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Terms in this set (75)
The section of the New York Real Property Law pertaining to real estate salespersons and brokers.
- Primary purpose is to "Protect the Public"
- Requires a salesperson to be at least 18 years of age
- Requires a broker to be at least 20 years of age
A licensed real estate broker that holds the license of a salesperson.
Summary of your submission
Obtained after your register for the New York State Salesperson exam using eAccessNY. You must bring your "Summary of Your Submission" with you when taking the State exam.
An employment contract between principal and agent, authorizing the
agent to perform services for the principle involving the latter's property.
Disclosure regarding real estate agency form
A written explanation, to be signed by a prospective buyer or seller of real estate, explaining to the client the role that the broker plays in the transaction.
- First document to be submitted to all prospective clients
An agreement of employment of a broker to the exclusion of all other brokers; if sale is made by any other broker during term of employment, broker holding exclusive agency is entitled to commissions in addition to the commissions payable to the broker who effected the transaction
- Made between a broker and a seller
The employer of an agent or broker; the broker's or agent's client.
Agreement not to compete in certain areas.
Rights to a body of water that borders a property
Rights to a body of water that borders a property
A Lien that binds only to a specific asset (mortgage)
A lien created by action of debtor but consensual, typically for a loan.
A lien imposed by law to collect taxes
A right to cross another property
A right or interest in a property interfering with its use or transfer, or subjecting it to obligation.
Affirmative easement appurtenant
parcels without access to public roads may need rights to cross another property if completely land locked.
Full Covenant and Warranty Deed
The grantor guarantees that he or she holds a clear title and has the right to sell it. Strongest type of deed.
A deed which conveys simply the grantor's rights or interest in real estate, without any agreement or covenant as to the nature or extent of that interest, or any other covenants; usually used to remove a cloud from the title.
A clause in a deed or lease that defines the type of interest and rights to be enjoyed by the grantee or lessee. Also known as the "to have and to hold'" clause.
Delivery and Acceptance
Legal policy mandates that a deed to real property be a matter of public record; therefore, subsequent to delivery and acceptance, a deed must be properly recorded.
Chain of Title
The sequence of historical transfers of title to a property. It runs from the
present owner back to the original owner of the property.
Legal term for bundle of rights
Details fees, commissions, insurances etc... must be transacted for a successful transfer of ownership.
Essential Elements of a Deed
Consideration, be written, and competent parties
Estate for Years
Leasehold estate for a specific period of time. Not automatically renewed.
A contract in which all elements of a contract are specifically stated (offer, acceptance, consideration).
Attorney Review Clause
A clause found in real estate contracts that may allow buyers to walk away from an agreed upon sale for any reason.
Mortgage Contingency Clause
A clause in a contract that states a mortgage must be obtained in order for the contract to be binding.
A tenant who remains in possession of leased property after the expiration
of the lease term.
Triple Net Lease
A lease commonly found in a building with a single, long-term tenant.
Legal agreement by which a bank lends money in exchange for taking title of the debtor's property, with the condition that the conveyance of title becomes void upon payment of the debt.
The actual interest rate charged, including loan fees and points.
Secondary Mortgage Market
The market where mortgage loans and servicing rights are bought and sold between mortgage originators, mortgage aggregators (securitizers) and investors.
Loan to Value
A financial term used by lenders to express the ratio of a loan to the value of an asset (property) purchased.
- Determined by using the Purchase Price or the Appraised Value, whichever is less.
Regulations established by state or local governments stating fully that structural requirements for building.
- Building codes are enforced by the issuance of permits.
Certificate of Occupancy
A document issued by a governmental authority that a building is ready and fit for occupancy.
Drawings produced by Architects that describe the quantities of a
A written document produced by an Architect that describes the quality of construction for a building.
Mandated warranty for new construction according to the NYS General Business Law 36- B:
1) 1 year of workmanship
2) 6 years for material defects
3) 2 years for plumbing, electrical, and HVAC systems
a Federal law that makes real estate licensees liable for the disclosure of lead paint.
A method of estimating the value of real property by calculating a current construction cost, subtracting accrued depreciation and adding a land value obtained from the market.
- Used for specialized properties that don't have many comparables.
An appraisal technique whereby the value of an income producing property is estimating by capitalizing its net operating income using an appropriate capitalization rate. Value = Income / Rate.
- Commonly used in commercial properties
Sales comparison approach
Valuation method which compares a subject property's characteristics with those of comparable properties which have recently sold in similar transactions.
The refusal to lend money within a specific area for various reasons. This practice
Fair Housing Act of 1968
A federal prohibition that protects buyer/renter of a dwelling from seller/landlord discrimination with regards to race, color, religion, gender, national origin, familial status, or disability.
Board vs Brown of Education
Separate is not equal
Volunteers from state or private agencies who enforce fair housing by claiming to be
home seekers, thereby finding out if brokers deal fairly with all clients/customers.
Responsible for developing and controlling a municipality's comprehensive
strategy for growth and development
Architectural review board
Oversees and upholds the quality and aesthetics of a neighborhood, town, or city.
A town or city agency that oversees and reviews building applications by licensed professionals to ensure compliance with local building code and zoning ordinances.
Insurance policy that covers amounts above those covered under one or more other primary policies, and which does not pay until the losses exceed a certain sum. Also called excess insurance.
Responsible for determining a municipality's tax rate.
Assessment of Tax
A valuation placed upon property by a public officer or a board, as a basis for taxation.
Share in a cooperative unit
Considered a proprietary lease and personal property (NOT real
The Offering Plan
A key document provided during the purchase of a cooperative, which includes information required to be disclosed to the purchaser.
A series of documents submitted for the review by a cooperative board.
The owner's rights and obligations for a condominium.
Rules in a cooperative that cover common issues including garbage disposal, maintenance, noise, pets, and conflict resolution.
Considered real property, which is conveyed by a deed.
Monthly payments by a shareholder to a cooperative corporation.
Monthly payment by an owner of a condominium.
The developer or owner organizing and offering for sale a condominium or cooperative development.
The use of borrowed capital (mortgage) to increase the potential return of an
An accounting statement that forecasts income and expenses for a period of time, typically five or more years.
NOI / Purchase Price
The ability to have cash readily available to support the demands of running andmaintaining real property
A profit that results from the sale of a property where the amount realized from the sale exceeds the purchase price.
Any method of reducing taxable income resulting in a reduction of the payments to tax collecting entities, including state and federal governments.
A method of calculating the depreciation of an asset which assumes the asset will lose an equal amount of value each year.
- A residential property is depreciated over a 27.5 year period. - A commercial property is depreciated over a 39 year period.
45 days to identify a new property
- 180 days to close on a new property
Someone authorized to transact every kind of business for the principal
The total amount collected from rents and other income producing opportunities.
A contract between the owner of a property and someone who agrees to manage it.
Property Management Report
An accounting report issued periodically by the property manager to the owner outlining all income and expenditures for that accounting period.
This set is often in folders with...
NY Real Estate License
Real Estate Exam Chapter 14
Real Estate U Final Exam
Final NYS Exam Review
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