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
6 terms beginning with N
Showing 1 to 6
N
Construction and environment
Negative declaration
A negative declaration is a lead agency's determination under SEQRA that an action will not have a significant adverse environmental impact.
Open term guideCommercial and investment
Net lease
A net lease is a lease under which the tenant pays specified property expenses in addition to rent.
Open term guideLicense law
Net listing
A net listing is a listing arrangement that sets an amount the owner will receive and lets the broker keep any excess as compensation.
Open term guideCommercial and investment
Net operating income
Net operating income (NOI) is the income a property has left after vacancy and operating expenses but before debt service and income taxes in the standard real estate formula.
Open term guideLand use
Nonconforming use
A nonconforming use is a land use that lawfully existed before a zoning change but does not comply with the new zoning rule.
Open term guideContracts and leases
Novation
A novation is a new agreement that substitutes a new party or obligation and releases the replaced party or obligation.
Open term guide