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 91 to 108
I
Valuation
Income capitalization approach
A valuation approach that converts a property's income expectations into an indication of value.
Open term guideAgency
Informed consent
Agreement given after a person receives enough material information to understand the relationship and its consequences.
Open term guideJ
L
Fair housing
Lawful source of income
A New York protected characteristic covering lawful income used to pay for housing, including specified public and private sources.
Open term guideConstruction and environment
Lead-based paint
Paint containing lead that can create serious health hazards, especially for children, when it deteriorates or creates contaminated dust.
Open term guideContracts and leases
Leasehold
A tenant's right to possess real property for the term and under the conditions of a lease.
Open term guideMortgage brokerage
Lender
A person or entity that extends credit and is entitled to repayment under the loan agreement.
Open term guideCommercial and investment
Leverage
The use of borrowed money to finance part of an investment.
Open term guideProperty insurance
Liability coverage
Insurance protection for covered claims that the insured is legally responsible for bodily injury or property damage to others.
Open term guideProperty rights and title
Lien
A claim or charge against property that can secure payment or performance.
Open term guideProperty rights and title
Life estate
An ownership interest measured by the life of a named person.
Open term guideIncome tax
Like-kind exchange
A tax-deferred exchange under Internal Revenue Code section 1031 for qualifying real property held for investment or productive use in a trade or business.
Open term guideCommercial and investment
Liquidity
The ease and speed with which an asset can be converted to cash without a substantial loss in value.
Open term guideConstruction and environment
Load-bearing wall
A wall that carries structural load from above in addition to its own weight.
Open term guideReal estate finance
Loan-to-value ratio
The loan amount expressed as a percentage of the applicable property value or price.
Open term guideM
Condominiums and cooperatives
Maintenance
The periodic amount a cooperative shareholder pays toward the corporation's building expenses and obligations.
Open term guideProperty management
Management agreement
A contract authorizing a property manager to perform stated services for an owner.
Open term guideValuation
Market value
An opinion of the most probable price a property should bring under specified competitive and open-market conditions.
Open term guide