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
189 terms
Showing 19 to 36
B
Real estate finance
Balloon payment
A final payment that is substantially larger than the preceding scheduled payments.
Open term guideIncome tax
Basis
A tax measurement used to determine gain, loss, depreciation and other tax consequences for property.
Open term guideLicense law
Blind advertisement
A real estate advertisement that fails to identify the broker or brokerage as required by New York advertising rules.
Open term guideFair housing
Blockbusting
Inducing or attempting to induce a sale or rental by suggesting that protected-class entry or change will cause harmful neighborhood effects.
Open term guideCondominiums and cooperatives
Board package
The application materials a prospective cooperative purchaser or subtenant submits for board review under the cooperative's procedures.
Open term guideMortgage brokerage
Borrower
A person or entity that receives or seeks credit and promises repayment under the loan terms.
Open term guideAgency
Broker's agent
An agent who cooperates with or is engaged by another agent without becoming a subagent of that agent's principal.
Open term guideLand use
Building code
A set of government standards for construction, alteration, occupancy and building safety.
Open term guideMunicipal government
Building department
A local office that administers building permits, code review, inspections and related records.
Open term guideC
Income tax
Capital gain
Gain from the sale or exchange of a capital asset, calculated under tax law and subject to classification and exclusions.
Open term guideProperty management
Capital improvement
A significant addition or replacement that extends useful life, increases value or adapts property to a new use, depending on the accounting and tax context.
Open term guideValuation
Capitalization
The process of converting income into an indication of value.
Open term guideReal estate math
Capitalization rate
A rate that relates a property's net operating income to its value or price.
Open term guideCommercial and investment
Cash flow
Money remaining or changing hands during a period after the receipts and payments included in the stated calculation.
Open term guideLand use
Certificate of occupancy
An official document confirming that a building or space may be occupied for the approved use under applicable code and local requirements.
Open term guideLicensee safety
Check-in procedure
A planned communication process that confirms a licensee's status and triggers action when contact is missed.
Open term guideAgency
Client
A principal who is represented by a real estate agent.
Open term guideLicense law
Commingling
Mixing client funds or property with a broker's own funds or property.
Open term guide