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
18 terms beginning with P
Showing 1 to 18
P
Real estate math
Percentage
A ratio expressed as a part of one hundred and written with the percent symbol.
Open term guideProperty insurance
Peril
An event or cause of loss, such as fire or theft, addressed by the insurance contract.
Open term guideMunicipal government
Planning board
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 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
Upfront charges expressed as a percentage of the loan amount. Discount points are tied to a reduced interest rate.
Open term guideLand use
Police power
The government's authority to regulate for public health, safety, morals and general welfare.
Open term guideConstruction and environment
Positive declaration
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
The income a property could produce at full occupancy before vacancy and collection loss.
Open term guideProperty insurance
Premium
The amount charged for insurance coverage for a stated period.
Open term guideProperty management
Preventive maintenance
Planned inspection and service intended to reduce breakdowns, hazards and more costly repairs.
Open term guideAgency
Principal
The person who authorizes an agent to act and to whom the agent owes agency duties.
Open term guideIncome tax
Principal residence
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
Insurance that protects a conventional mortgage lender against certain borrower default risk.
Open term guideReal estate finance
Promissory note
A borrower's written promise to repay a debt under stated terms.
Open term guideCondominiums and cooperatives
Proprietary lease
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
Allocation of income or expense between parties for their respective periods of ownership or responsibility.
Open term guideLicensee safety
Prospect identification
The process of confirming and recording appropriate identifying information before meeting an unfamiliar prospect.
Open term guideFair housing
Protected characteristic
A personal characteristic that fair housing law protects from discrimination.
Open term guide