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
12 terms beginning with M
Showing 1 to 12
M
Condominiums and cooperatives
Maintenance
Maintenance is the periodic amount a cooperative shareholder pays toward the corporation's building expenses and obligations.
Open term guideProperty management
Management agreement
A management agreement is a contract authorizing a property manager to perform stated services for an owner.
Open term guideValuation
Market value
Market value is 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
Marketable title is title reasonably free from serious doubt or a substantial risk of litigation.
Open term guideReal estate math
Mill
A mill is a property-tax rate unit equal to one dollar of tax per one thousand dollars of taxable value.
Open term guideConstruction and environment
Mold
Mold is a fungus that grows indoors when moisture and a suitable surface are present.
Open term guideReal estate finance
Mortgage
A mortgage is a security instrument that creates a lien on real property to secure repayment of a debt.
Open term guideMortgage brokerage
Mortgage banker
A mortgage banker is 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 mortgage broker is a person or entity registered in New York to solicit, process, place or negotiate mortgage loans for others, without funding the loans itself.
Open term guideMortgage brokerage
Mortgage loan originator
A mortgage loan originator (MLO) is an individual who, for pay or expected gain, takes residential mortgage applications or offers or negotiates residential mortgage terms.
Open term guideReal estate finance
Mortgagee
A mortgagee is the lender or other holder that receives the mortgage interest securing the debt.
Open term guideReal estate finance
Mortgagor
A mortgagor is the borrower or property owner who gives a mortgage as security for a debt.
Open term guide