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 73 to 90
E
Contracts and leases
Executory contract
An executory contract is a contract under which one or more material obligations remain to be performed.
Open term guideTaxes and assessments
Exemption
A property tax exemption is a law-based reduction or removal of qualifying property value from specified property taxation.
Open term guideValuation
External obsolescence
External obsolescence is a loss in value caused by influences outside the property.
Open term guideF
Fair housing
Fair housing testing
Fair housing testing is a method of comparing housing experiences using people with matched profiles to identify possible discrimination.
Open term guideFair housing
Familial status
Familial status is a protected class under federal and New York law covering households with a child under 18, pregnant persons and people gaining custody of a child.
Open term guideProperty rights and title
Fee simple
Fee simple is the broadest private ownership estate, potentially lasting indefinitely and subject to government powers and private restrictions.
Open term guideAgency
Fiduciary
A fiduciary is a person who owes duties of trust, loyalty and care to another person within the scope of their relationship.
Open term guideAgency
First substantive contact
First substantive contact is the point at which a conversation becomes specific enough that agency disclosure may be required for the recipient and role involved.
Open term guideProperty rights and title
Fixture
A fixture is an item that began as personal property but is treated as part of the real property because of attachment, adaptation and intent.
Open term guideReal estate finance
Foreclosure
Foreclosure is the legal process used to enforce a mortgage lien after default and subject the property to sale or another court-ordered remedy.
Open term guideConstruction and environment
Foundation
A foundation is the part of a structure that transfers building loads to the soil or supporting material below.
Open term guideG
Commercial and investment
Gross lease
A gross lease is a lease in which the landlord pays specified property operating expenses from the rent received.
Open term guideValuation
Gross rent multiplier
A gross rent multiplier (GRM) is a factor that relates property price or value to gross rental income.
Open term guideH
Property insurance
Hazard
A hazard is a condition that increases the chance or severity of loss.
Open term guideValuation
Highest and best use
Highest and best use is the legally permissible, physically possible, financially feasible and maximally productive use considered in valuation.
Open term guideMunicipal government
Historic preservation commission
A historic preservation commission is a local body that may survey historic resources, recommend designation and review work under a local preservation law.
Open term guideI
Fair housing
Implicit bias
Implicit bias is an attitude or association that affects a person's judgment without the person being aware of it.
Open term guideLicensee safety
Incident report
An incident report is a factual written record of an accident, threat, injury, near miss, property loss or other significant event.
Open term guide