.
Open term guideConstruction and environment
Environmental impact statement
An environmental impact statement (EIS) is a detailed document examining potentially significant environmental impacts, mitigation and reasonable alternatives under SEQRA.
Open term guideTaxes 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 guideReal estate finance
Equity
Equity is the owner's value in property after subtracting liens from the property's value for the calculation being used.
Open term guideLicense law
Escrow
Escrow is an arrangement in which money, documents or property are held by a neutral party under stated conditions until a transaction event occurs.
Open term guideProperty management
Eviction
Eviction is a legal process used to recover possession from a tenant under applicable grounds and court procedures.
Open term guideProperty insurance
Exclusion
An exclusion is a policy provision that removes specified property, causes of loss, people or situations from coverage.
Open term guideContracts 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 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 guideValuation
External obsolescence
External obsolescence is a loss in value caused by influences outside the property.
Open term guide