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
18 terms beginning with P
Showing 1 to 18
P
Real estate math
Percentage
A percentage is a ratio expressed as a part of one hundred and written with the percent symbol.
Open term guideProperty insurance
Peril
A peril is an event or cause of loss, such as fire or theft, addressed by the insurance contract.
Open term guideMunicipal government
Planning board
A planning board is a local administrative body that may review subdivisions, site plans and special use permits when local law grants that authority.
Open term guideLicense law
Pocket card
A pocket card is a credential issued by the New York Department of State that identifies a real estate licensee and, for a salesperson, the sponsoring broker.
Open term guideReal estate finance
Points
Points are upfront loan charges in which each point equals 1 percent of the loan amount, and discount points are paid to buy a lower interest rate.
Open term guideLand use
Police power
Police power is the government's authority to regulate for public health, safety, morals and general welfare.
Open term guideConstruction and environment
Positive declaration
A positive declaration is a lead agency's determination under SEQRA that an action may have a significant adverse environmental impact.
Open term guideCommercial and investment
Potential gross income
Potential gross income is the income a property could produce at full occupancy before vacancy and collection loss.
Open term guideProperty insurance
Premium
A premium is the amount charged for insurance coverage for a stated period.
Open term guideProperty management
Preventive maintenance
Preventive maintenance is planned inspection and service intended to reduce breakdowns, hazards and more costly repairs.
Open term guideAgency
Principal
A principal is the person who authorizes an agent to act and to whom the agent owes agency duties.
Open term guideIncome tax
Principal residence
A principal residence is a person's main home for tax purposes, determined from use and the applicable facts and rules.
Open term guideReal estate finance
Private mortgage insurance
Private mortgage insurance (PMI) is insurance that protects a conventional mortgage lender against loss if the borrower defaults.
Open term guideReal estate finance
Promissory note
A promissory note is a borrower's written promise to repay a debt under stated terms.
Open term guideCondominiums and cooperatives
Proprietary lease
A proprietary lease is the lease issued by a cooperative corporation that gives a shareholder the right to occupy a particular apartment under its terms.
Open term guideReal estate math
Proration
Proration is the allocation of income or expense between parties for their respective periods of ownership or responsibility.
Open term guideLicensee safety
Prospect identification
Prospect identification is the process of confirming and recording appropriate identifying information before meeting an unfamiliar prospect.
Open term guideFair housing
Protected characteristic
A protected characteristic is a personal characteristic that fair housing law protects from discrimination.
Open term guide