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 73 to 90
E
Contracts and leases
Executory contract
A contract under which one or more material obligations remain to be performed.
Open term guideTaxes and assessments
Exemption
A law-based reduction or removal of qualifying property value from specified property taxation.
Open term guideValuation
External obsolescence
A loss in value caused by influences outside the property.
Open term guideF
Fair housing
Fair housing testing
A method of comparing housing experiences using people with matched profiles to identify possible discrimination.
Open term guideFair housing
Familial status
A federal fair housing protection covering households with one or more children under 18 in specified custody or expected-child situations.
Open term guideProperty rights and title
Fee simple
The broadest private ownership estate, potentially lasting indefinitely and subject to government powers and private restrictions.
Open term guideAgency
Fiduciary
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
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
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
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
The part of a structure that transfers building loads to the soil or supporting material below.
Open term guideG
H
Property insurance
Hazard
A condition that increases the chance or severity of loss.
Open term guideValuation
Highest and best use
The legally permissible, physically possible, financially feasible and maximally productive use considered in valuation.
Open term guideMunicipal government
Historic preservation commission
A local body that may survey historic resources, recommend designation and review work under a local preservation law.
Open term guide