Chapter 3.C. Flashcards

1
Q

Accession

A

A mode of acquiring property that Involves the addition of value to property through labor or the addition of new materials.

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2
Q

Accretion (срастание)

A

The addition of land through processes of nature, as by water or wind.

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3
Q

Ad Valorem Taxes

A

According to valuation

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4
Q

Alluvion (наводнение )

A

The increase in the area of land dues to sediment deposited by a river. This changes the size of a piece of land ( a process called accretion) and thus its value over time.

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5
Q

Assessed Value

A

A valuation placed upon property by a public officer or a board, as a basis for taxation.

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6
Q

Assessing Unit

A

A city, county, town or village with the authority to value real property for purposes of taxation.

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7
Q

Approved assessing unit

A

A city or town which has been certified by the state board of real property tax services to have completed a revaluation or an update in conformance with its rules and regulations.

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8
Q

Assessments (შეფასებები)

A

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.

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9
Q

Assessment review board

A

An independent tribunal established to hear assessment appeals.

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10
Q

Dedication

A

An appropriation ( მითვისება) of land to some public use, made by the owner, and accepted for such use by or on behalf of the public.

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11
Q

Dedication by Deed

A

Land that has been put aside for a public use by a deed which states exactly what the property will be used for.

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12
Q

Homestead ( საკარმიდამო)

A

The home which is owned by and is the usual residence of the client along with all the surrounding land and any building on that land, provided the land is not separated from the home by ab property owned by others.

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13
Q

Non-homestead

A

Real property that does not meet the definition of homestead. Non-homestead real property is generally as an asset. however, it is considered unavailable during the time the client make a reasonable effort to sell the property.

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14
Q

Public grant

A

A term that is used for a gift of land that is from the government.

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15
Q

In Rem

A

A proceeding against the reality directly. As distinguished from a proceeding against a person. (used in taking land from nonpayment of taxes.)

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16
Q

Land Patent

A

title to land which was originally acquired within the united states of America by a treaty. It grants the rights to the described land under the treaty to the individual person named on the parent and to their hears and their assigns forever.

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17
Q

Levy ( გადასახადი)

A

An assessment of tax ( გადასახადის შეფასება)

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18
Q

Lien

A

A legal right of claim upon a specific property which attaches to the property until a debt is satisfied.

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19
Q

Metes and bounds

A

A term used in describing the boundary lines of land, seeing forth all the boundary lines together with their terminal points and angles.

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20
Q

Reference to a Plan

A

A section of a deed that may refer to a plat map, which includes the block and lot number of a particular piece of property.

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21
Q

Special Assessment

A

An assessment made against a property to pay for a public improvement by which the assessed property is supposed to be especially benefited.

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22
Q

Special assessment districts

A

A geographic area in which the market value of real estate is enhanced due to the influence f a public improvement and in which as tax is apportioned to recover the costs of the public improvement.

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23
Q

Survey

A

The process by which a parcel or land is measured and its area ascertained. ( დადგენა) also the blueprint showing the measurements, boundaries and area.

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24
Q

This consists of the written words which delineate a specific piece of real property?

A

Description

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25
A type of deed where the grantor guarantees that he or she holds clear title to a piece of real estate and has a right to sell it to the grantee is known as what...?
Full Covenant and Warranty Deed
26
A supreme title to land which was originally acquired within the United States of America by a treaty is known as what...?
Land Patent
27
A term that is used for a gift of land that is from the government is known as what...?
Public Grant
28
This type of deed is usually used to remove a cloud from the title...?
Quitclaim Deed
29
In New York State, what is required to be recorded along with the deed...?
Transfer Tax Return
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
This type of deed can be used when an owner of a property is looking to transfer the property to a company he/she owns?
Quitclaim
32
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...?
Acknowledgement
33
In an executor's deed, the deceased person is also known as who...?
Testator
34
The type of deed is typically determined by what...?
The quality of title in a transaction
35
This type of deed is typically used when a property is being gifted to another party?
Quitclaim Deed
36
In the case where the owner of a property has died without leaving a will, the fiduciary appointed to represent the estate is known as a/an...?
Administrator
37
What warranty is typically NOT provided in a Full Covenant and Warranty Deed...?
There are no outstanding violations
38
What type of deed is typically delivered by a 3rd party...?
Referee’s Deed
39
Jim is looking to purchase a property but first wants to verify if there are any outstanding violations or complaints. Where should Jim go to find this information...?
Department of Buildings
40
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
41
The buyer in a transaction is known as the...?
Grantee
42
The means or medium by which title of real estate is transferred is known as what...?
Conveyance
43
A deed which conveys simply the grantor’s rights or interest in real estate, without any agreement or covenant as to the nature or extent of that interest, or any other covenants is known as what...?
Quitclaim Deed
44
Chris wants to research a property on the Department of Finance (ACRIS) website. Besides using the property's address, how else can Chris search to find information about the property...?
Lot and Block
45
Who signs the deed prior to transfer of title...?
Grantor
46
The transfer of title to an asset with the consent of the owner is known as what...?
Voluntary Alienation
47
Eminent domain is an example of what...?
Involuntary Alienation
48
Abby is gifting her property to her family at the end of the year. Abby will be performing what type of transfer...?
Voluntary Alienation
49
The statute of frauds requires what for deeds...?
Must be in-writing
50
The proposition that the contract for the conveyance of property merges into the deed of conveyance is known as what...?
Merger Doctrine
51
Which is NOT an essential part of deed..?
Recording
52
Which essential element of a deed refers to the actual signing of the deed...?
Execution
53
This type of deed can be used when an owner of a property is looking to transfer the property to a company he/she owns?
Quitclaim
54
This type of deed is used only when the owner of the property is deceased?
Executor
55
In the case where the owner has died and left a will, the fiduciary appointed to represent the estate is known as a/an...?
Executor
56
As a real estate agent, where should you search to find any records of violations on a property...?
Department of Buildings
57
Legal policy mandates that a deed to real property be a matter of public record; therefore, subsequent to ……………..., a deed must be properly recorded.
Delivery and Acceptance
58
A clause in a deed or lease that defines the type of interest and rights to be enjoyed by the grantee or lessee is known as what...?
Habendum Clause
59
The transfer of title during a typical 'arm's length' transaction is an example of what...?
Voluntary Alienation
60
A person who owns a property on a river delta also takes ownership of any additional land that builds up along that riverbank due to natural deposits or man-made deposits is an example of what...?
Accession
61
A method of identifying the legal description of a property is known as what...?
Lot and Block
62
Alluvion is caused by a process known as what...?
Accretion
63
A deed conveying real property without covenants is known as what...?
Bargain and Sale Deed
64
Anything given to induce another to enter into a contract such as money or personal services is known as what...?
Consideration
65
In the case where the owner of a property has died without leaving a will, the fiduciary appointed to represent the estate is known as a/an...?
Administrator
66
This type of deed has no warranties and no covenants against grantor's acts?
Quitclaim
67
ACRIS can be found under which New York City website...?
Department of Finance
68
This type of deed is typically used when money is not being exchanged and the grantee is willing to take the property 'subject to' its condition?
Quitclaim
69
This consists of the written words which delineate a specific piece of real property?
Description
70
Which part of a deed describes the facts of the transaction...?
Premises
71
What warranty is typically NOT provided in a Full Covenant and Warranty Deed...?
There are no outstanding violations
72
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
73
This type of deed contains the strongest guarantee of title...?
Full Covenant and Warranty Deed
74
A ………….. clause is also known as the "to have and to hold" clause?
Habendum Clause
75
A type of deed where the grantor guarantees that he or she holds clear title to a piece of real estate and has a right to sell it to the grantee is known as what...?
Full Covenant and Warranty Deed
76
This type of deed is used when two owners want to partition their ownership in the property?
Referee's Deed
77
This type of deed must recite the full consideration in the transaction...?
Executor Deed
78
The New York General Obligations Law Section 5-703 refers to what...?
Statute of Frauds
79
This type of deed is typically used when money is not being exchanged and the grantee is willing to take the property 'subject to' its condition?
Quitclaim
80
A term used in describing the boundary lines of land, seeing forth all the boundary lines together with their terminal points and angles, is known as what...?
Metes and Bounds
81
What is an example of a covenant that may be found in a deed...?
Easement
82
This type of deed is used only when the owner of the property is deceased?
Executor
83
The type of deed is typically determined by what...?
The quality of title in a transaction
84
In the case where the owner has died and left a will, the fiduciary appointed to represent the estate is known as a/an...?
Executor
85
A sudden and perceptible loss or addition to land by the action of water, or a sudden change in the bed or course of a stream is known as what...
Avulsion
86
John is four weeks away from closing on a house and wants to verify what type of deed will be delivered at the closing. Where should John look to find this information...?
Contract
87
A legal description, as found in the Schedule A, is described using what...?
Metes and Bounds
88
The statement "AND the party of the first part covenants has not done or suffered anything whereby the said premises have been encumbered in any way whatever, except as aforesaid." is typically found in what type of deed...?
Bargain and Sale Deed
89
Legal policy mandates that a deed to real property be a matter of public record; therefore, subsequent to ……………..., a deed must be properly recorded.
Delivery and Acceptance
90
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
91
This type of deed is used to convey real property sold pursuant to a judicial order in an action for the foreclosure of a mortgage or for partition?
Referee’s Deed
92
A deed and a contract have similar legal requirements in regards to what...?
Allowing the documents to be enforceable
93
Which part of a deed describes the facts of the transaction...?
Premises
94
This type of deed has no warranties and no covenants against grantor's acts?
Quitclaim
95
The type of deed is typically determined by what...?
The quality of title in a transaction
96
The type of deed is typically determined by what...?
The quality of title in a transaction