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
13 terms beginning with S
Showing 1 to 13
S
Licensee safety
Safety plan
A written set of procedures for reducing risk and responding to foreseeable incidents during real estate work.
Open term guideValuation
Sales comparison approach
A valuation approach that compares the subject property with relevant sales and adjusts for differences.
Open term guideProperty management
Security deposit
Money held to secure a tenant's performance under a lease and governed by the applicable lease and law.
Open term guideReal estate math
Seller's net
The amount a seller retains after subtracting transaction costs, liens, prorations and other seller charges from sale proceeds.
Open term guideConstruction and environment
Septic system
An on-site wastewater system that treats and disperses sewage where a public sewer is not used.
Open term guideCondominiums and cooperatives
Shares
Units of ownership in the cooperative corporation allocated to an apartment under the cooperative plan.
Open term guideLand use
Site plan
A drawing and supporting materials showing the layout and design of a proposed development or use.
Open term guideLand use
Special use permit
Authorization for a use that zoning allows if stated conditions and standards are satisfied.
Open term guideContracts and leases
Statute of frauds
A law requiring certain agreements, including many agreements involving real property, to be in writing and signed to be enforceable.
Open term guideFair housing
Steering
Guiding or limiting housing choices because of a protected characteristic instead of the person's lawful preferences.
Open term guideAgency
Subagent
An agent authorized to act for another agent's principal and who owes agency duties to that principal.
Open term guideLand use
Subdivision
The division of land into lots, plots, sites or other units for sale, development or transfer under applicable local law.
Open term guideContracts and leases
Sublease
A lease made by a tenant that transfers less than the tenant's entire remaining leasehold interest.
Open term guide