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 55 to 72
D
Property rights and title
Deed
A deed is a written instrument used to transfer an interest in real property.
Open term guideValuation
Depreciation
Depreciation is a loss in property value from physical deterioration, functional obsolescence or external obsolescence in appraisal.
Open term guideIncome tax
Depreciation recapture
Depreciation recapture is the tax rule that can recharacterize or specially tax part of gain tied to prior depreciation deductions.
Open term guideAgency
Designated sales agent
A designated sales agent is a salesperson or associate broker assigned by the broker to represent one client when the same broker also represents another client in the deal.
Open term guideFair housing
Disparate treatment
Disparate treatment is treating a person differently from others because of a protected characteristic.
Open term guideAgency
Dual agency
Dual agency is one brokerage representing both buyer and seller, or landlord and tenant, in the same transaction, which New York allows only with informed written consent.
Open term guideE
Property rights and title
Easement
An easement is a nonpossessory right to use another person's land for a stated purpose.
Open term guideCommercial and investment
Effective gross income
Effective gross income (EGI) is the income expected or received after vacancy and collection loss, plus other property income included in the analysis.
Open term guideLand use
Eminent domain
Eminent domain is the government's power to take private property for public use with just compensation as required by law.
Open term guideProperty rights and title
Encroachment
An encroachment is a physical improvement that crosses a property line or intrudes into another protected area.
Open term guideConstruction and environment
Environmental assessment form
An environmental assessment form (EAF) is a New York SEQRA form used by an agency to help evaluate the environmental significance of a proposed action.
Open term guideConstruction and environment
Environmental impact statement
An environmental impact statement (EIS) is a detailed document examining potentially significant environmental impacts, mitigation and reasonable alternatives under SEQRA.
Open term guideTaxes and assessments
Equalization rate
The equalization rate is New York State's measure of a municipality's overall level of assessment, calculated from total assessed value and total market value.
Open term guideReal estate finance
Equity
Equity is the owner's value in property after subtracting liens from the property's value for the calculation being used.
Open term guideLicense law
Escrow
Escrow is an arrangement in which money, documents or property are held by a neutral party under stated conditions until a transaction event occurs.
Open term guideProperty management
Eviction
Eviction is a legal process used to recover possession from a tenant under applicable grounds and court procedures.
Open term guideProperty insurance
Exclusion
An exclusion is a policy provision that removes specified property, causes of loss, people or situations from coverage.
Open term guideContracts and leases
Executed contract
An executed contract is a contract in which the parties have completed the promised performance.
Open term guide