Created byPQ Admin
Dive deep into the complex world of New York real estate with this set of 42 advanced flashcards. Covering everything from co-ops and condos to zoning and underwriting, this set will help you navigate the challenging terms and concepts of the industry. Ideal for experienced agents and investors.
Flashcards in set (42)
TermCo-op
DefinitionA type of real estate where the buyer purchases shares in a corporation that owns the building, rather than owning the unit itself.
TermCondo
DefinitionA type of real estate where the buyer owns the unit outright, along with a proportionate share of the building's common areas.
TermBrownstone
DefinitionA particular type of residential building, commonly found in New York, made from brown sandstone.
TermRent Stabilization
DefinitionA form of rent regulation that limits the amount landlords can increase rent for tenants in eligible units.
TermRent Control
DefinitionA stricter form of rent regulation, where rent is set by law and cannot be raised, typically applying to buildings built before 1947.
TermMansion Tax
DefinitionA tax imposed on residential properties sold for over $1 million in New York State.
Term421a Tax Abatement
DefinitionA property tax abatement provided to developers who build multi-unit residential buildings.
TermAir Rights
DefinitionThe right to control, occupy, or use the vertical space (air) above a property.
TermClosing Costs
DefinitionThe expenses, over and above the price of the property, incurred by buyers and sellers when transferring ownership of a property.
TermEscrow
DefinitionA neutral third party or account that holds funds during the transaction process.
TermTitle Insurance
DefinitionInsurance to protect real estate owners and lenders against any property loss or damage they might experience because of liens, encumbrances, or defects in the title to the property.
TermEasement
DefinitionA right to cross or otherwise use someone else's land for a specified purpose.
TermReal Estate Board of New York (REBNY)
DefinitionThe influential city trade association for commercial and residential real estate brokers and managers.
TermExclusive Right to Sell
DefinitionAn agreement where the broker has the sole right to sell the property and receives a commission, regardless of who sells the property.
TermComparative Market Analysis (CMA)
DefinitionAn estimate of a home's value based on the recent sales of similar properties in the area.
TermDual Agency
DefinitionA situation where a real estate agent represents both the buyer and the seller in the same transaction.
TermLoft Law
DefinitionLegislation designed to protect artists living illegally in commercial loft buildings by bringing these spaces up to residential code.
TermCertificate of Occupancy (CO)
DefinitionA document issued by a local government agency or building department certifying a building's compliance with applicable building codes and other laws.
TermLand Lease
DefinitionA long-term lease agreement that allows the tenant to use a piece of land owned by the landlord.
TermZoning
DefinitionThe legislative process for dividing land into zones for different purposes such as residential, commercial, and industrial.
TermFloor Area Ratio (FAR)
DefinitionThe total square feet of a building divided by the total square feet of the lot that the building is located on.
TermTriple Net Lease (NNN)
DefinitionA lease agreement where the tenant or lessee agrees to pay all real estate taxes, building insurance, and maintenance on the property in addition to any normal fees.
TermTenant in Common (TIC)
DefinitionA type of ownership in which two or more people have an undivided fractional interest in property.
TermJoint Tenancy
DefinitionA legal arrangement in which two or more people own a property together, each with equal rights and obligations.
TermListing Agreement
DefinitionA contract between a real estate broker and a seller of real property granting the broker the authority to act as the seller's agent in the sale of the property.
TermCapital Gains Tax
DefinitionThe tax on the profit from the sale of a property or an investment.
TermDepreciation
DefinitionAn income tax deduction that allows a taxpayer to recover the cost of property over time.
TermAppraisal
DefinitionAn estimation of a property's value by a licensed professional appraiser.
TermContingency
DefinitionA clause in a real estate contract specifying conditions that must be met for the contract to be executed.
TermLien
DefinitionA legal claim or a "hold" on a property, as security for a debt or charge.
TermProperty Tax
DefinitionA tax on the value of a property, levied by the local government.
TermTransfer Tax
DefinitionA tax on the passing of title to property from one person (or entity) to another.
TermMortgage
DefinitionA legal agreement by which a bank lends money at interest in exchange for taking the title of the debtor's property.
TermAdjustable-Rate Mortgage (ARM)
DefinitionA type of mortgage in which the interest rate applied on the outstanding balance varies throughout the life of the loan.
TermFixed-Rate Mortgage
DefinitionA type of mortgage where the interest rate does not change over the term of the loan.
TermHomeowners Association (HOA)
DefinitionAn organization in a planned community that makes and enforces rules for the properties and their residents.
TermFiduciary Duty
DefinitionA legal duty to act solely in another party's interests, which applies to agents towards their clients in a real estate transaction.
TermBroker's Price Opinion (BPO)
DefinitionAn estimate of the probable selling price of a property, as performed by a real estate broker.
TermWalk-through
DefinitionThe final inspection of a property before closing on a sale, to ensure that all agreed-upon repairs or improvements have been completed.
TermEquity
DefinitionThe difference between the fair market value of the property and the amount still owed on its mortgage and other liens.
TermDeed
DefinitionA legal document that transfers ownership of a property from one party to another.
TermUnderwriting
DefinitionThe process by which a lender evaluates the risk of a potential loan and decides whether to move forward with the loan and under what terms.