NY Real Estate Exam Prep
100+ plain-English definitions of every key term on the NY Real Estate Salesperson Exam — with exam tips on exactly how each concept is tested.
Federal law prohibiting discrimination in the sale, rental, or financing of housing based on protected characteristics.
Fair HousingThe highest and most complete form of real property ownership, with no conditions or limitations.
Real PropertyThe highest legal duty of care and loyalty an agent owes to their client in a real estate transaction.
Agency & EthicsPersonal property that has been permanently attached to real property and is therefore considered part of the real estate.
Real PropertyThe legal process by which a lender seizes and sells a property to recover unpaid mortgage debt after the borrower defaults.
Real Estate FinanceAn estate in real property that lasts for an indefinite duration — either forever (fee simple) or for someone's lifetime (life estate).
Real PropertyUnlock the full glossary with Unlocked Access — $59
Sign up free to preview Chapters 1–3 and the A–E glossary →A lien that attaches to all of a debtor's property. Both real and personal, rather than to a single specific property.
Liens & EncumbrancesA lease in which the landlord pays all property expenses (taxes, insurance, maintenance) and the tenant pays a flat rental amount.
Property ManagementA quick valuation metric that divides a property's sale price by its gross annual or monthly rent.
Property ValuationUnlock the full glossary with Unlocked Access — $59
Sign up free to preview Chapters 1–3 and the A–E glossary →A legal protection that shields a portion of a homeowner's equity from certain creditors and reduces property tax liability.
Liens & EncumbrancesThe act of pledging property as collateral for a loan without giving up possession of it.
Real Estate FinanceUnlock the full glossary with Unlocked Access — $59
Sign up free to preview Chapters 1–3 and the A–E glossary →An appraisal method that estimates property value based on the income it generates, using capitalization of net operating income.
Property ValuationDying without a valid will, causing property to be distributed according to state law rather than the deceased's wishes.
Real PropertyUnlock the full glossary with Unlocked Access — $59
Sign up free to preview Chapters 1–3 and the A–E glossary →A form of co-ownership where two or more people hold equal shares with the right of survivorship.
Real PropertyAn involuntary general lien placed on a debtor's property as a result of a court judgment for money owed.
Liens & EncumbrancesUnlock the full glossary with Unlocked Access — $59
Sign up free to preview Chapters 1–3 and the A–E glossary →An illegal payment or referral fee given in exchange for directing business, prohibited under RESPA in mortgage transactions.
Real Estate FinanceUnlock the full glossary with Unlocked Access — $59
Sign up free to preview Chapters 1–3 and the A–E glossary →A federally required disclosure informing buyers and renters of known lead-based paint hazards in housing built before 1978.
Municipal AgenciesA contract that grants the right to possess and use property for a specified period in exchange for rent.
Property ManagementA legal claim against a property that secures the payment of a debt or obligation.
Liens & EncumbrancesAn ownership interest in real property that lasts only for the lifetime of a specified person.
Real PropertyA recorded notice that a lawsuit involving real property is pending, alerting potential buyers or lenders of the legal dispute.
Liens & EncumbrancesA contract between a property owner and a real estate broker authorizing the broker to find a buyer.
Agency & EthicsUnlock the full glossary with Unlocked Access — $59
Sign up free to preview Chapters 1–3 and the A–E glossary →The most probable price a property would bring in a competitive, open market under fair sale conditions.
Property ValuationAn involuntary lien filed by a contractor, subcontractor, or supplier who has not been paid for work performed on a property.
Liens & EncumbrancesA method of describing land using compass directions, distances, and natural or man-made landmarks to trace the property boundaries.
Real PropertyA property tax rate expressed as the tax per $1,000 of assessed property value, one mill equals one-tenth of one cent.
Real Estate MathA loan secured by real property, where the borrower pledges the property as collateral for repayment.
Real Estate FinanceUnlock the full glossary with Unlocked Access — $59
Sign up free to preview Chapters 1–3 and the A–E glossary →A lease in which the tenant pays base rent plus some or all property operating expenses.
Property ManagementA property's gross income minus operating expenses, before mortgage payments and income taxes.
Property ValuationA property use that was legal when established but no longer complies with current zoning regulations.
Land Use RegulationsUnlock the full glossary with Unlocked Access — $59
Sign up free to preview Chapters 1–3 and the A–E glossary →A legal document filed with the NY Attorney General that discloses all material information about a condominium or cooperative offering.
Co-ops & CondosUnlock the full glossary with Unlocked Access — $59
Sign up free to preview Chapters 1–3 and the A–E glossary →Movable property that is not permanently attached to land — furniture, vehicles, appliances, and other possessions.
Real PropertyThe government's authority to regulate private property use to protect public health, safety, and welfare, without paying compensation.
Real PropertyA legal document authorizing one person to act on behalf of another in legal or financial matters.
ContractsThe two components of a standard mortgage payment — principal reduces the loan balance; interest is the cost of borrowing.
Real Estate FinanceThe broker whose continuous, unbroken efforts directly led to a buyer's decision to purchase.
Agency & EthicsThe operation, oversight, and administration of real estate on behalf of the property owner.
Property ManagementThe lease agreement between a cooperative corporation and a shareholder-tenant, granting the right to occupy a specific unit.
Co-ops & CondosThe division of ongoing property expenses between buyer and seller based on the closing date.
Real Estate MathUnlock the full glossary with Unlocked Access — $59
Sign up free to preview Chapters 1–3 and the A–E glossary →A lawsuit filed to establish clear ownership of real property and remove any claims or clouds on the title.
Deeds & TitleUnlock the full glossary with Unlocked Access — $59
Sign up free to preview Chapters 1–3 and the A–E glossary →Land and everything permanently attached to it, including buildings, fixtures, and the rights that come with ownership.
Real PropertyThe act of filing a deed or other document in the county clerk's office to provide public notice of a real estate interest.
Deeds & TitleThe illegal practice of denying mortgage loans, insurance, or other services to residents of certain neighborhoods based on demographics.
Fair HousingA New York State law that limits annual rent increases and provides tenants with lease renewal rights in qualifying buildings.
Property ManagementThe Real Estate Settlement Procedures Act, a federal law governing disclosures and prohibiting kickbacks in residential mortgage transactions.
Real Estate FinanceThe automatic transfer of a deceased co-owner's interest to the surviving co-owners, bypassing probate.
Real PropertyUnlock the full glossary with Unlocked Access — $59
Sign up free to preview Chapters 1–3 and the A–E glossary →The entry-level NY real estate license, allowing the holder to perform brokerage activities under a sponsoring broker's supervision.
License LawMoney collected by a landlord from a tenant at the start of a lease to cover potential damages or unpaid rent.
Property ManagementA lien that attaches to one particular property rather than to all of a debtor's assets.
Liens & EncumbrancesA court order requiring a party who breached a real estate contract to actually complete the transaction.
ContractsA law requiring certain contracts, including real estate sales contracts to be in writing to be enforceable.
ContractsThe illegal practice of guiding buyers or renters toward or away from neighborhoods based on their protected class.
Fair HousingThe division of a larger parcel of land into smaller lots for sale or development, subject to local approval.
Land Use RegulationsA precise measurement and mapping of a property's boundaries, area, and physical features by a licensed surveyor.
Real PropertyUnlock the full glossary with Unlocked Access — $59
Sign up free to preview Chapters 1–3 and the A–E glossary →A form of co-ownership available only to married couples, with the right of survivorship and protection from individual creditors.
Real PropertyA form of co-ownership where two or more people hold separate, divisible shares with no right of survivorship.
Real PropertyInsurance that protects against financial loss from defects in a property's title that existed before the policy was issued.
Deeds & TitleA tax imposed on the transfer of real property ownership, paid at the time the deed is recorded.
Real Estate MathA separate bank account where a broker holds client funds, keeping them segregated from the broker's personal or business money.
License LawUnlock the full glossary with Unlocked Access — $59
Sign up free to preview Chapters 1–3 and the A–E glossary →Charging an interest rate on a loan that exceeds the legal maximum allowed by state law.
Real Estate FinanceUnlock the full glossary with Unlocked Access — $59
Sign up free to preview Chapters 1–3 and the A–E glossary →An official exception granted by a zoning board that allows a property to deviate from zoning requirements.
Land Use RegulationsUnlock the full glossary with Unlocked Access — $59
Sign up free to preview Chapters 1–3 and the A–E glossary →A deed in which the grantor guarantees clear title and agrees to defend against all claims — past and present.
Deeds & TitleUnlock the full glossary with Unlocked Access — $59
Sign up free to preview Chapters 1–3 and the A–E glossary →The actual return on an investment, expressed as a percentage, taking into account the price paid and income received.
Real Estate FinanceUnlock the full glossary with Unlocked Access — $59
Sign up free to preview Chapters 1–3 and the A–E glossary →Government regulations that divide land into zones and restrict how property in each zone may be used.
Land Use RegulationsUnlock the full glossary with Unlocked Access — $59
Sign up free to preview Chapters 1–3 and the A–E glossary →Unlocked turns these concepts into questions you can actually answer. Practice exams, flashcards, and Carl your AI tutor.
Start studying free →click for a haiku!