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
13 terms beginning with S
Showing 1 to 13
S
Licensee safety
Safety plan
A safety plan is a written set of procedures for reducing risk and responding to foreseeable incidents during real estate work.
Open term guideValuation
Sales comparison approach
The sales comparison approach is a valuation approach that compares the subject property with relevant sales and adjusts for differences.
Open term guideProperty management
Security deposit
A security deposit is 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
Seller's net is 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
A septic system is an on-site wastewater system that treats and disperses sewage where a public sewer is not used.
Open term guideCondominiums and cooperatives
Shares
Shares are units of ownership in the cooperative corporation allocated to an apartment under the cooperative plan.
Open term guideLand use
Site plan
A site plan is a drawing and supporting materials showing the layout and design of a proposed development or use.
Open term guideLand use
Special use permit
A special use permit is authorization for a use that zoning allows if stated conditions and standards are satisfied.
Open term guideContracts and leases
Statute of frauds
The statute of frauds is 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
Steering is guiding or limiting housing choices because of a protected characteristic instead of the person's lawful preferences.
Open term guideAgency
Subagent
A subagent is an agent authorized to act for another agent's principal and who owes agency duties to that principal.
Open term guideLand use
Subdivision
A subdivision is 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 sublease is a lease made by a tenant that transfers less than the tenant's entire remaining leasehold interest.
Open term guide