NY Real Estate Terms
agency
A relationship where one party is authorized to act for another in a real estate transaction.
fiduciary
A person who must act in the best interest of another party.
escrow
A neutral holding arrangement for money or documents until transaction conditions are met.
encumbrance
A claim, lien, easement, or restriction that affects property title or use.
easement
A right to use another person property for a specific purpose.
lien
A legal claim against property as security for a debt.
deed
A written document that transfers ownership of real property.
title
Legal ownership rights in real property.
mortgage
A loan secured by real property.
broker
A licensed professional authorized to supervise real estate activity and transactions.
salesperson
A licensed real estate professional who works under a sponsoring broker.
MLS
A multiple listing service used by real estate professionals to share property listings.
commission
Compensation paid for real estate services, often based on a percentage of the sale price.
fair housing
Laws that prohibit discrimination in housing transactions.
Steering
Directing buyers toward or away from areas based on protected characteristics.
blockbusting
Encouraging sales by suggesting neighborhood change involving protected characteristics.
redlining
Denying services or credit in an area based on protected characteristics or location.
listing agreement
A contract between a seller and broker to market a property.
exclusive right to sell
A listing where the broker earns commission if the property sells during the listing term.
dual agency
Representation of both buyer and seller in the same transaction with required consent.
CDL Acronyms
CDL
Commercial Driver License.
CMV
Commercial motor vehicle.
GVWR
Gross vehicle weight rating.
GCWR
Gross combination weight rating.
HOS
Hours of service rules for commercial drivers.
ELD
Electronic logging device used to record driving time.
FMCSA
Federal Motor Carrier Safety Administration.
DOT
Department of Transportation.
HAZMAT
Hazardous materials that require special handling and placarding.
PSI
Pounds per square inch, a pressure measurement used in air brakes and tires.
ABS
Anti-lock braking system.
MPH
Miles per hour.
RPM
Revolutions per minute.
CB
Citizens band radio.
DEF
Diesel exhaust fluid used in modern diesel emissions systems.
USCIS / Civics Terms
naturalization
The process by which a lawful permanent resident becomes a U.S. citizen.
citizenship
Legal membership in a country with rights and responsibilities.
USCIS
U.S. Citizenship and Immigration Services.
Constitution
The supreme law of the United States.
Bill of Rights
The first ten amendments to the Constitution.
civics
Study of government, citizenship, and public responsibilities.
due process
Legal protection requiring fair procedures before government action affects rights.
federalism
A system where power is shared between national and state governments.
separation of powers
Division of government authority among legislative, executive, and judicial branches.
checks and balances
A system where each branch can limit powers of the others.
electoral college
The system used to formally elect the president.
House of Representatives
One chamber of Congress based on state population.
Senate
One chamber of Congress with two senators from each state.
Supreme Court
The highest court in the United States.
amendment
A formal change or addition to the Constitution.
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