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 91 to 108
I
Valuation
Income capitalization approach
The income capitalization approach is a valuation approach that converts a property's income expectations into an indication of value.
Open term guideAgency
Informed consent
Informed consent is an 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
Lawful source of income is 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
Lead-based paint is 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 leasehold is a tenant's right to possess real property for the term and under the conditions of a lease.
Open term guideMortgage brokerage
Lender
A lender is a person or entity that extends credit and is entitled to repayment under the loan agreement.
Open term guideCommercial and investment
Leverage
Leverage is the use of borrowed money to finance part of an investment.
Open term guideProperty insurance
Liability coverage
Liability coverage is 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 lien is a claim or charge against property that can secure payment or performance.
Open term guideProperty rights and title
Life estate
A life estate is an ownership interest measured by the life of a named person.
Open term guideIncome tax
Like-kind exchange
A like-kind exchange is 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
Liquidity is 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 load-bearing wall is 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-to-value ratio (LTV) is the loan amount expressed as a percentage of the applicable property value or price.
Open term guideM
Condominiums and cooperatives
Maintenance
Maintenance is the periodic amount a cooperative shareholder pays toward the corporation's building expenses and obligations.
Open term guideProperty management
Management agreement
A management agreement is a contract authorizing a property manager to perform stated services for an owner.
Open term guideValuation
Market value
Market value is an opinion of the most probable price a property should bring under specified competitive and open-market conditions.
Open term guide