The relationship between principal and agent that arises out of
a contract either expressed or implied, written or oral, wherein
an agent is employed by a person to do certain acts on the person's
behalf in dealing with a third party. For example, when you ask
RSNY REALTY to sell your home, there
is an agency relationship between you and RSNY
Agent (or Broker)
One who undertakes to transact some business or to manage some affairs
for another by the authority of the latter. When you ask RSNY
REALTY to sell your home, we become your agent.
Payment of debt in regular, periodic installments of principal and
interest, as opposed to interest-only payment.
A charge against real estate made by a unit of government to cover
a proportionate cost of an improvement such as a street or sewer.
In good faith, without fraud.
Let the buyer beware. The buyer must examine the goods or property
and proceed at the buyer's own risk.
The date upon which the property is conveyed by the seller to the
An instrument in writing duly executed and delivered that conveys
title to real property. Sellers usually sign the deed on the closing
Exclusive Right to Sell
An agreement for employment of a broker under which the exclusive
right to sell for a specified period is granted to the broker.
If a sale during the term of the agreement is made by the owner
or by any other broker, the broker holding such exclusive right
to sell is nevertheless entitled to compensation. This type of
agreement ensures that RSNY REALTY
will make the best possible effort for you.
Ownership of real property by two or more persons, each of whom
has an undivided interest with the "right of survivorship."
Large-sized 1 bedroom which usually consists of dining room (hence
the "fourth" room).
An employment contract between principal and agent, authorizing
the agent to perform services for the principal involving the
Meeting of the Minds
Whenever all parties to a contract agree to the substance and
An instrument in writing duly executed and delivered that creates
a lien upon real estate as security for the payment of a specified
debt, which is usually in the form of a bond.
Number of Bedrooms
The following table was prepared by The Real Estate Board of New
Number of Bedrooms
Total Room Count
Studio, Alcove Studio
650 or less
651 - 850
3.0 - 3.5
1, or "Junior 4"
851 - 1,000
3.5 - 4.0
1,001 - 1,500
4.5 - 5.0
2 - 3
1,501 - 1,800
5.0 - 6.0
3, and larger
1,801 - 2,000
6.0 - 7.0
A home away from one's primary residence, usually modest in size
and located in a big city. Also known as place kept available as
temporary quarters when needed.
Evidence that an owner of property is in lawful possession thereof;
evidence of ownership.
A policy that indemnifies the holder for any loss sustained by reason
of defects in the title.