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 109 to 126
M
Property rights and title
Marketable title
Title reasonably free from serious doubt or a substantial risk of litigation.
Open term guideReal estate math
Mill
A property-tax rate unit equal to one dollar of tax per one thousand dollars of taxable value.
Open term guideConstruction and environment
Mold
Fungi that can grow indoors when moisture and suitable material are present.
Open term guideReal estate finance
Mortgage
A security instrument that creates a lien on real property to secure repayment of a debt.
Open term guideMortgage brokerage
Mortgage banker
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 person or entity that solicits, processes, places or negotiates mortgage loans for others rather than acting as the funding lender in the ordinary broker role.
Open term guideMortgage brokerage
Mortgage loan originator
An individual who, for compensation or expected gain, takes a residential mortgage application or offers or negotiates residential mortgage terms, subject to statutory exceptions.
Open term guideReal estate finance
Mortgagee
The lender or other holder that receives the mortgage interest securing the debt.
Open term guideReal estate finance
Mortgagor
The borrower or property owner who gives a mortgage as security for a debt.
Open term guideN
Construction and environment
Negative declaration
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 lease under which the tenant pays specified property expenses in addition to rent.
Open term guideLicense law
Net listing
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
Property income remaining 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 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 new agreement that substitutes a new party or obligation and releases the replaced party or obligation.
Open term guideO
Licensee safety
Open-house safety
The procedures used to reduce risk to people, property and information during a public showing.
Open term guideProperty management
Operating budget
A plan of expected property income and operating expenses for a future period.
Open term guideCommercial and investment
Operating expense
A recurring cost of operating and maintaining an income property that is included in the standard NOI calculation.
Open term guide