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 109 to 126
M
Property rights and title
Marketable title
Marketable title is title reasonably free from serious doubt or a substantial risk of litigation.
Open term guideReal estate math
Mill
A mill is a property-tax rate unit equal to one dollar of tax per one thousand dollars of taxable value.
Open term guideConstruction and environment
Mold
Mold is a fungus that grows indoors when moisture and a suitable surface are present.
Open term guideReal estate finance
Mortgage
A mortgage is a security instrument that creates a lien on real property to secure repayment of a debt.
Open term guideMortgage brokerage
Mortgage banker
A mortgage banker is a person or entity in the business of making mortgage loans with its own funds or a credit line, subject to applicable licensing or exemption rules.
Open term guideMortgage brokerage
Mortgage broker
A mortgage broker is a person or entity registered in New York to solicit, process, place or negotiate mortgage loans for others, without funding the loans itself.
Open term guideMortgage brokerage
Mortgage loan originator
A mortgage loan originator (MLO) is an individual who, for pay or expected gain, takes residential mortgage applications or offers or negotiates residential mortgage terms.
Open term guideReal estate finance
Mortgagee
A mortgagee is the lender or other holder that receives the mortgage interest securing the debt.
Open term guideReal estate finance
Mortgagor
A mortgagor is the borrower or property owner who gives a mortgage as security for a debt.
Open term guideN
Construction and environment
Negative declaration
A negative declaration is a lead agency's determination under SEQRA that an action will not have a significant adverse environmental impact.
Open term guideCommercial and investment
Net lease
A net lease is a lease under which the tenant pays specified property expenses in addition to rent.
Open term guideLicense law
Net listing
A net listing is a listing arrangement that sets an amount the owner will receive and lets the broker keep any excess as compensation.
Open term guideCommercial and investment
Net operating income
Net operating income (NOI) is the income a property has left after vacancy and operating expenses but before debt service and income taxes in the standard real estate formula.
Open term guideLand use
Nonconforming use
A nonconforming use is a land use that lawfully existed before a zoning change but does not comply with the new zoning rule.
Open term guideContracts and leases
Novation
A novation is a new agreement that substitutes a new party or obligation and releases the replaced party or obligation.
Open term guideO
Licensee safety
Open-house safety
Open-house safety is the set of procedures used to reduce risk to people, property and information during a public showing.
Open term guideProperty management
Operating budget
An operating budget is a plan of expected property income and operating expenses for a future period.
Open term guideCommercial and investment
Operating expense
An operating expense is a recurring cost of operating and maintaining an income property that is included in the standard NOI calculation.
Open term guide