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 19 to 36
B
Real estate finance
Balloon payment
A balloon payment is a final payment that is substantially larger than the preceding scheduled payments.
Open term guideIncome tax
Basis
Basis is a tax measurement used to determine gain, loss, depreciation and other tax consequences for property.
Open term guideLicense law
Blind advertisement
A blind advertisement is a real estate advertisement that fails to identify the broker or brokerage as required by New York advertising rules.
Open term guideFair housing
Blockbusting
Blockbusting is 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
A board package is the application materials a prospective cooperative purchaser or subtenant submits for board review under the cooperative's procedures.
Open term guideMortgage brokerage
Borrower
A borrower is a person or entity that receives or seeks credit and promises repayment under the loan terms.
Open term guideAgency
Broker's agent
A broker's agent is an agent from another firm engaged by a listing, buyer's or tenant's agent to help serve that agent's principal, with no direct relationship to the principal.
Open term guideLand use
Building code
A building code is a set of government standards for construction, alteration, occupancy and building safety.
Open term guideMunicipal government
Building department
A building department is a local office that administers building permits, code review, inspections and related records.
Open term guideC
Income tax
Capital gain
Capital gain is the 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 capital improvement is a major addition or replacement that extends a property's useful life, adds value or adapts it to a new use.
Open term guideValuation
Capitalization
Capitalization is the process of converting income into an indication of value.
Open term guideReal estate math
Capitalization rate
A capitalization rate is a rate that relates a property's net operating income to its value or price.
Open term guideCommercial and investment
Cash flow
Cash flow is the 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
A certificate of occupancy (CO) is 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 check-in procedure is a planned communication process that confirms a licensee's status and triggers action when contact is missed.
Open term guideAgency
Client
A client is a principal who is represented by a real estate agent.
Open term guideLicense law
Commingling
Commingling is mixing client funds or property with a broker's own funds or property.
Open term guide