New York real estate glossary
Know the term. Understand the rule.
Search 189 exam terms from all 19 New York salesperson curriculum subjects. Every definition opens into a sourced guide with an exam cue, a practical example and the distinction students often miss.
How to use this glossary
Read the short definition first. Then open the term for the exam pattern, New York example and common mix-up.
Filter by topic All 19 topics
12 terms beginning with M
Showing 1 to 12
M
Condominiums and cooperatives
Maintenance
The periodic amount a cooperative shareholder pays toward the corporation's building expenses and obligations.
Open term guideProperty management
Management agreement
A contract authorizing a property manager to perform stated services for an owner.
Open term guideValuation
Market value
An opinion of the most probable price a property should bring under specified competitive and open-market conditions.
Open term guideProperty rights and title
Marketable title
Title reasonably free from serious doubt or a substantial risk of litigation.
Open term guideReal estate math
Mill
A property-tax rate unit equal to one dollar of tax per one thousand dollars of taxable value.
Open term guideConstruction and environment
Mold
Fungi that can grow indoors when moisture and suitable material are present.
Open term guideReal estate finance
Mortgage
A security instrument that creates a lien on real property to secure repayment of a debt.
Open term guideMortgage brokerage
Mortgage banker
A person or entity in the business of making mortgage loans with its own funds or a credit line, subject to applicable licensing or exemption rules.
Open term guideMortgage brokerage
Mortgage broker
A person or entity that solicits, processes, places or negotiates mortgage loans for others rather than acting as the funding lender in the ordinary broker role.
Open term guideMortgage brokerage
Mortgage loan originator
An individual who, for compensation or expected gain, takes a residential mortgage application or offers or negotiates residential mortgage terms, subject to statutory exceptions.
Open term guideReal estate finance
Mortgagee
The lender or other holder that receives the mortgage interest securing the debt.
Open term guideReal estate finance
Mortgagor
The borrower or property owner who gives a mortgage as security for a debt.
Open term guide