Alcove: Typically this is a type of studio with a space that can be sectioned off for a separate sleeping area. Picture a studio with an “L” shape.

Assignment: When one roommate moves out and transfers the lease to a new tenant. Lease assignment cannot be refused by the landlord, but the landlord typically must approve of the new tenant.

Broker: This term typically describes a licensed real estate salesperson, an “agent”. However, broker can also refer to the “Brokerage” or the individual real estate broker.

Broker Fee: This is the fee paid to the broker or agent who shows you an apartment. You only will pay a fee in the event you rent an apartment in a building located for you by that broker/agent. Expect to pay 15% of the annual rent in Manhattan and other hot neighborhoods and one month to 12% in areas of lesser demand. By NYS law, this amount must be negotiable. If an agreement isn’t made between a client and broker/agent, the client can walk away.

Classic Six: An apartment with a generous layout commonly found in prewar buildings featuring two bedrooms and a third smaller room. The third room is better described as an office, maid’s room, dining room or other extra room.

Co-Broke: A scenario when two agents share a listing and split commission 50/50. Usually one agent represents the buyer/renter and the other the seller/landlord.

Condo: This is the most common ownership structure for single owner apartments. Condos will require renters to submit a board package application to be reviewed by the condo board prior to application approval.

Convertible: An apartment with either a living room or additional space that can be divided by either a temporary wall, bookshelf wall or room divider. A large one bedroom with a separate living room will often be advertised as a “Convertible 2 Bed”.

Co-Op: With this ownership structure owners are shareholders that own share to represent physical space in a building. Renters are required to submit a board package application to be reviewed by the co-op board prior to application approval. Co-Op boards are almost always more strict and critical than condo boards.

CYOF: Stands for “Collect Your Own Fee”. An apartment that a landlord or management company distributes throughout the brokerage community, but retains the right to advertise and rent through the landlord or management company direct as “No Fee”.

Duplex: Any apartment spanning two floors..

Junior 1 Bedroom: Usually a functioning one bedroom apartment where the bedroom is not fully private.

Junior 4: This is often passed as a two bedroom apartment, but more appropriately described as a one bedroom apartment with an office or separate dining space.