Term
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Definition
| The acquisition of title to land by its addition to real estate already owned, several human options one natural process. |
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Term
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Definition
| The right that goes along with ownership of real property; usually transferred with the navy sold separately property, but may be sold separately. This is a legal term referring to all physical and non physical appurtenaces. |
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Term
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Definition
A gradual addition to dry land by the forces of nature, as when the tide deposits water-borne
sediment on shoreline property |
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Term
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Definition
The right to undisturbed use and control of air space over a parcel of land (within reasonable
limits for air travel); may be transferred separately from land. |
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Definition
-The fullest interest in property; includes the bundle of rights
- inheritable, transferable
- Perpetual ownership
-A person referred to as an owner usually holds a fee simple absolute |
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Term
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Definition
A defeasible fee that’s terminated automatically if certain conditions occur. Grantor (or his or her
heirs) has a possibility of reverter. Also called a Determinable Fee. |
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Term
| Fee Simple Subject to a Condition Subsequent |
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Definition
A type of defeasible fee; title may be terminated by former owner if conditions stated in deed are
not met. Former owner has a power of termination. |
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Term
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Definition
A type of freehold estate in which the right of inheritance is limited to a fixed line of succession
of blood relatives. This type of estate could continue forever, as long as there are lineal
descendents to inherit. |
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Term
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Definition
A type of freehold estate in which the right of inheritance is limited to a fixed line of succession
of blood relatives. This type of estate could continue forever, as long as there are lineal
descendents to inherit. |
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Term
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Definition
| Act, deed or conditions contrary to law or permissible use of real property. |
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Term
| Termination of Association Notice |
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Definition
| A written document that terminates the relationship between an agent and his/her sponsoring broker. |
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Term
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Definition
| The discontinuance of an agent’s relationship with his/her sponsoring broke |
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Term
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Definition
| The right of the Department of State to deactivate a broker’s or salesperson’s license for wrongdoing |
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Term
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Definition
| A licensed real estate broker that holds the license of a salesperson. |
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Term
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Definition
| An act of recalling a power of authority conferred, as the revocation of a power of attorney; a license, an agency, etc. |
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Term
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Definition
| An individual who is licensed to negotiate and arrange real estate sales; works for a real estate broker. |
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Term
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Definition
| A licensed individual or firm that charges a fee to serve as the mediator between the buyer and seller. Mortgage brokers are individuals in the business of arranging funding or negotiating contracts for a client, but who does not loan the money. A real estate broker is someone who helps find a house. |
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Term
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Definition
| A practitioner who has the knowledge and expertise necessary to estimate the value of an asset, or the likelihood of an event occurring, and the cost of such an occurrence. Ideally, an appraiser acts independently of the buying and selling parties in a transaction in order to arrive at the fair value of an asset without bias. |
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Term
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Definition
| A card issued by the Department of State to each licensee which contains the photo, name and business address of the licensee, and, in the case of a real estate salesperson, the name and business address of the broker with whom he or she is associated and shall certify that the person whose name appears thereon is a licensed real estate broker or salesperson. |
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Term
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Definition
| A price below which an owner will not sell the property, and at which price a broker will not receive a commission; the broker receives the excess over and above the net listing as the broker’s commission. |
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Term
| Multiple Listing Service (MLS) |
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Definition
| A service provided by a group of real estate brokers. They band together to create a Multiple Listing Service that allows each of them to list each other’s houses. Under this arrangement, the listing broker and the selling broker split the commission for each sale. |
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Term
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Definition
| A crime punishable by up to a year in prison and/or a $1,000 fine. |
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Term
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Definition
| An employment contract between principal and agent, authorizing the agent to perform services for the principle involving the latter’s property. |
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Term
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Definition
| Payment by a broker of any part of compensation to a real estate transaction to anyone who is not licensed or who is not exempt from the license law. |
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Term
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Definition
| Incapable of being recalled or revoked; unchangeable; unalterable. |
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Term
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Definition
| An examination of a real estate property’s condition, usually performed in connection with the property’s sale. A qualified home inspector can assess the condition of a property’s roof, foundation, heating and cooling systems, plumbing, electrical work, water and sewage, and some fire and safety issues. In addition, the home inspector will look for evidence of insect, water or fire damage or any other issue that may affect the value of the property. |
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Term
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Definition
| Conditions under which a property condition disclosure statement is not required. |
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Term
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Definition
| A written agreement between two or more parties providing that certain instruments or property be placed with a third party to be delivered to a designated person upon the fulfillment or performance of some act or condition. |
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Term
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Definition
| Post license education required by salespersons and brokers. New York State demands 22.5 hours of continuing education. |
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Term
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Definition
| To mingle or mix, for example, a client’s funds in the broker’s personal or general account. |
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Term
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Definition
| The process by which a salesperson’s license changes sponsorship. |
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Term
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Definition
| An ad that remains anonymous as to who is advertising. Blind ads are illegal. |
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Term
| Associate Real Estate Broker |
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Definition
| A licensed real estate broker who by choice elects to work under the name and supervision of another real estate broker. |
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Term
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Definition
| An appeal brought forth because of a ruling by a government agency. |
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Term
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Definition
| The section of the New York Real Property Law pertaining to real estate salespersons and brokers. |
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Term
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Definition
| any person who, for a fee, arranges, conducts, coordinates, handles or causes meetings between a customer and the current owner or occupant of legally occupied real property, including apartment housing, who wishes to share that housing with one or more individuals. |
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Term
| Apartment Information Vendor |
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Definition
| Any person who engages in the business of claiming, demanding, charging, receiving, collecting, or contracting for the collection of, a fee from a customer for furnishing information concerning the location and availability of real property, including apartment housing, which may be leased, rented, shared or sublet as a private dwelling, abode, or place of residence. |
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Term
| Administrative Discipline |
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Definition
| The Department of State’s ability to enforce license laws through reprimand and denial as well as the suspension and revocation of licenses. |
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