New York Real Estate Glossary I
(Impact Noise Rating - Inheritance Tax)
A1 | A2
| A3 | A4 | B1 | B2 | B3
| C1 | C2 | C3
| D1 | D2 | E1
| E2 | F1 | F2
| F3 |
G1 | G2 | H1
| H2 | I1 | I2
| J | K | L1
| L2 | L3 | M1
| M2 | M3 | N
| O1 | O2
| P1 | P2 | Q
| R1 | R2 | S1
| S2 | T1 | T2
| U | V1 | V2
| W1 | W2 | X
| Y | Z
Impact Noise Rating
Rating system to indicate how much noise is transferred through a ceiling
or floor when walking or moving furniture.
Fees that must be paid by developers of new homes and subdivisions to
pay for town facilities such as schools and parks.
A provision not explicitly stated in an agreement but considered an
An agreement created by actions of the parties involved but not written
Property that is used consistently for many years without challenge
by the actual owner.
Under law, there is an express warranty that real estate sold is appropriate
for sale and is in proper condition even if not stated.
Implied Warranty of Habitability
Legal Doctrine: all new homes are assumed to meet all building codes
and are fit for habitation.
Property that is used to generate income, i.e. rented to others as either
commercial or residential.
The income statement shows the cash flow for an entire accounting period,
usually a quarter. The income statement is included in the annual report
of the real estate corporation.
Index of Residential Construction Cost
Index of the costs to construct residential properties.
A long-term loan in which the term, payment, interest rate or principal
amount may be adjusted periodically according to a specific index, which
is usually stated in the loan agreement.
Category of property zoning that designates property to be used for
Increasing price levels. A loss in the purchasing power of money. When
a dollar today is worth more than that dollar tomorrow.
Increase in the value of property brought on by inflation.
State tax based on the value of property received through inheritance.
(Tax is in the US and in England.)