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Flashcards in NY Real Estate Deck (384)
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1

Article 12-A of the NYS Real Property Law

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

2

Summary of Your Submission

Obtained after you register for the New York State

3

1 Hectare

2.47 Acres

4

1031 Exchange

45 days to identify a new property

5

1988 Amendment to Civil Rights Act

Added 2 new protected classes:

6

Abstract of Title

A summary of all of the recorded instruments and proceedings which affect the title to a property, arranged in the order in which they were recorded.

7

Accountability

One of the more serious fiduciary responsibilities.

8

Acre

43,560 sq. ft

9

Adjustable Rate Mortage (ARM)

A mortage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets.

10

Affirmative Easement Appurtenant

Parcels without access to a public way may have an easement of access over adjacent land if crossing that land is absolutely necessary to reach the landlocked parcel and there has been some original intent to provide the lot with access.

11

Agency by Estoppel

Exists when a principal does not stop an individual from representing them thus creating an agency relationship between the two.

12

Air rights

Rights in real property to use the space above the surface of the land.

13

Amortization

The process by which a loan principal decreases over the life of a loan.

14

Appraisal

An estimate of a property's value by an appraiser who is usually presumed to be expert in his work.

15

APR

The actual interest rate charged, including loan fees and points.

16

Architectural Review Board

Oversees and upholds the quality and aesthetics of a neighborhood, town or city.

17

Architectural Review Board

Oversees and upholds the quality and aesthetics of a neighborhood, town, or city.

18

Area irregularly shaped lot

Break down lot into shapes, and add the areas of each together!

19

Area of a rectangle

width x depth

20

Area of a square

1 side x 1 side

21

Area of a triangle [triangle

1/2 of rectangle]

22

Article 12-A

Article in IRS Code section 3508

23

Asbestos

A naturally occurring mineral fiber sometimes found in older homes. It is hazardous to health when a possibility exists of exposure to inhalable fibers. Homeowners should be alert for friable asbestos and always seek professional advice in dealing with it.

24

Asbestosis

A chronic lung disease caused by inhaling asbestos fibers.

25

Assessed value

A valuation placed upon property by a public officer or a board, as a basis for taxation.

26

Attorney Review Clause

Clause found in real estate contracts that may allow buyers to walk away from an agreed upon sale for any reason.

27

Beam

Horizontal structural member that supports a floor. Beams are typically wood, cold formed metal framing or steel.

28

Bearing walls

Structural walls that transfer building loads down to the foundations. Joists, beams, and roofs are typically supported by bearing walls.

29

Blockbusting

Practice of inducing homeowners in particular neighborhood to sell their homes quickly, often at below market prices, by creating the fear that the entry of a minority group or groups into the neighborhood will cause precipitous decline in property values.

30

Blockbusting

The practice of inducing homeowners in a particular neighborhood to sell their homes quickly, often at below market rates, by creating the fear that the entry of a minority group or groups into the neighborhood will cause a precipitous decline in property values.