{"id":546,"date":"2026-05-25T07:51:01","date_gmt":"2026-05-25T07:51:01","guid":{"rendered":"https:\/\/nyrealestateprep.com\/ny-real-estate-glossary\/"},"modified":"2026-08-08T07:16:47","modified_gmt":"2026-08-08T07:16:47","slug":"ny-real-estate-glossary","status":"publish","type":"page","link":"https:\/\/nyrealestateprep.com\/?page_id=546","title":{"rendered":"NY Real Estate Glossary \u2014 161 Key Terms Explained"},"content":{"rendered":"<style>\n.nyrep-page{font-family:Inter,-apple-system,BlinkMacSystemFont,sans-serif;background:#FBF7EF;color:#0F2A44;font-size:17px;line-height:1.6;padding:0 0 80px}\n.nyrep-page *{box-sizing:border-box}\n.nyrep-hero{padding:64px 24px 32px;text-align:center;max-width:780px;margin:0 auto}\n.nyrep-eyebrow{font-size:13px;font-weight:700;letter-spacing:.14em;text-transform:uppercase;color:#C9A55B;margin-bottom:14px;display:inline-block}\n.nyrep-page 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#E8DFCC;border-radius:12px;padding:20px 24px;margin:24px 0;font-size:15px}\n.nyrep-toc strong{color:#0F2A44;display:block;margin-bottom:8px;font-size:13px;letter-spacing:.08em;text-transform:uppercase;color:#C9A55B}\n.nyrep-toc a{color:#1B3A5A;text-decoration:none;margin-right:14px;display:inline-block;padding:4px 0}\n.nyrep-toc a:hover{color:#C9A55B}\n.nyrep-print{display:none}\n@media print{.nyrep-hero,.nyrep-cta,#nyrep-disclaimer,.nyrep-print-hide{display:none}.nyrep-page{background:#fff;color:#000;padding:0}.nyrep-card{break-inside:avoid;box-shadow:none;border:1px solid #ccc;margin-bottom:8px;padding:14px 16px}.nyrep-formula{background:#f5f5f5}}\n<\/style>\n<style>\n.nyrep-az-nav{position:sticky;top:8px;z-index:5;background:rgba(251,247,239,.92);backdrop-filter:blur(10px);padding:14px;border-radius:12px;border:1px solid #E8DFCC;margin:18px 0;text-align:center}\n.nyrep-az-nav a{display:inline-block;padding:6px 11px;margin:2px;border-radius:8px;color:#1B3A5A;font-weight:700;font-size:14px;text-decoration:none;transition:background .15s}\n.nyrep-az-nav a:hover{background:#C9A55B;color:#fff}\n.nyrep-term-card{background:#fff;border:1px solid #E8DFCC;border-radius:10px;padding:18px 22px;margin-bottom:10px}\n.nyrep-term-card h3{font-family:Fraunces,serif;font-weight:500;font-size:20px;color:#0F2A44;margin:0 0 6px}\n.nyrep-term-card p{margin:0;font-size:15.5px;color:#1B3A5A;line-height:1.55}\n.nyrep-search{width:100%;padding:14px 20px;border:1px solid #E8DFCC;border-radius:12px;font-size:16px;color:#0F2A44;font-family:Inter,sans-serif;background:#fff;margin:18px 0}\n.nyrep-search:focus{outline:none;border-color:#C9A55B;box-shadow:0 0 0 3px rgba(201,165,91,.15)}\n<\/style>\n<div class=\"nyrep-page\">\n<div class=\"nyrep-hero\">\n  <span class=\"nyrep-eyebrow\">Free reference<\/span><\/p>\n<h1 class=\"nyrep-h1\">NY Real Estate Glossary<\/h1>\n<p class=\"nyrep-lede\">161 essential terms tested on the New York Salesperson exam \u2014 defined plainly, NY-specific where it matters.<\/p>\n<\/div>\n<div class=\"nyrep-container\">\n<p><input type=\"text\" class=\"nyrep-search\" id=\"nyrep-glossary-search\" placeholder=\"\ud83d\udd0d Search terms\u2026 (e.g. agency, easement, cap rate)\"><\/p>\n<div class=\"nyrep-az-nav\"><a href=\"#L-A\">A<\/a><a href=\"#L-B\">B<\/a><a href=\"#L-C\">C<\/a><a href=\"#L-D\">D<\/a><a href=\"#L-E\">E<\/a><a href=\"#L-F\">F<\/a><a href=\"#L-G\">G<\/a><a href=\"#L-H\">H<\/a><a href=\"#L-I\">I<\/a><a href=\"#L-J\">J<\/a><a href=\"#L-L\">L<\/a><a href=\"#L-M\">M<\/a><a href=\"#L-N\">N<\/a><a href=\"#L-O\">O<\/a><a href=\"#L-P\">P<\/a><a href=\"#L-Q\">Q<\/a><a href=\"#L-R\">R<\/a><a href=\"#L-S\">S<\/a><a href=\"#L-T\">T<\/a><a href=\"#L-U\">U<\/a><a href=\"#L-V\">V<\/a><a href=\"#L-W\">W<\/a><a href=\"#L-Z\">Z<\/a><\/div>\n<div id=\"nyrep-disclaimer\">\n<div style=\"background:#FBF7EF;border:1px solid #E8DFCC;border-left:4px solid #C9A55B;border-radius:12px;padding:18px 22px;margin:32px 0;font-size:14px;line-height:1.55;color:#6B6056\"><strong style=\"color:#0F2A44;display:block;margin-bottom:6px\">Educational use only<\/strong>NY Real Estate Prep is an independent study tool \u2014 not affiliated with the New York Department of State or any licensing authority. This material is not legal, tax, or financial advice. Always verify current exam policies and licensing requirements directly with the NY DOS at <a href=\"https:\/\/dos.ny.gov\" rel=\"noopener\" style=\"color:#8C6230\">dos.ny.gov<\/a>.<\/div>\n<\/div>\n<div style=\"background:#FBF7EF;border:1px solid #E8DFCC;border-left:4px solid #C9A55B;border-radius:12px;padding:20px 24px;margin:28px 0;display:flex;flex-wrap:wrap;align-items:center;gap:16px;justify-content:space-between\">\n<div style=\"flex:1 1 300px\">\n<strong style=\"display:block;color:#0F2A44;font-size:17px;margin-bottom:4px\">Download the free PDF<\/strong><br \/>\n<span style=\"color:#6B6056;font-size:14px\">All 161 terms the NY exam tests, A&ndash;Z &mdash; save it to your phone for quick review.<\/span>\n<\/div>\n<p><a href=\"https:\/\/nyrealestateprep.com\/wp-content\/uploads\/2026\/08\/ny-real-estate-glossary.pdf\" download style=\"display:inline-block;background:#C9A55B;color:#0F2A44;font-weight:700;font-size:15px;text-decoration:none;padding:12px 24px;border-radius:999px;white-space:nowrap\">Download PDF &darr;<\/a>\n<\/div>\n<div id=\"nyrep-terms\">\n<div class=\"nyrep-letter-block\" id=\"L-A\">\n<h2 style=\"font-family:Fraunces,serif;font-size:42px;font-weight:500;color:#C9A55B;letter-spacing:-.02em;margin:32px 0 14px\">A<\/h2>\n<div class=\"nyrep-term-card\">\n<h3>Abatement<\/h3>\n<p>A reduction in something owed, such as a property tax abatement granted by a municipality. In NYC, the 421-a tax abatement reduces property taxes for new construction for a set period.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Abstract of Title<\/h3>\n<p>A condensed history of recorded documents affecting title to a parcel \u2014 deeds, mortgages, liens, judgments. Used to evaluate marketable title.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Acceleration Clause<\/h3>\n<p>A mortgage provision that allows the lender to demand the entire balance immediately upon default.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Acceptance<\/h3>\n<p>Unqualified agreement to the terms of an offer. Any change creates a counter-offer instead and terminates the original offer.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Accord and Satisfaction<\/h3>\n<p>Settlement of a debt or dispute by agreeing to accept something different from what was originally owed.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Accretion<\/h3>\n<p>Gradual addition to land through natural deposit of soil along a water boundary. The opposite of erosion.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Acknowledgment<\/h3>\n<p>A formal declaration before a notary that the signer executed a document voluntarily. Required for recording most deeds and mortgages in NY.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Acre<\/h3>\n<p>A unit of land area equal to 43,560 square feet. A square one-acre lot measures roughly 209 feet on each side.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Adverse Possession<\/h3>\n<p>Acquisition of title to real property by occupying it openly, continuously, and exclusively for the statutory period \u2014 10 years in NY for adverse possession against private owners.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Affidavit of Title<\/h3>\n<p>A sworn statement by the seller confirming no undisclosed liens, judgments, or other title defects exist since the title search was completed.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Agency<\/h3>\n<p>The fiduciary relationship between a principal and an agent. In NY, agency relationships must be disclosed in writing at first substantive contact.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Agency Disclosure Form<\/h3>\n<p>A written form required in NY at the first substantive contact about a specific property, disclosing whether the licensee represents the buyer, seller, or both.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Amortization<\/h3>\n<p>The gradual repayment of a loan through scheduled payments of principal and interest over time.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Appraisal<\/h3>\n<p>An estimate of a property&#8217;s market value, prepared by a licensed appraiser using approaches like sales comparison, cost, and income capitalization.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Appurtenant Easement<\/h3>\n<p>An easement that benefits a specific neighboring parcel (the dominant estate) and runs with the land. Compare with easement in gross.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Article 12-A<\/h3>\n<p>The section of NY Real Property Law that governs real estate brokers and salespersons \u2014 licensing, supervision, advertising, escrow, agency disclosure, discipline, and ethics.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Assessed Value<\/h3>\n<p>The value placed on property by a municipal tax assessor for the purpose of calculating property tax. Not necessarily market value.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Assignment<\/h3>\n<p>Transfer of contract rights or interests from one party to another. Compare with novation.<\/p>\n<\/div>\n<\/div>\n<div class=\"nyrep-letter-block\" id=\"L-B\">\n<h2 style=\"font-family:Fraunces,serif;font-size:42px;font-weight:500;color:#C9A55B;letter-spacing:-.02em;margin:32px 0 14px\">B<\/h2>\n<div class=\"nyrep-term-card\">\n<h3>Balloon Mortgage<\/h3>\n<p>A loan with regular payments that don&#8217;t fully amortize, leaving a large lump-sum payment due at maturity.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Bilateral Contract<\/h3>\n<p>A contract in which both parties exchange mutual promises. A real estate purchase contract is bilateral.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Blockbusting<\/h3>\n<p>Illegal practice of inducing owners to sell by suggesting that the racial, ethnic, or religious composition of the neighborhood is changing. Prohibited under federal and NY fair housing law.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Broker<\/h3>\n<p>A real estate licensee qualified to operate independently and supervise salespersons. In NY, brokers must hold an Article 12-A license issued by the DOS.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Buffer Zone<\/h3>\n<p>An area of land separating two different land uses, often residential from commercial or industrial.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Bundle of Rights<\/h3>\n<p>The legal rights of ownership: possess, use, enjoy, exclude others, dispose of, and encumber. Real property ownership conveys this bundle subject to government powers and private restrictions.<\/p>\n<\/div>\n<\/div>\n<div class=\"nyrep-letter-block\" id=\"L-C\">\n<h2 style=\"font-family:Fraunces,serif;font-size:42px;font-weight:500;color:#C9A55B;letter-spacing:-.02em;margin:32px 0 14px\">C<\/h2>\n<div class=\"nyrep-term-card\">\n<h3>Capitalization Rate<\/h3>\n<p>Net operating income divided by property value. Used to estimate value of income property.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Caveat Emptor<\/h3>\n<p>&#8220;Let the buyer beware.&#8221; The buyer is responsible for inspecting property; the seller is generally not required to disclose patent defects, though NY law requires a Property Condition Disclosure Statement for most 1-4 unit residential sales.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Closing<\/h3>\n<p>The final step in a real estate transaction where ownership transfers, funds disburse, and the deed is delivered.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Cloud on Title<\/h3>\n<p>Any encumbrance or claim that may impair the marketability of title \u2014 an unpaid lien, an unresolved court order, an old recorded interest.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>CMA (Comparative Market Analysis)<\/h3>\n<p>A broker&#8217;s estimate of a property&#8217;s likely sale price based on recently sold comparable properties. Not a formal appraisal.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Co-op (Cooperative)<\/h3>\n<p>A form of multi-unit residential ownership common in NYC where the building is owned by a corporation and residents own shares plus a proprietary lease for their unit.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Color of Title<\/h3>\n<p>An apparent but invalid claim to title, such as a deed that is defective. Relevant in adverse possession claims.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Commingling<\/h3>\n<p>Mixing client or escrow funds with the broker&#8217;s own funds. Strictly prohibited under NY license law \u2014 a serious violation.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Commission<\/h3>\n<p>Compensation paid to a broker for services, typically a percentage of the sale price. In NY, salespersons receive their commission only through their sponsoring broker.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Common Elements<\/h3>\n<p>Areas of a condominium or co-op shared by all owners \u2014 hallways, roof, lobby, mechanicals. Maintenance is funded by common charges.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Comparables (Comps)<\/h3>\n<p>Recently sold similar properties used to estimate the value of a subject property in a CMA or appraisal.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Condemnation<\/h3>\n<p>Government taking of private property for public use under eminent domain, with required just compensation.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Condominium<\/h3>\n<p>A form of ownership where the owner holds fee simple title to a unit plus an undivided interest in the common elements.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Conformity<\/h3>\n<p>An appraisal principle holding that property reaches maximum value when surrounded by similar properties.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Consideration<\/h3>\n<p>Something of legal value exchanged between parties \u2014 money, services, a promise. Required for a valid contract.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Contingency<\/h3>\n<p>A condition that must be satisfied for a contract to remain binding. Common contingencies include financing, inspection, and appraisal.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Conventional Loan<\/h3>\n<p>A mortgage not insured or guaranteed by a government agency (not FHA, VA, or USDA). Usually requires PMI if LTV exceeds 80%.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Counter-Offer<\/h3>\n<p>A response that changes any term of an offer. It rejects the original offer and creates a new offer the original party can accept, reject, or counter.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Covenant<\/h3>\n<p>A binding agreement, especially a promise in a deed or lease. Restrictive covenants limit how the property may be used.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Curtesy \/ Dower<\/h3>\n<p>Historical common-law spousal rights in real property. Abolished in NY and replaced by elective share rights under EPTL.<\/p>\n<\/div>\n<\/div>\n<div class=\"nyrep-letter-block\" id=\"L-D\">\n<h2 style=\"font-family:Fraunces,serif;font-size:42px;font-weight:500;color:#C9A55B;letter-spacing:-.02em;margin:32px 0 14px\">D<\/h2>\n<div class=\"nyrep-term-card\">\n<h3>Deed<\/h3>\n<p>A written legal instrument that transfers title to real property from the grantor to the grantee. Must be delivered and accepted to be effective.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Deed in Lieu of Foreclosure<\/h3>\n<p>An agreement where the borrower deeds the property to the lender to avoid foreclosure.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Default<\/h3>\n<p>Failure to perform a contractual obligation \u2014 typically failure to make mortgage payments.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Deficiency Judgment<\/h3>\n<p>A court judgment for the difference between the foreclosure sale price and the outstanding loan balance. NY restricts deficiency judgments on most residential mortgages.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Depreciation<\/h3>\n<p>Loss in property value from physical wear, functional obsolescence, or external factors. Also a tax deduction for income property owners.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Designated Agent<\/h3>\n<p>A licensee designated by a broker to represent one party (buyer or seller) in a transaction. Permits a single brokerage to represent both sides via designated agents with informed consent.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>DOS (NY Department of State)<\/h3>\n<p>The state agency that licenses and regulates NY real estate brokers and salespersons through the Division of Licensing Services.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Dual Agency<\/h3>\n<p>A situation where one agent represents both buyer and seller in the same transaction. In NY, requires written informed consent from both parties.<\/p>\n<\/div>\n<\/div>\n<div class=\"nyrep-letter-block\" id=\"L-E\">\n<h2 style=\"font-family:Fraunces,serif;font-size:42px;font-weight:500;color:#C9A55B;letter-spacing:-.02em;margin:32px 0 14px\">E<\/h2>\n<div class=\"nyrep-term-card\">\n<h3>Easement<\/h3>\n<p>A right to use another&#8217;s land for a specific purpose \u2014 a utility right-of-way, an access path. Runs with the land if appurtenant.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Easement Appurtenant<\/h3>\n<p>An easement that benefits the owner of an adjacent parcel (the dominant estate) and burdens the servient estate. Transfers with property ownership.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Easement in Gross<\/h3>\n<p>An easement that benefits a person or entity rather than a parcel \u2014 typical of utility easements.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Eminent Domain<\/h3>\n<p>The constitutional power of government to take private property for public use upon paying just compensation.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Encroachment<\/h3>\n<p>An unauthorized intrusion of one property onto another \u2014 a fence over the line, a roof overhang.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Encumbrance<\/h3>\n<p>Anything that affects or limits title to property: a lien, easement, deed restriction, or encroachment.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Equity<\/h3>\n<p>The owner&#8217;s interest in property \u2014 market value minus liens and other encumbrances.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Escheat<\/h3>\n<p>Reversion of property to the state when an owner dies without heirs and without a will.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Escrow<\/h3>\n<p>Funds or documents held by a neutral third party until contract conditions are met. NY license law requires brokers to maintain client escrow funds in segregated accounts.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Estate at Will<\/h3>\n<p>A tenancy that continues for an indefinite period and can be terminated by either party with proper notice.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Estate for Years<\/h3>\n<p>A tenancy with a defined start and end date \u2014 the most common commercial lease form.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Estoppel Certificate<\/h3>\n<p>A signed statement by a tenant or lender confirming the current status of a lease or loan \u2014 used to give certainty to a buyer or new lender.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Exclusive Agency Listing<\/h3>\n<p>A listing where the broker is the only agent authorized but the seller retains the right to sell without paying commission if they find the buyer themselves.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Exclusive Right to Sell Listing<\/h3>\n<p>A listing where the broker earns commission no matter who finds the buyer \u2014 including the seller. The most protective form for the broker.<\/p>\n<\/div>\n<\/div>\n<div class=\"nyrep-letter-block\" id=\"L-F\">\n<h2 style=\"font-family:Fraunces,serif;font-size:42px;font-weight:500;color:#C9A55B;letter-spacing:-.02em;margin:32px 0 14px\">F<\/h2>\n<div class=\"nyrep-term-card\">\n<h3>Fair Housing Act<\/h3>\n<p>Federal law (42 U.S.C. \u00a73601) prohibiting discrimination in housing based on race, color, religion, sex, national origin, familial status, and disability. NY adds additional protected classes.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Fee Simple Absolute<\/h3>\n<p>The highest form of property ownership \u2014 full rights, no time limit, inheritable. The default in NY unless restricted.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>FHA Loan<\/h3>\n<p>A mortgage insured by the Federal Housing Administration. Allows lower down payments (3.5%) for qualifying borrowers.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Fiduciary Duties<\/h3>\n<p>The duties an agent owes a principal: loyalty, obedience, disclosure, confidentiality, accountability, and reasonable care (often remembered as OLD-CAR).<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Foreclosure<\/h3>\n<p>The legal process by which a lender seizes and sells mortgaged property after default. NY uses judicial foreclosure \u2014 requires court action.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Fraud<\/h3>\n<p>Intentional misrepresentation of a material fact to induce someone to act, causing damage. A serious licensing violation under Article 12-A.<\/p>\n<\/div>\n<\/div>\n<div class=\"nyrep-letter-block\" id=\"L-G\">\n<h2 style=\"font-family:Fraunces,serif;font-size:42px;font-weight:500;color:#C9A55B;letter-spacing:-.02em;margin:32px 0 14px\">G<\/h2>\n<div class=\"nyrep-term-card\">\n<h3>General Lien<\/h3>\n<p>A lien attaching to all of a debtor&#8217;s property, not just one parcel \u2014 judgment liens and tax liens are general.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Grant<\/h3>\n<p>The act of conveying title from grantor to grantee, usually through a deed.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Grantor \/ Grantee<\/h3>\n<p>Grantor = the party transferring an interest. Grantee = the party receiving it.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Gross Lease<\/h3>\n<p>A lease where the landlord pays all operating expenses (taxes, insurance, maintenance). Common in residential.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Gross Rent Multiplier (GRM)<\/h3>\n<p>Sale price divided by monthly gross rent. A quick valuation tool for small income properties.<\/p>\n<\/div>\n<\/div>\n<div class=\"nyrep-letter-block\" id=\"L-H\">\n<h2 style=\"font-family:Fraunces,serif;font-size:42px;font-weight:500;color:#C9A55B;letter-spacing:-.02em;margin:32px 0 14px\">H<\/h2>\n<div class=\"nyrep-term-card\">\n<h3>Highest and Best Use<\/h3>\n<p>The legally permissible, physically possible, financially feasible, and most productive use of a property.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>HOA (Homeowners Association)<\/h3>\n<p>An organization that manages shared community amenities and enforces covenants in planned communities and condominiums.<\/p>\n<\/div>\n<\/div>\n<div class=\"nyrep-letter-block\" id=\"L-I\">\n<h2 style=\"font-family:Fraunces,serif;font-size:42px;font-weight:500;color:#C9A55B;letter-spacing:-.02em;margin:32px 0 14px\">I<\/h2>\n<div class=\"nyrep-term-card\">\n<h3>Implied Contract<\/h3>\n<p>A contract created by conduct rather than express words.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Income Approach<\/h3>\n<p>An appraisal method that values property based on the income it generates \u2014 most appropriate for commercial and investment property.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Independent Contractor<\/h3>\n<p>Most NY real estate salespersons work as independent contractors of their sponsoring broker rather than as employees, though the broker still supervises licensed activity.<\/p>\n<\/div>\n<\/div>\n<div class=\"nyrep-letter-block\" id=\"L-J\">\n<h2 style=\"font-family:Fraunces,serif;font-size:42px;font-weight:500;color:#C9A55B;letter-spacing:-.02em;margin:32px 0 14px\">J<\/h2>\n<div class=\"nyrep-term-card\">\n<h3>Joint Tenancy<\/h3>\n<p>Co-ownership with the four unities (time, title, interest, possession) and the right of survivorship \u2014 the deceased owner&#8217;s share passes automatically to surviving joint tenants.<\/p>\n<\/div>\n<\/div>\n<div class=\"nyrep-letter-block\" id=\"L-L\">\n<h2 style=\"font-family:Fraunces,serif;font-size:42px;font-weight:500;color:#C9A55B;letter-spacing:-.02em;margin:32px 0 14px\">L<\/h2>\n<div class=\"nyrep-term-card\">\n<h3>Land Contract<\/h3>\n<p>An installment sale where the buyer takes possession but the seller retains legal title until the purchase price is paid in full.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Lease<\/h3>\n<p>A contract granting use and possession of property for a specified term in exchange for rent.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Leasehold Estate<\/h3>\n<p>The tenant&#8217;s interest in leased property. Includes estates for years, periodic tenancies, tenancies at will, and tenancies at sufferance.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>License (Property)<\/h3>\n<p>A revocable personal permission to use another&#8217;s land \u2014 narrower than an easement and not assignable.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Lien<\/h3>\n<p>A monetary encumbrance against property \u2014 mortgages, mechanic&#8217;s liens, tax liens, judgment liens.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Liquidated Damages<\/h3>\n<p>An amount agreed in advance to be paid by the breaching party \u2014 typically the buyer&#8217;s deposit is the seller&#8217;s liquidated damages if the buyer wrongfully defaults.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Listing Agreement<\/h3>\n<p>A contract between a seller and a broker authorizing the broker to market the property for compensation. Types include exclusive right to sell, exclusive agency, and open listings.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Loan-to-Value (LTV)<\/h3>\n<p>Loan amount divided by property value. Lenders use LTV to assess risk.<\/p>\n<\/div>\n<\/div>\n<div class=\"nyrep-letter-block\" id=\"L-M\">\n<h2 style=\"font-family:Fraunces,serif;font-size:42px;font-weight:500;color:#C9A55B;letter-spacing:-.02em;margin:32px 0 14px\">M<\/h2>\n<div class=\"nyrep-term-card\">\n<h3>Marketable Title<\/h3>\n<p>Title free of significant defects, allowing a reasonable buyer to accept without fear of future legal challenge.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Mechanic&#8217;s Lien<\/h3>\n<p>A statutory lien filed by a contractor or supplier who has provided labor or materials and has not been paid.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Meeting of the Minds<\/h3>\n<p>Mutual assent on all essential terms \u2014 a requirement for a valid contract.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Metes and Bounds<\/h3>\n<p>A legal land description that traces the property&#8217;s perimeter using distances and directions from a starting point.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Mill<\/h3>\n<p>One mill = $1 of tax per $1,000 of assessed value. A 25-mill rate on a $100,000 assessed value = $2,500 annual tax.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>MLS (Multiple Listing Service)<\/h3>\n<p>A cooperative system in which broker members share listings and agree to share commissions.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Mortgage<\/h3>\n<p>A loan secured by real property. The borrower (mortgagor) grants a security interest to the lender (mortgagee).<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Mortgage Broker<\/h3>\n<p>A licensed intermediary who connects borrowers with lenders. Separately licensed from real estate brokers in NY.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Mortgagor \/ Mortgagee<\/h3>\n<p>Mortgagor = the borrower granting the mortgage. Mortgagee = the lender holding it.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Multiple Dwelling Law<\/h3>\n<p>NY statute (Multiple Dwelling Law \u00a71 et seq.) regulating safety, sanitation, and habitability in residential buildings with three or more units.<\/p>\n<\/div>\n<\/div>\n<div class=\"nyrep-letter-block\" id=\"L-N\">\n<h2 style=\"font-family:Fraunces,serif;font-size:42px;font-weight:500;color:#C9A55B;letter-spacing:-.02em;margin:32px 0 14px\">N<\/h2>\n<div class=\"nyrep-term-card\">\n<h3>Net Lease<\/h3>\n<p>A lease where the tenant pays some or all of the operating expenses in addition to base rent (single, double, or triple net).<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Net Listing<\/h3>\n<p>A listing where the broker keeps any amount above a net price agreed with the seller. Discouraged or prohibited in many states due to conflict of interest. Permitted in NY but heavily scrutinized.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Net Operating Income (NOI)<\/h3>\n<p>Property&#8217;s gross income minus operating expenses (before debt service and income tax). Used in cap rate calculations.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Non-Conforming Use<\/h3>\n<p>A property use that was lawful when established but no longer complies with current zoning. Typically grandfathered.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Notice<\/h3>\n<p>Actual notice = known directly. Constructive notice = knowledge imputed by public recording. Recording a deed in NY gives constructive notice to the world.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Novation<\/h3>\n<p>Substitution of a new contract or new party for an old one, releasing the original obligor \u2014 different from assignment, which transfers rights but keeps the original obligor liable.<\/p>\n<\/div>\n<\/div>\n<div class=\"nyrep-letter-block\" id=\"L-O\">\n<h2 style=\"font-family:Fraunces,serif;font-size:42px;font-weight:500;color:#C9A55B;letter-spacing:-.02em;margin:32px 0 14px\">O<\/h2>\n<div class=\"nyrep-term-card\">\n<h3>Open Listing<\/h3>\n<p>A non-exclusive listing where the seller may engage multiple brokers and pays commission only to the one who actually procures the buyer.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Option Contract<\/h3>\n<p>A contract giving the optionee the right (but not the obligation) to buy property within a set period for a set price, in exchange for consideration.<\/p>\n<\/div>\n<\/div>\n<div class=\"nyrep-letter-block\" id=\"L-P\">\n<h2 style=\"font-family:Fraunces,serif;font-size:42px;font-weight:500;color:#C9A55B;letter-spacing:-.02em;margin:32px 0 14px\">P<\/h2>\n<div class=\"nyrep-term-card\">\n<h3>PITI<\/h3>\n<p>Principal, Interest, Taxes, Insurance \u2014 the four components of a typical residential mortgage payment.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>PMI (Private Mortgage Insurance)<\/h3>\n<p>Insurance required on most conventional loans with LTV above 80%, protecting the lender against borrower default.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Power of Attorney<\/h3>\n<p>A written authorization to act on someone else&#8217;s behalf in real estate transactions and other matters.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Prepayment Penalty<\/h3>\n<p>A fee charged for paying off a mortgage early. Many residential mortgages prohibit them; NY restricts them on certain consumer loans.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Principal<\/h3>\n<p>(1) The party an agent represents. (2) The portion of a mortgage payment that reduces the loan balance.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Property Condition Disclosure Statement (PCDS)<\/h3>\n<p>NY-required disclosure form for most 1-4 unit residential sales. Failure to deliver allows the buyer a $500 credit at closing.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Property Management<\/h3>\n<p>Operation, control, and oversight of real estate on behalf of an owner. Property managers in NY who lease space generally need a real estate broker&#8217;s license.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Proration<\/h3>\n<p>Allocating expenses between buyer and seller as of closing \u2014 typically taxes, fuel, insurance, rent.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Puffing<\/h3>\n<p>Exaggerated opinion-based sales statements (&#8220;This is the most charming house in town!&#8221;). Not actionable misrepresentation unless they cross into false statements of fact.<\/p>\n<\/div>\n<\/div>\n<div class=\"nyrep-letter-block\" id=\"L-Q\">\n<h2 style=\"font-family:Fraunces,serif;font-size:42px;font-weight:500;color:#C9A55B;letter-spacing:-.02em;margin:32px 0 14px\">Q<\/h2>\n<div class=\"nyrep-term-card\">\n<h3>Quiet Enjoyment<\/h3>\n<p>The tenant&#8217;s right to undisturbed use of leased premises \u2014 implied in every lease.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Quitclaim Deed<\/h3>\n<p>A deed that transfers whatever interest the grantor has, with no warranties. Often used between family or to clear clouds on title.<\/p>\n<\/div>\n<\/div>\n<div class=\"nyrep-letter-block\" id=\"L-R\">\n<h2 style=\"font-family:Fraunces,serif;font-size:42px;font-weight:500;color:#C9A55B;letter-spacing:-.02em;margin:32px 0 14px\">R<\/h2>\n<div class=\"nyrep-term-card\">\n<h3>Real Estate Salesperson<\/h3>\n<p>A licensee who must work under the supervision of a sponsoring broker. Cannot accept compensation directly from anyone other than the sponsoring broker in NY.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Recording<\/h3>\n<p>Filing a document (deed, mortgage, lien) in the county clerk&#8217;s office to give constructive notice to the public.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Rectangular Survey System<\/h3>\n<p>A federal land description method using townships, sections, and ranges. Not used in NY \u2014 NY uses metes and bounds and lot-and-block.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Redemption<\/h3>\n<p>The right of a defaulting borrower to recover the property by paying the debt \u2014 equitable redemption (before foreclosure sale) is recognized in NY.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Rent Stabilization<\/h3>\n<p>A NY system primarily affecting NYC and certain other localities, regulating rent increases and lease renewals for many older multi-unit buildings. Different from rent control, which is even more restrictive and rarer.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>RESPA (Real Estate Settlement Procedures Act)<\/h3>\n<p>Federal law requiring disclosures and prohibiting kickbacks in residential mortgage transactions.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Restrictive Covenant<\/h3>\n<p>A private deed restriction limiting how property may be used. Enforceable as long as it doesn&#8217;t violate fair housing or public policy.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Reversion<\/h3>\n<p>The right of a grantor to regain ownership after a life estate or other limited estate ends.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Riparian Rights<\/h3>\n<p>Rights of an owner of land bordering a non-navigable waterway to reasonable use of the water.<\/p>\n<\/div>\n<\/div>\n<div class=\"nyrep-letter-block\" id=\"L-S\">\n<h2 style=\"font-family:Fraunces,serif;font-size:42px;font-weight:500;color:#C9A55B;letter-spacing:-.02em;margin:32px 0 14px\">S<\/h2>\n<div class=\"nyrep-term-card\">\n<h3>Sales Comparison Approach<\/h3>\n<p>An appraisal method that estimates value based on recent sales of similar properties, adjusted for differences.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Salesperson Sponsorship<\/h3>\n<p>In NY, every salesperson must be sponsored by a licensed broker. A salesperson cannot operate independently.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Security Deposit<\/h3>\n<p>Money held by a landlord to cover unpaid rent or damages. NY caps residential security deposits at one month&#8217;s rent under General Obligations Law \u00a77-108.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Severalty<\/h3>\n<p>Ownership by a single person or entity \u2014 not co-owned.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Source of Income<\/h3>\n<p>A protected class under NY State Human Rights Law. Landlords cannot discriminate against lawful sources of income including Social Security, disability, child support, or housing vouchers.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Specific Performance<\/h3>\n<p>A court remedy requiring a breaching party to perform the contract (deliver the deed) rather than just pay damages. Available when the property is unique.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Statute of Frauds<\/h3>\n<p>A rule requiring certain contracts (including most real estate contracts and leases over one year) to be in writing to be enforceable.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Steering<\/h3>\n<p>Illegally directing prospective buyers or renters toward or away from particular neighborhoods based on protected class. Prohibited under fair housing law.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Subagent<\/h3>\n<p>An agent of an agent. Rare in modern NY practice due to disclosure requirements.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Sublease<\/h3>\n<p>A lease by a tenant of part or all of leased premises to a new tenant (the sublessee), while the original tenant remains liable to the landlord.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Subordination<\/h3>\n<p>Voluntary acceptance of a junior priority position by a lienholder \u2014 common in refinancing where a second mortgage subordinates to a new first.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Survey<\/h3>\n<p>A measurement of property boundaries and improvements. Often required by lenders before closing.<\/p>\n<\/div>\n<\/div>\n<div class=\"nyrep-letter-block\" id=\"L-T\">\n<h2 style=\"font-family:Fraunces,serif;font-size:42px;font-weight:500;color:#C9A55B;letter-spacing:-.02em;margin:32px 0 14px\">T<\/h2>\n<div class=\"nyrep-term-card\">\n<h3>Tenancy by the Entirety<\/h3>\n<p>A form of co-ownership available only to married couples in NY, with right of survivorship and protection from individual creditors of one spouse.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Tenancy in Common<\/h3>\n<p>Co-ownership where each owner has a separately conveyable and inheritable undivided interest. No right of survivorship \u2014 interest passes by will or intestacy.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Tenant<\/h3>\n<p>A person who occupies and uses property under a lease \u2014 the lessee.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Time Is of the Essence<\/h3>\n<p>A contract clause making timely performance a strict condition. Without it, courts allow reasonable time.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Title Insurance<\/h3>\n<p>Insurance protecting against losses from undiscovered title defects. NY rates are regulated by the NY Department of Financial Services.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Title Search<\/h3>\n<p>Examination of public records to confirm ownership and identify encumbrances.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Trust Deed (Deed of Trust)<\/h3>\n<p>An alternative to a mortgage used in some states \u2014 not commonly used in NY, which uses mortgages.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Trustee<\/h3>\n<p>A person or entity holding legal title to property for the benefit of another (the beneficiary).<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Truth in Lending Act (TILA)<\/h3>\n<p>Federal law requiring clear disclosure of loan terms and APR to consumers.<\/p>\n<\/div>\n<\/div>\n<div class=\"nyrep-letter-block\" id=\"L-U\">\n<h2 style=\"font-family:Fraunces,serif;font-size:42px;font-weight:500;color:#C9A55B;letter-spacing:-.02em;margin:32px 0 14px\">U<\/h2>\n<div class=\"nyrep-term-card\">\n<h3>Underwriting<\/h3>\n<p>The lender&#8217;s process of evaluating a borrower&#8217;s creditworthiness and the property as collateral.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Unilateral Contract<\/h3>\n<p>A contract where one party promises performance only if the other completes a specific act \u2014 e.g., an open listing or a reward.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Usury<\/h3>\n<p>Charging interest above the legal limit. NY&#8217;s civil usury cap is generally 16% for loans to individuals.<\/p>\n<\/div>\n<\/div>\n<div class=\"nyrep-letter-block\" id=\"L-V\">\n<h2 style=\"font-family:Fraunces,serif;font-size:42px;font-weight:500;color:#C9A55B;letter-spacing:-.02em;margin:32px 0 14px\">V<\/h2>\n<div class=\"nyrep-term-card\">\n<h3>VA Loan<\/h3>\n<p>A mortgage guaranteed by the U.S. Department of Veterans Affairs. Often allows no down payment for qualifying veterans.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Variance<\/h3>\n<p>Permission to deviate from a zoning rule. Use variances and area variances have different standards under NY zoning law.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Vendor \/ Vendee<\/h3>\n<p>Vendor = seller. Vendee = buyer (in a contract of sale).<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Voidable Contract<\/h3>\n<p>A contract that one party may either enforce or rescind \u2014 typical for contracts involving minors or those induced by fraud.<\/p>\n<\/div>\n<\/div>\n<div class=\"nyrep-letter-block\" id=\"L-W\">\n<h2 style=\"font-family:Fraunces,serif;font-size:42px;font-weight:500;color:#C9A55B;letter-spacing:-.02em;margin:32px 0 14px\">W<\/h2>\n<div class=\"nyrep-term-card\">\n<h3>Warranty Deed<\/h3>\n<p>A deed in which the grantor warrants title against defects. The strongest form of deed protection for the buyer.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Will<\/h3>\n<p>A legal instrument disposing of property at death. Real property passing by will goes through probate.<\/p>\n<\/div>\n<div class=\"nyrep-term-card\">\n<h3>Writ of Execution<\/h3>\n<p>A court order directing the sheriff to enforce a judgment, often by selling the debtor&#8217;s property.<\/p>\n<\/div>\n<\/div>\n<div class=\"nyrep-letter-block\" id=\"L-Z\">\n<h2 style=\"font-family:Fraunces,serif;font-size:42px;font-weight:500;color:#C9A55B;letter-spacing:-.02em;margin:32px 0 14px\">Z<\/h2>\n<div class=\"nyrep-term-card\">\n<h3>Zoning<\/h3>\n<p>Local government regulation of land use through districts and rules. Adopted under the state&#8217;s police power.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"nyrep-cta\">\n<h3>Test your knowledge<\/h3>\n<p>Once you&#8217;ve reviewed the terms, see how many you can answer correctly with a free 10-question diagnostic.<\/p>\n<p><a href=\"\/courses\/free-ny-real-estate-quiz\/\" class=\"nyrep-btn\">Take the free diagnostic \u2192<\/a>\n<\/div>\n<\/div>\n<\/div>\n<p><script>\n(function(){\n  var s = document.getElementById('nyrep-glossary-search');\n  var cards = document.querySelectorAll('.nyrep-term-card');\n  var letters = document.querySelectorAll('.nyrep-letter-block');\n  s.addEventListener('input', function(){\n    var q = this.value.toLowerCase().trim();\n    cards.forEach(function(c){\n      var t = c.textContent.toLowerCase();\n      c.style.display = (!q || t.indexOf(q) !== -1) ? '' : 'none';\n    });\n    letters.forEach(function(b){\n      var hasVisible = Array.from(b.querySelectorAll('.nyrep-term-card')).some(function(c){ return c.style.display !== 'none'; });\n      b.style.display = hasVisible ? '' : 'none';\n    });\n  });\n})();\n<\/script><\/p>\n<div style=\"background:#0F2A44;border-radius:14px;padding:24px 28px;margin:28px 0;color:#FBF7EF;display:flex;flex-wrap:wrap;align-items:center;gap:18px;justify-content:space-between\">\n<div style=\"flex:1 1 320px\">\n<strong style=\"display:block;font-size:19px;margin-bottom:6px;color:#fff\">5 free printable PDFs<\/strong><br \/>\n<span style=\"font-size:14.5px;line-height:1.6;color:#D6E2EE\">Math formula sheet, 161-term glossary, New York quick reference, 4-week study plan and exam day checklist. No email required.<\/span>\n<\/div>\n<p><a href=\"https:\/\/nyrealestateprep.com\/free-pdf-downloads\/\" style=\"display:inline-block;background:#C9A55B;color:#0F2A44;font-weight:700;font-size:15px;text-decoration:none;padding:12px 26px;border-radius:999px;white-space:nowrap\">Get the PDFs &rarr;<\/a>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Free reference NY Real Estate Glossary 161 essential terms tested on the New York Salesperson exam \u2014 defined plainly, NY-specific where it matters. ABCDEFGHIJLMNOPQRSTUVWZ Educational use onlyNY Real Estate Prep is an independent study tool \u2014 not affiliated with the New York Department of State or any licensing authority. This material is not legal, tax, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-546","page","type-page","status-publish","hentry"],"_hostinger_reach_plugin_has_subscription_block":false,"_hostinger_reach_plugin_is_elementor":false,"_links":{"self":[{"href":"https:\/\/nyrealestateprep.com\/index.php?rest_route=\/wp\/v2\/pages\/546","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nyrealestateprep.com\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/nyrealestateprep.com\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/nyrealestateprep.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nyrealestateprep.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=546"}],"version-history":[{"count":2,"href":"https:\/\/nyrealestateprep.com\/index.php?rest_route=\/wp\/v2\/pages\/546\/revisions"}],"predecessor-version":[{"id":1026,"href":"https:\/\/nyrealestateprep.com\/index.php?rest_route=\/wp\/v2\/pages\/546\/revisions\/1026"}],"wp:attachment":[{"href":"https:\/\/nyrealestateprep.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=546"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}