New York Real Estate For Salespersons Exam

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Abondonement

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The surrender or release of a right, a claim, or an interest in real property.

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Absorption field

Back 2

A system of narrow trenches through which the discharge from a septic tank infiltrates into the surrounding soil.

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Abstract of title

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A history of a title and the current status of a title based on a title examination.

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Abutting land

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Parcels of land next to each other that share a common border.

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Acceleration clause

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A provision in a mortgage or deed of trust that permits the lender to declare the entire principal balance of the debt immediately due and payable if the borrower is in default.

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Acceptance

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Voluntary expression by the person receiving the offer to be bound by the exact terms of the offer; must be unequivocal and unconditional.

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Access

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The right to go onto and leave a property.

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Accession

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Property owners' rights to all that the land produces or to all that is added to the land, either intentionally or by mistake.

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Accessory apartment

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For example, an in-law apartment in a residential home.

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Accessory uses

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Uses that are incidental or subordinate to the main use of a building, such as a laundromat.

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Accretion

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The gradual building up of a land in watercourse over time by deposits of silt, sand and gravel.

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Accrued expenses

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Expenses the seller owes on the day of closing but for which the buyer will take responsibility (such as property taxes).

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Acknowledgement

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A formal statement made before an authorized official (e.g, notary public) by a person who executed a ded, a contract, or anotherdocument that it was a free act.

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Acquisition

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The act of acquiring a property.

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Acquisition cost

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The basis used by the FHA to calculate the loan amount.

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Acre

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A land area containing 42,560 square feet.

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Act of waste

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Abuse or misuse of propery by a life tenant.

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Action to quiet title

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A lawsuit to clear a title to real property.

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Active income

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Salaries or income from a business in which the taxpayer actively participates.

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Actual age

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Chronological age.

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Actual cash value

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The insured is reimbursed for the replacement cost minus the physical depreciation of the lost or damaged property.

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Actual eviction

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The removal of a tenant by the landlord because the tenant breached a condition of a lease or another rental contract.

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Actual notice

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The knowledge a person has of a fact.

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Ad valorem

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Latin for "according to value"; in New York, the real property tax is based on the fair market value of real property.

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Advance informed consent to dual agency

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The seller or buyer agrees to dual agency before it occurs by indication the same on the agency disclosure form.

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Adjoining lands

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Lands sharing a common boundary line.

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Adjustable rate mortgage (ARM)

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A mortgage in which the interest rate changes according to changes in a predetermined index.

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Adjusted basis

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Value of property used to determine the amount of gain or loss realized by an owner upon sale of the property; equals acquisition cost plus capital improvements minus depreciation taken.

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Adjusted sales price

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The amount realized minus fix-up expenses.

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Administrative law judge (ALJ)

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A judge who hears complaints and makes decision regarding statutory violations of law.

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Administrator

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A person appointed by a court to administer the estate of a one who has died intestate.

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Administrator's deed

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A deed executed by an administrator to convey title to estate property.

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Administratix

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A woman appointed by a court to administer the estate of a person who has died intestate.

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Adverse possession

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A method of acquiring title to real property by conforming to statutory requirement; a form of involuntary alienation of title.

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Affirmative action

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A policy expressed in some form of legislative act with respect to the handling of certain public or private acts or conduct.

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Affirmative easement

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A legal requirement that a servient owner permit a right of use in the servient land by the dominant owner.

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Agency

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The fiduciary relationship between a principal and an agent.

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Agency disclosure form

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See disclosure regarding real estate agency relationships form.

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Agent

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A person authorized to act on behalf of another person.

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Agreement

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A contract requiring mutual assent between two or more parties.

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Agricultural districts

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Created and protected by New York Statute; these areas are used for animal grazing and crop production.

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Air rights

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Rights in the airspace above the surface of land.

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Alienage

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The citizenship or immigration status of any person who is not a citizen or national of the United States.

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Alienation

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Transfer of title to real property

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Alienation clause

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A statement in a mortgage or deed of trust entitling the lender to declare the entire principal balance of the debt immediately due and payable if the borrower sells the property during mortgage term. Also called due-on-sale clause.

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Alluvion

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Increased soil, gravel, or sand on a stream bank resulting from flow or current of water.

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Alteration agreement

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Describes the terms under which the cooperative gives permission to a share-holder before making any changes or improvements to the unit the shareholder occupies.

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American with disabilities act

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A federal law protecting the rights of individuals with physical or mental impairments.

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Amortization

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Applying periodic payments toward the interest, then toward the principal to eventually pay off a debt.

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Amortization schedule

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Designation of periodic payments of principal and interest over a specific term to satisfy a mortgage loan.

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Amortized mortgage

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A mortgage in which uniform installment payments include payment of both principal and interest.

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Amperage

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the amount of current or electricity flowing through a wire.

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Anchor tenant

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A large department store that serves as a draw for a mall.

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Annexation

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The addition of an area into a city.

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Annual percentage rate (APR)

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The actual effective rate of interest charged on a loan expressed on a yearly basis; not the same as simple interest rate.

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anticipation

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The Principle that property value is based on expectations or hopes of the future benefits of ownership.

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Antitrust violations

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Any business activity where there is a monopoly, a contract, a conspiracy, or a combination that negatively impacts an individual's or a company's ability to do business.

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Apartment information vendor

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A licensed individual who is paid to provide information concerning the location and availability of a residential real property.

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Apartment sharing agent

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A licensed individual who is paid to arrange and coordinate meetings between current owners of real property who want to share their housing with others.

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Apportionment

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(a) Division of property and school tax monies so that all school districts, counties, towns, and cities in the different municipalities pay their fair share of the tax levy. (b) The division of expenses between buyer and seller.

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Appraisal

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An estimate of value of particular property at a particular time for a specified purpose.

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Appraisal report

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Documentation containing an estimate of property value and the data on which the estimate is based.

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Appraiser

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A person who estimates the value of real property.

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Appreciation

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An increase in value.

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Approved assessing unit

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A governmental taxing authority that has completed a property reevaluation and has been certified by the New York State Office of Real Property services.

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Appurtenances

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All rights or privileges that result from ownership of a specific property and move with the title.

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Appurtnenat easement

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See easement appurtenant.

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Architectural Review Board

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Oversees and upholds the quality and beauty of the environment.

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Area variance

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Permission to use land in a manner that not normally allowed by the dimensional or physical requirements of a zoning ordinance.

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Arrears

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Delinquency in meeting an obligation; refers to payment made at the end of a period (e.g., at the end of the month) for the previous period. Payments in arrears include interest for using the money during the previous period.

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Article 9-A

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A section of the New York Real Property Law addressing the purchase or lease of vacant subdivided lands sold through an installment contract within or without New York.

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Article 12-A

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The section of the New York Real Property Law pertaining to real estate salespersons and brokers.

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Article 78 proceeding

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An appeal brought forth because of a ruling by a government agency.

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"as is"

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Words in a contract of sale indicating that a property is sold without warranty as to condition.

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asbestos

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A fibrous mineral found in many building materials that when improperly disturbed, can cause serious lung diseases.

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Assessed value

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The dollar amount of worth to which a local tax rate is applied to calculate the amount of real property tax.

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Assessing units

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Counties, cities, towns, villages, school districts, and special districts that raise money through real property taxes.

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Assessement

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(a) Percentage of a property's market value; this figure is used for property tax purposes and ultimately determines how the total tax is shared among property owners. (b) A levy against property.