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 37 to 54
C
Real estate math
Commission
Commission is compensation paid for brokerage services under an agreement.
Open term guideCondominiums and cooperatives
Common charges
Common charges are amounts assessed against condominium unit owners for common expenses under the governing documents and budget.
Open term guideCondominiums and cooperatives
Common elements
Common elements are the parts of a condominium property owned collectively by unit owners rather than as part of one unit.
Open term guideValuation
Comparable
A comparable is a property used as market evidence because it is sufficiently similar to the property being analyzed.
Open term guideValuation
Comparative market analysis
A comparative market analysis (CMA) is a broker's analysis of relevant market data to help a seller or buyer consider a probable price range.
Open term guideCondominiums and cooperatives
Condominium
A condominium is a form of ownership in which a person owns an individual unit and an undivided interest in common elements.
Open term guideCondominiums and cooperatives
Condop
A condop is a property structure that combines a condominium framework with a cooperative component, often through separately owned condominium units.
Open term guideMunicipal government
Conservation advisory council
A conservation advisory council is a local advisory body that may inventory natural resources and advise officials on environmental matters.
Open term guideContracts and leases
Consideration
Consideration is something of legal value exchanged as part of a contract.
Open term guideContracts and leases
Contingency
A contingency is a contract condition that must be satisfied or waived for a stated obligation to become final or continue.
Open term guideLicense law
Conversion
Conversion is the wrongful exercise of control over another person's money or property that seriously interferes with that person's rights.
Open term guideCondominiums and cooperatives
Cooperative
A cooperative is a housing arrangement in which a corporation owns the real property and occupants own shares tied to proprietary leases.
Open term guideValuation
Cost approach
The cost approach is a valuation approach that adds land value to the depreciated cost of the improvements.
Open term guideContracts and leases
Counteroffer
A counteroffer is a response that rejects an offer and proposes different terms.
Open term guideMunicipal government
County clerk
A county clerk is the county official or office that maintains specified public records, including land records recorded for property in the county.
Open term guideAgency
Customer
A customer is a person who receives services from a licensee but is not represented by that licensee as an agent.
Open term guideD
Real estate finance
Debt service
Debt service is the principal and interest a borrower must pay on a loan during a stated period, usually a year.
Open term guideProperty insurance
Deductible
A deductible is the portion of a covered loss the insured must bear before the insurer's payment is calculated under the policy.
Open term guide