New York Pre-Licensing Key Terms, Latest Ultimate Upload 2025|Correct Answered, All Graded A+|Guaranteed Success.
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New York Pre-Licensing Key Terms
Institution
New York Pre-Licensing Key Terms
New York Pre-Licensing Key Terms, Latest Ultimate Upload 2025|Correct Answered, All Graded A+|Guaranteed Success.
"taking" as defined by courts - ANSWER-the power of government to seize private property for public use
abstract of title - ANSWER-an abbreviate...
New York Pre-Licensing Key
Terms, Latest Ultimate
Upload 2025|Correct
Answered, All Graded
A+|Guaranteed Success.
"taking" as defined by courts - ANSWER-✅✅the power of government to seize
private property for public use
abstract of title - ANSWER-✅✅an abbreviated history of a property, including info
on any transfers, grants, wills, conveyances, liens, and encumbrances
,abutting - ANSWER-✅✅sharing at least one common boundary with another
property
acceleration clause - ANSWER-✅✅a clause in a security instrument which makes
the entire loan amount due immediately upon default
accession - ANSWER-✅✅he right to all that one's own property produces, including
that which is added, either naturally or by human action, to the property already
owned
accessory apartment use - ANSWER-✅✅a second dwelling unit located on the same
property as a single family home; usually smaller in size than the primary residence
accessory use - ANSWER-✅✅a use of property that is secondary or incidental to the
principal use of the property
accounting - ANSWER-✅✅an agent's duty to account for all funds and/or property
a client has entrusted to them during their agency relationship; one of the fiduciary
duties an agent owes the principal that extends beyond termination of the agency
relationship
accretion - ANSWER-✅✅the process that results in the gradual increase in land
area through deposits of soil by natural forces
acknowledgment - ANSWER-✅✅a formal declaration that the person signing a
document is doing so by choice; takes place in the presence of a notary or other
authorized public officer
acre - ANSWER-✅✅a unit of area measurement used to determine the size of land
— 1 acre = 43,560 square feet
act of waste - ANSWER-✅✅using a property in a way that damages it or diminishes
its market value
active income - ANSWER-✅✅earnings (including wages, salaries, commissions, and
bonuses) from a trade or business where the taxpayer is an active participant
actual cash value - ANSWER-✅✅replacement cost less any depreciation; used to
determine the reimbursement amount in a property loss claim for many insurance
policies
actual eviction - ANSWER-✅✅the process by which a tenant is expelled from a
property due to the tenant's violation of the lease's terms
actual notice - ANSWER-✅✅when an individual has explicit knowledge of a fact,
they are said to have actual notice
,ad valorem tax - ANSWER-✅✅a tax calculated according to the assessed value of a
piece of real estate
adjustable rate mortgage (ARM) - ANSWER-✅✅a mortgage with an interest rate
that can be adjusted based on fluctuations in the cost of money
adjusted basis - ANSWER-✅✅the loss incurred by selling a capital asset
administrative discipline - ANSWER-✅✅the enforcement of real estate license laws
by the New York Department of State through reprimand and denial, as well as the
suspension and revocation of licenses
advance consent to dual agency - ANSWER-✅✅consent to a possible dual agency
transaction given prior to the occurrence
adverse possession - ANSWER-✅✅involuntary transfer of title from an owner who
does not use or inspect their land for a number of years to another person who has
some claim to the land and takes possession
after tax cash flow - ANSWER-✅✅a property's annual income that remains after
paying its operating expenses, debt service, and taxes
agency disclosure form - ANSWER-✅✅required disclosure form that describes
permitted forms of agency relationships and the rights and obligations those
relationships entail; given upon the first substantive contact
agent - ANSWER-✅✅an individual with authority to act on behalf of another; a
state license is required to operate as an agent in real estate
air rights - ANSWER-✅✅the right to use the airspace above the surface of the land
alluvion - ANSWER-✅✅the soil that gets deposited in the process of accretion
alteration agreement - ANSWER-✅✅a written agreement that is signed by co-op
shareholder-tenants prior to any renovations, modifications, repairs, or alterations
Americans with Disabilities - ANSWER-✅✅a federal civil rights law enacted to
prohibit discrimination against and create standards for people with disabilities
amortization - ANSWER-✅✅the process of paying off a debt/mortgage in regular
installments based on a fixed payment schedule
amperage - ANSWER-✅✅the strength of an electric current; measured in amperes,
or amps
anchor stores - ANSWER-✅✅major retail chain or department stores in a shopping
center which provide exposure to smaller, complementary satellite stores
, anchor tenant - ANSWER-✅✅the leading tenant in a shopping center who can
generate higher foot traffic than lesser-known neighbor tenants; typically pays a
lower rent rate
apartment information vendor - ANSWER-✅✅a person who furnishes a customer
with information concerning the location and availability of residential rental
property in exchange for a fee
apartment sharing agent - ANSWER-✅✅a person or company who, for a fee,
arranges, conducts, or otherwise handles meetings between a potential renter and
the current owner or occupant of legally occupied real property, including apartment
housing, who wishes to share that housing as a private place of residence as
roommates or in other sharing arrangements
appraisal - ANSWER-✅✅an impartial, qualified appraiser's written opinion of value
of a specific property as of a specific date, supported by relevant market information
appreciation - ANSWER-✅✅the increase in value of a property
appropriation - ANSWER-✅✅the act of setting aside an amount of money to be
used for a specific purpose
appurtenances - ANSWER-✅✅rights that run with real property ownership; most
often transferred with the property, but possible to sell separately
architectural review board - ANSWER-✅✅an appointed board that determines the
effects that building or altering a structure will have on the surrounding areas,
especially concerned with signs, fences, and building exteriors
area variance - ANSWER-✅✅a variance that permits the use of land in a manner
which is not allowed by the dimensional or physical requirements of the applicable
zoning regulations
Article 12-A - ANSWER-✅✅article of New York Real Property Law containing most
of the laws that govern real estate brokers and salespersons
Article 78 proceeding - ANSWER-✅✅a type of legal proceeding in which an
aggrieved party seeks to challenge actions of administrative agencies and other
government bodies; used to appeal the decision of a New York State or local agency
to the New York courts
asbestos - ANSWER-✅✅a naturally occurring mineral fiber that is commonly used
in insulation but if airborne or inhaled, can cause severe respiratory health issues
asbestosis - ANSWER-✅✅a lung disease resulting from extended exposure to
asbestos
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