Terms Used In N.Y. Real Property Law 444-B

• Client: means any person who engages or seeks to engage the services of a home inspector for the purpose of obtaining inspection of and written report about the condition of a residential building. See N.Y. Real Property Law 444-B
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Department: means the department of state. See N.Y. Real Property Law 444-B
• Home inspection: means the process by which a home inspector observes and provides a written report of the systems and components of a residential building including but not limited to heating system, cooling system, plumbing system, electrical system, structural components, foundation, roof, masonry structure, exterior and interior components or any other related residential building component as recommended or required by the department through regulation to provide a client with objective information about the condition of the residential building. See N.Y. Real Property Law 444-B
• Home inspector: means a person licensed as a home inspector pursuant to the provisions of this article. See N.Y. Real Property Law 444-B
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: means an individual, firm, company, partnership, limited liability company, or corporation. See N.Y. Real Property Law 444-B
• Residential building: means a structure consisting of one to four dwelling units and their garages and carport but shall not include any such structure newly constructed or not previously occupied as a dwelling unit. See N.Y. Real Property Law 444-B
• Secretary: means the secretary of the department of state. See N.Y. Real Property Law 444-B