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Chapter 3 Flashcards

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1
Q

If one of the owners in a joint tenancy dies who does their share of ownership distribute to?

A

The other joint tenant(s)

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2
Q

Michael owns a property adjacent to a pond. As the owner, Michael is entitled to build a dock on the pond,
which can be used for boating and other recreations. What land right allows Michael to build a dock on the
pond…?

A

Riparian Rights

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3
Q

The conditions that must exist in order for certain kinds of property interest to be created are known as?

A

Unities of Interest, Possession, Time and Title

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4
Q

Mary deeds her property over to her three children with the condition that she is able to live on the property for the remainder of her life. What is this an example of?

A

Life Estate

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5
Q

A lien that attaches to all personal and real property of a person is known as?

A

General Lien

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6
Q

True or False: A Judgement is an example of an easement.

A

False

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7
Q

A security interest in the title to property for the benefit of those who have supplied labor or materials that improve the property is known as?

A

Mechanics Lien

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8
Q

What type of lien is a created when a buyer takes out a mortgage?

A

Voluntary Lien

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9
Q

What is the most common type of lien you may encounter in real estate?

A

Mortgage Lien

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10
Q

Which of the following is an easement?
a. Party Wall
b. Lis Pendens
c. Encroachment
d. Judgment

A

A. Party Wall

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11
Q

What is a common easement found in townhouses and row houses?

A

Party Wall

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12
Q

A right-of-way, barn, or dwelling are all examples of what?

A

Appurtenance

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13
Q

Generally, how are liens prioritized among on another?

A

The date on which they were filed.

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14
Q

A tax lien is an example of what type of lien?

A

Involuntary Lien

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15
Q

A commercial easement is also known as what type of easement?

A

Easement in Gross

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16
Q

A lien was placed against Mark’s property unpaid credit cards. What type of lien was placed against Mark’s property?

A

General Lien

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17
Q

Michael’s property has an easement over his neighboring property to use its driveway. Michael’s property
is known as what…?

A

Dominant Tenement

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18
Q

A mechanic’s lien is an example of what type of lien?

A

Specific Lien

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19
Q

This type of easement generally transfers automatically when the dominant estate is transferred.

A

Easement Appurtenant

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20
Q

A building, part of a building, or obstruction which intrudes upon or invades a highway or side trespasses upon the property of another is known as?

A

Encroachment

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21
Q

A mortgage is an example of what type of lien?

A

Specific Lien

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22
Q

A lien that results from unpaid water bills is an example of what type of lien?

A

Involuntary Lien

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23
Q

The creation of an easement by one party expressly transferring the easement to another party is known as?

A

Easement by Grant

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24
Q

An easement that benefits the dominant estate and “runs with the land” is known as what?

A

Easement Appurtenant

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25
What type of easement is common among adjoining condominium units?
Party Wall
26
An easement that benefits an individual or a legal entity, rather than a dominant estate is know as what?
Easement in Gross
27
Which essential element of a deed refers to the actual signing of the deed?
Execution
28
A mode of acquiring property that involves the addition of value to property through labor, or the addition of new materials is known as what?
Accession
29
The buyer in transaction is known as the . . .?
Grantee
30
The covenant that states "that the said premises are free from encumbrances", meaning what is being sold to the buyer, is known as what?
Clear and Marketable Title
31
A deed must be. . . .in order to be recorded?
Acknowledged
32
What is an example of a covenant that may be found in a deed?
Easement
33
A legal description, as found in the Schedule A, is described using what?
Metes and Bounds
34
The proposition that the contract for the conveyance of property merges into the deed of conveyance is known as what?
Merger Doctrine
35
An appropriation of land to some public use, made by the owner, and accepted for such use by or on behalf of the public is known as what?
Dedication
36
This consists of the written words which delineate a specific pieve of real property?
Description
37
ACRIS can be found under which New York City website?
Department of Finance
38
Land that has been put aside for a public use by a deed which states exactly what the property will be used for is known as what?
Dedication by Deed
39
This type of deed is used only when the owner of the property is deceasesd
Executor
40
The transfer of the title of land from one to another is known as what?
Conveyance
41
Alluvion is caused by a process known as what?
Accretion
42
A deed and contract have similar legal requirements in regards to what?
Allowing the documents to be enforceable
43
A means of acquiring title where an occupant has been in actual, open, notorious, exclusive, and continuous occupancy of property under a claim of right for the required statutory period is known as what?
Adverse Possession
44
This type of deed is used when two owners want to partition their ownership in the property?
Referee's Deed
45
John is selling his house to Abby. John is known as who in the transaction?
Grantor
46
A formal declaration before a duly authorized officer by a person who has executed an instrument that such execution is the person's act and deed is known as what?
Ackowledgment
47
Where can you verify what type of deed will be delivered at closing?
Contract
48
What warranty is typically NOT provided in a Full Covenant and Warranty Deed?
There are no outstanding violations
49
The process by which a parcel of land is measured and its area ascertained is referred to as what?
Survey
50
In cases where the buyer agrees to take lesser title, how may the purchse price be affected?
May be reduced
51
Five Parts of a Deed
1. Premises - describes the facts of the transaction 2. Habendum - ‘to have and to hold’ 3. Execution - signing of the deed. 4. Acknowledgement 5. Recording
52
Where might the closing take place when the buyer is taking out a mortgage to buy a home or condominium?
The lender's attorney's office
53
When a buy purchases real property, they are purchasing the property in what condition?
'As is'
54
Who may be responsible for reviewing a title report to determine if there are any conflicting rights that may negatively affect the property?
The buyer's attorney
55
Purchaser's Closing Costs
- Immediate upkeep cost - Mortgage principal - Mortgage interest - Common charges - Maintenance charges - HOA dues
56
The New York State Transfer Tax is equal to what percent of the sales price?
1%
57
The process by which a parcel of land is measured and its area ascertained is known as what?
Survey
58
In New York State, when the purchase price exceeds what amount requires a mansion tax to be paid?
$1,000,000
59
At closing, which representative ensures the title is transferred properly?
Title Insurance representative
60
The amount charged as due or owing is known as what?
Debit
61
As a rule of thumb, what percentage of the purchase price does a seller typically pay in closing costs?
10%
62
Aaron recently closed on a home. He assumed that he was accepting the condition of the property as it stood at the time of closing. As an agent in the transaction, what should have Aaron been informed of?
Aaron was accepting the condition of the property at the time of the contact signing.
63
When closing on real property, who will attend to ensure that the title is issued properly?
The title insurance representative
64
A legal term for a bundle of rights in a piece of property in which a party may own either a legal interest or equitable interest is known as what?
Title
65
The process in which the title company oversees the closing or document signing of the loan in close conjunction with the entity performing the escrow function on the loan i know as what?
Title Closing
66
A title search conducted on a property may reveal what?
Outstanding building violations
67
If the final sales price of a property is $550,000, how much does the seller have to pay for the State transfer tax?
$5,500
68
What is an example of a pre-paid item by the seller that should be refunded to the seller in the form of a credit at the closing of the property?
Real estate taxes
69
Which closing costs may be passed on through the lender to the buyer?
Title Insurance
70
Many of the documents required to be signed at closing are required as a result of which Act?
RESPA

Real Estate (12 decks)

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