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Real Estate > Chapter 3.C. > Flashcards

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
Q

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…?

A

Full Covenant and Warranty Deed

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26
Q

A supreme title to land which was originally acquired within the United States of America by a treaty is known as what…?

A

Land Patent

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27
Q

A term that is used for a gift of land that is from the government is known as what…?

A

Public Grant

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28
Q

This type of deed is usually used to remove a cloud from the title…?

A

Quitclaim Deed

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29
Q

In New York State, what is required to be recorded along with the deed…?

A

Transfer Tax Return

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30
Q

The covenant that states “that the said premises are free from encumbrances”, meaning what is being sold to the buyer, is known as what…?

A

Clear and Marketable Title

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31
Q

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?

A

Quitclaim

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32
Q

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…?

A

Acknowledgement

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33
Q

In an executor’s deed, the deceased person is also known as who…?

A

Testator

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34
Q

The type of deed is typically determined by what…?

A

The quality of title in a transaction

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35
Q

This type of deed is typically used when a property is being gifted to another party?

A

Quitclaim Deed

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36
Q

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…?

A

Administrator

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37
Q

What warranty is typically NOT provided in a Full Covenant and Warranty Deed…?

A

There are no outstanding violations

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38
Q

What type of deed is typically delivered by a 3rd party…?

A

Referee’s Deed

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39
Q

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…?

A

Department of Buildings

40
Q

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…?

A

Adverse Possession

41
Q

The buyer in a transaction is known as the…?

A

Grantee

42
Q

The means or medium by which title of real estate is transferred is known as what…?

A

Conveyance

43
Q

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…?

A

Quitclaim Deed

44
Q

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…?

A

Lot and Block

45
Q

Who signs the deed prior to transfer of title…?

A

Grantor

46
Q

The transfer of title to an asset with the consent of the owner is known as what…?

A

Voluntary Alienation

47
Q

Eminent domain is an example of what…?

A

Involuntary Alienation

48
Q

Abby is gifting her property to her family at the end of the year. Abby will be performing what type of transfer…?

A

Voluntary Alienation

49
Q

The statute of frauds requires what for deeds…?

A

Must be in-writing

50
Q

The proposition that the contract for the conveyance of property merges into the deed of conveyance is known as what…?

A

Merger Doctrine

51
Q

Which is NOT an essential part of deed..?

A

Recording

52
Q

Which essential element of a deed refers to the actual signing of the deed…?

A

Execution

53
Q

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?

A

Quitclaim

54
Q

This type of deed is used only when the owner of the property is deceased?

A

Executor

55
Q

In the case where the owner has died and left a will, the fiduciary appointed to represent the estate is known as a/an…?

A

Executor

56
Q

As a real estate agent, where should you search to find any records of violations on a property…?

A

Department of Buildings

57
Q

Legal policy mandates that a deed to real property be a matter of public record; therefore, subsequent to ………………, a deed must be properly recorded.

A

Delivery and Acceptance

58
Q

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…?

A

Habendum Clause

59
Q

The transfer of title during a typical ‘arm’s length’ transaction is an example of what…?

A

Voluntary Alienation

60
Q

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…?

A

Accession

61
Q

A method of identifying the legal description of a property is known as what…?

A

Lot and Block

62
Q

Alluvion is caused by a process known as what…?

A

Accretion

63
Q

A deed conveying real property without covenants is known as what…?

A

Bargain and Sale Deed

64
Q

Anything given to induce another to enter into a contract such as money or personal services is known as what…?

A

Consideration

65
Q

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…?

A

Administrator

66
Q

This type of deed has no warranties and no covenants against grantor’s acts?

A

Quitclaim

67
Q

ACRIS can be found under which New York City website…?

A

Department of Finance

68
Q

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?

A

Quitclaim

69
Q

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

A

Description

70
Q

Which part of a deed describes the facts of the transaction…?

A

Premises

71
Q

What warranty is typically NOT provided in a Full Covenant and Warranty Deed…?

A

There are no outstanding violations

72
Q

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…?

A

Dedication

73
Q

This type of deed contains the strongest guarantee of title…?

A

Full Covenant and Warranty Deed

74
Q

A ………….. clause is also known as the “to have and to hold” clause?

A

Habendum Clause

75
Q

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…?

A

Full Covenant and Warranty Deed

76
Q

This type of deed is used when two owners want to partition their ownership in the property?

A

Referee’s Deed

77
Q

This type of deed must recite the full consideration in the transaction…?

A

Executor Deed

78
Q

The New York General Obligations Law Section 5-703 refers to what…?

A

Statute of Frauds

79
Q

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?

A

Quitclaim

80
Q

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…?

A

Metes and Bounds

81
Q

What is an example of a covenant that may be found in a deed…?

A

Easement

82
Q

This type of deed is used only when the owner of the property is deceased?

A

Executor

83
Q

The type of deed is typically determined by what…?

A

The quality of title in a transaction

84
Q

In the case where the owner has died and left a will, the fiduciary appointed to represent the estate is known as a/an…?

A

Executor

85
Q

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…

A

Avulsion

86
Q

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…?

A

Contract

87
Q

A legal description, as found in the Schedule A, is described using what…?

A

Metes and Bounds

88
Q

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…?

A

Bargain and Sale Deed

89
Q

Legal policy mandates that a deed to real property be a matter of public record; therefore, subsequent to ………………, a deed must be properly recorded.

A

Delivery and Acceptance

90
Q

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…?

A

Adverse Possession

91
Q

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?

A

Referee’s Deed

92
Q

A deed and a contract have similar legal requirements in regards to what…?

A

Allowing the documents to be enforceable

93
Q

Which part of a deed describes the facts of the transaction…?

A

Premises

94
Q

This type of deed has no warranties and no covenants against grantor’s acts?

A

Quitclaim

95
Q

The type of deed is typically determined by what…?

A

The quality of title in a transaction

96
Q

The type of deed is typically determined by what…?

A

The quality of title in a transaction

Real Estate (23 decks)

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