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AceableKey TermsTermDefinitionappreciationa written agreement that is signed by co-op shareholder-tenants prior to anyrenovations, modifications, repairs, or alterationsa federal civil rights law enacted to prohibit discrimination against and createstandards for people with disabilitiesthe process of paying off a debt/mortgage in regular installments based on afixed payment schedulethe strength of an electric current; measured in amperes, or ampsmajor retail chain or department stores in a shopping center which provideexposure to smaller, complementary satellite storesthe leading tenant in a shopping center who can generate higher foot traffic thanlesser-known neighbor tenants; typically pays a lower rent ratea person who furnishes a customer with information concerning the location andavailability of residential rental property in exchange for a feea person or company who, for a fee, arranges, conducts, or otherwise handlesmeetings between a potential renter and the current owner or occupant of legallyoccupied real property, including apartment housing, who wishes to share thathousing as a private place of residence as roommates or in other sharingarrangementsan impartial, qualified appraiser's written opinion of value of a specific property asof a specific date, supported by relevant market informationthe increase in value of a propertyappropriationthe act of setting aside an amount of money to be used for a specific purposealteration agreementAmericans with DisabilitiesActamortizationamperageanchor storesanchor tenantapartment informationvendorapartment sharing agentappraisalappurtenancesarchitectural review boardArticle 12-AArticle 78 proceedingasbestosasbestosisassessed valueassessing unit/approvedassessing unitassessment review 12.324.120.65.25.213.422.218.5rights that run with real property ownership; most often transferred with theproperty, but possible to sell separatelyan appointed board that determines the effects that building or altering astructure will have on the surrounding areas, especially concerned with signs,fences, and building exteriorsarticle of New York Real Property Law containing most of the laws that governreal estate brokers and salespersons15.2a type of legal proceeding in which an aggrieved party seeks to challenge actionsof administrative agencies and other government bodies; used to appeal thedecision of a New York State or local agency to the New York courts5.3a naturally occurring mineral fiber that is commonly used in insulation but ifairborne or inhaled, can cause severe respiratory health issuesa lung disease resulting from extended exposure to asbestosthe value placed on a property by a governmental unit for use in calculatingproperty taxes2.25.112.412.413.4, 18.2a department that has the power to assess real property (city, town, county)18.2a local board that hears appeals of tax assessmentsthe determination of the market value of a property18.418.2the complete transference of obligations in a contract from one party to another9.6sometimes called a broker associate, broker-salesperson, or affiliate broker, thisassociate real estate broker person has a broker's license but is working under a managing broker; they areusually not responsible for supervising other agentsa section of the contract that makes the sale contingent on the approval of theattorney review clauseparties' attorneysavulsionthe sudden loss of land by an act of naturea type of framing in which closely spaced long vertical studs extend from theballoon framingfoundation up to the roofa type of loan that is paid off in small, periodic payments, but at the end of whichballoon mortgagethe remaining balance is due as a lump sum65.19.71.212.210.2

AceableKey TermsDefinitionLevel.Chapterbargain and sale deeda deed without any warranty against encumbrances; only implies that the grantorholds the right to convey title3.4basementthe bottom floor of a building that is partially or completely below ground level12.2basisthe buyer's initial cost of real estatea long horizontal piece of squared wood or metal that spans an opening or part ofa buildinga wall that bears the weight of a roof, ceiling, or floora property's annual income that remains after paying its operating costs and debtservicethe recipient of advantage or gain from an act or instrument such as a trust, will,or insurance policya loan for which more than one collateral property acts as security22.2Termbeambearing wallbefore tax cash flowbeneficiaryblanket mortgageblind adblock and lotblockbustingblueprintboard packagebootbridge loanBritish Thermal Unit (BTU)broker's agentbuilding departmentbuilding envelopebuilding permitbundle of rightsbuydownbuyer's agentbylawscapital expensecapital gainan ad in which a broker attempts to promote or solicit real estate activity withoutdisclosing the fact that they are a licensed real estate broker; illegal in New Yorka type of legal description that identifies a piece of platted property by referring tothe lot and block numbers in the subdivisionthe illegal practice of causing owners to sell their homes by creating fear thatmembers of a protected class are moving into the areaa technical drawing that details building plans and guides architecturalconstruction and engineering designa package presented to a co-op or condominium board of managers/directorsfrom a potential shareholder or buyer that includes material requested by theboardextra, non-like-kind property included in a tax-deferred exchange to make up apricing disparity in the exchange; is not tax-deferredshort-term loan used to transition from one loan to another; can connectborrower from construction loan to eventual mortgage loan (or current home totheir new home)a measurement of the amount of heat required to raise the temperature of onepound of water by one degree Fahrenheit; the unit of measurement for capacityof heating and air conditioning unitsa cooperating agent from a brokerage firm not affiliated with the listing or buyerbroker but who is assisting that broker by finding a buyer or a property for thatbroker's client; has fiduciary obligations to the client but does not operate as asubagent of the clientthe government body responsible for issuing building permits, ensuring thatbuilding code is followed, and that construction is safely carried out by licensedprofessionalsthe exterior shell of the building that encloses the interior and acts as a physicalseparator between the conditioned and unconditioned environment of a buildinga legal document from a local authority that authorizes a construction orremodeling projectownership of land with all of the legal rights of possession, control, enjoyment,exclusion, and dispositionThe paying of money up front to reduce a loan's interest rate and monthlypaymentsa broker representing a buyer in a real estate transactiona set of rules that govern the activities of condominium and cooperativeassociationsan expense paid in order to improve a propertythe increase in the value of an asset — for tax purposes, the gain is not realizeduntil the asset is 2.36.1015.212.211.21.210.56.1019.124.322.1

AceableKey TermsTermDefinitionLevel.Chaptercapital losscapital reserve budgetthe loss incurred by selling a capital asseta budget for variable expenses22.224.3capitalization ratea rate of return that calculates the percentage of expected annual income earnedover a property's value; the present value for expected future income earned21.10an odorless, colorless gas that occurs as a by-product due to incompletecombustion when burning such fuels as wood, oil, and natural gasrefers to the cash that an investment generates after accounting for the operatingcash flowexpenses, debt service, and taxes associated with the enterprisea rate of return that calculates the cash profit earned as a percentage of the cashcash-on-cash returninvested; before tax cash flow over total investment costa latin phrase meaning, "let the buyer beware" – used to mean the buyer iscaveat emptorexpected to do their due diligence when purchasing propertya list that allows property owners in a cease and desist zone to opt out ofcease and desist listsoliciting from brokers and salespeoplea relatively small, geographical area defined through use of statistics by the U.S.census tractCensus Bureau; sample population size is usually between 2,500 and 8,000personsa document issued by a governmental authority that a building is ready and fit forcertificate of occupancyoccupancychain of titlethe entire chronological record of a property’s ownershipthe official process a new sponsoring broker must complete to transfer achange of associationsalesperson or associate broker's affiliation from the prior sponsoring broker tothemany unattached, movable asset on the property not considered real estate (landchattelplus improvements); also known as personal property or personaltya chemical compound formerly used in pesticides that is dangerous to humanchlordanehealthchemical compounds containing chlorine, fluorine, and carbon atoms that werechlorofluorocarbons (CFCs)once used in refrigerator coolant, air conditioners, and dehumidifiersan electrical switch designed to automatically stop a current from flowing if ancircuit breakeroverload occursthe first law that began to promise equal rights for all citizens regardless of raceCivil Rights Act of 1866or colora federal law that aims to protect people and the environment from the harmfulClean Air Act (CAA)effects of air pollutionsomeone who has entered an agency relationship with a license holder; alsoclientknown as a principalthe last step in the transaction, the transfer of actual real property ownershipclosingfrom seller to buyercomminglingthe illegal act of mixing personal funds with a client’s fundscommissiona fee paid to a broker in exchange for services in a real estate transactionland, buildings, or amenities which are available for use and owned by allcommon areasresidents or tenants; most often found in condominiums or cooperativesa report that compares the prices of recently sold or listed homescomparative market("comparables") in order to estimate the market value of a similar property (theanalysis"subject property") located in the same areaComprehensivea federal law that provides broad federal authority to respond directly to releasesEnvironmental Response,or threatened releases of hazardous substances that may endanger public healthCompensation, and Liabilityor the environmentAct (CERCLA)the governmental act of seizing private land through exercise of power ofcondemnationeminent domainproperty where each owner has a separate interest in their own unit andcondominiumundivided interest in the common areascarbon monoxide812.422.1, 6.24.25.314.219.1, 20.1013.312.611.219.1

AceableKey TermsTermcondopconfidentialityconservation advisorycouncilconsiderationconstruction mortgageDefinitiona building that has been divided into at least two condominiums, where the firstcondo is co-op residential units, and the second condo isprofessional/commercial unitsthe obligation of an agent to safeguard the private information of their client; oneof the fiduciary duties an agent owes the principal that extends beyondtermination of the agency relationshipan appointed council that studies the preservation, development, andenvironmental use of a municipality's ecological and natural features andensures environmental issues are handled in accordance with local ordinancessomething of value exchanged by the parties as evidence of agreement to theterms of a contracta temporary mortgage used to finance a construction projectLevel.Chapter19.26.415.23.210.2constructive evictiontermination of the lease in circumstances in which the landlord acted or failed toact in such a way that the premises become unusable, whether by preventingquiet enjoyment or failure to make required repairs; termination of the lease incircumstances where the landlord intentionally failed to provide required repairsor maintenance to such a degree that the premises are considered unusable9.8, 24.3constructive noticewhen a property's ownership is recorded publicly, so everyone can know thecontents of recorded documents, constructive notice is said to have been given4.1contingencycontinuing educationconventional mortgageconveyancecooperating brokera provision within a contract that makes performance conditional upon theoccurrence of a stated eventmandatory periodic training requirements licensees must complete as a conditionof license renewala loan that is not insured or guaranteed by a government entityan instrument that transfers a grantor’s interest in real propertya broker not affiliated with the brokerage representing a principal in a real estatetransaction but who brings the other party (buyer or seller, as customer or client)to the transaction; can operate as a buyer's broker, subagent, or broker's agenta building owned by a corporation where the residents are shareholders in thecorporation; each shareholder has a proprietary lease and the right to usecommon areascorrective maintenancethe repair or restoration of equipment after it has brokenmethod of estimating the value of a property by determining how much it wouldcost approachcost to replace the building or other improvements, minus the cost ofdepreciation, plus the value of the land itselfcostthe amount of money required to buy, build, or develop somethinga contract proposal submitted in response to a previous offer, modifying thecounterofferterms of the original offer; considered a rejection of the original offeran agency responsible for public health programs, including approving septiccounty health departmentsystems, regulating food service establishments, and monitoring environmentalhealth concernsa lessee's right to possess a property without interference from lessor, previouscovenant of quiet enjoymentowner, or anyone else about the claim to the titlecovenants, conditions, and private restrictions established for condominium tenants to keep the propertyrestrictions (CC&Rs)uniform and attractivea hollow, unfurnished space found underneath a house between the ground andcrawl spacethe first floora figure entered in a party’s favor when determining the overall costs associatedcreditswith a transactioncul-de-saca dead-end street; typically ends with a circular 513.49.715.29.819.112.24.411.3

AceableKey TermsTermcurtesy/dowercustomerdebitsdebt servicedeclarationdedicationdeductibledeed restrictiondefaultdelivery and acceptancedemographyDefinitionLevel.Chapterthe right (not recognized in New York) of a spouse to inherit property held in theirspouse's name after that spouse dies; dower for women, curtesy for men1.4an individual with whom a license holder has no agency relationship nor fiduciary6.2duties but to whom fairness and honesty are still requiredan amount due from or owed by a particular individual at closing when4.4determining the overall costs associated with a transactionthe amount of money needed for a specific time period in order to cover thepayment of principal and interest portions on a loan; the amount of money spent 21.7, 22.1, 22.2on an investment property's loansa legal document for creating a condominium that includes descriptions of theproperty, common areas, ownership units and terms and conditions, as well as19.1acceptable uses of the residence; also known as a master deedthe voluntary gift of one’s land to the government; also known as dedication by3.1deedthe specified amount an insured must pay on a loss before an insurance16.1company will cover a claima provision in a deed that restricts the land use of a property11.1the failure to fulfill an obligation; i.e., when a borrower fails to make payments on10.1a loanrequired actions for the proper execution of a deed, involving delivery of the deedby the grantor with the intention of transferring title and acceptance by the3.2grantee receiving the propertythe statistical study of a population based on various factors including race,11.3gender, income, etc.Department of Housing and a government agency that administers federal aid to local housing agencies thatUrban Development (HUD) manage the housing for low-income residents at rents they can afford8.1depreciationdirect cost13.513.4disability or handicapdisclosurediscount pointsDoctrine of Lachesdominant tenementdown paymentdual agencydue diligencedue-on-sale clauseearnest money depositeasement appurtenanta reduction in value for any reasonthe cost of labor and materialsany physical or mental impairment that limits one or more of a person’s major lifeactivitiesthe act of revealing critical information regarding agency relationships or materialfacts related to real estate transactions, sometimes as a matter of law; one of thefiduciary duties an agent owes to the principalfees that the lender charges to lower the lending rate; one point is 1% of the loanamounta legal principle used to bar dated claims; used in conjunction with anunreasonable delay or negligence in asserting or defending one’s rightsthe parcel of land that benefits from an easement appurtenant by having the rightto cross another owner's adjacent landcash paid by the buyer to the seller, with the rest of the purchase price mostlikely come from a mortgagean agency relationship wherein both the buyer and the seller are represented bythe same broker in an in-house real estate transaction; requires written consentfrom both partiesa means of qualifying a property prior to purchase by investigating facts orliabilitiesa clause in a mortgage that makes the entire loan balance due when a propertyis sold; also known as the alienation clausea deposit made to a seller showing the buyer's good faith in regards to the futureperformance of a sales contractan easement that exists when two different parties own adjacent parcels of landand one owner has the ability to cross the other's land108.36.410.511.12.29.77.212.610.19.72.2

AceableKey TermsTermDefinitioneasement in which private property is taken for public use via eminent domain;easement by condemna

Study Guide. Acea Title Page Number New York Pre-Licensing Acronyms. 1 New York Pre-Licensing Key Terms. 5 . NEC National Electrical Code NEPA National Environmental P