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
189 terms
Showing 163 to 180
S
Land 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 guideT
Mortgage brokerage
Table funding
Table funding is a closing in which a loan is made in one party's name but funded at settlement by another lender's advance and assigned to that lender.
Open term guideMunicipal government
Tax assessor
A tax assessor is the local official responsible for valuing real property for assessment administration.
Open term guideIncome tax
Tax depreciation
Tax depreciation is a tax deduction that allocates the cost or other basis of qualifying property over a recovery period.
Open term guideTaxes and assessments
Tax levy
A tax levy is the total amount a taxing jurisdiction determines it must raise through property taxes.
Open term guideTaxes and assessments
Tax lien
A tax lien is a charge against real property that secures payment of unpaid property taxes.
Open term guideTaxes and assessments
Tax rate
A tax rate is the rate applied to taxable assessed value to calculate property tax for a jurisdiction.
Open term guideTaxes and assessments
Taxable assessed value
Taxable assessed value is the portion of assessed value remaining after applicable exemptions for the tax being calculated.
Open term guideProperty rights and title
Tenancy by the entirety
Tenancy by the entirety is a form of co-ownership available only to married spouses that includes survivorship and protections tied to the marriage.
Open term guideProperty rights and title
Tenancy in common
Tenancy in common is concurrent ownership in which each co-owner holds an undivided interest without an automatic right of survivorship.
Open term guideProperty management
Tenant screening
Tenant screening is a consistent process for evaluating rental applicants using lawful, relevant criteria.
Open term guideProperty rights and title
Title
Title is the legal ownership interest in real property, together with the rights that ownership carries.
Open term guideProperty rights and title
Title insurance
Title insurance is insurance that protects against covered title defects under the terms and exceptions of the policy.
Open term guide