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New York Real Estate > Chapter 5 > Flashcards

Chapter 5 Flashcards

1
Q

What is a lien?

A

A right given to a person or certain creditors to secure a debt by a defaulting debtor. Financial claims against property to ensure payment.

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2
Q

Do liens attach to the owner or to the property?

A

The property

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3
Q

Taxes always have the first recorded claim against the property. Taxes supersedes all other liens. True or false.

A

True.

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4
Q

Would property tax get paid before a lien?

A

Yes

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5
Q

The right given to a person to enter another person’s property is?

A

An easement

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6
Q

Which one is a non possessory right? Easement or easement appurtenent

A

An easement

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7
Q

Right of way pertains to easements or easements appurtenances?

A

Easement appurtenant

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8
Q

Which estate or property is benefitting from the easement is?

A

Dominant estate (not serving(

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9
Q

Which property serves as access or usage for a dominant estate?

A

Servient estate

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10
Q

What is easement appurtenant?

A

The permanent right to use the land of another

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11
Q

What is an easement

A

The right given to a person to enter another person’s property

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12
Q

What is an easement by necessity?

A

If property b is landlocked and has to go onto property A in order to get onto the street and leave.

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13
Q

What do you think of when you hear land locked?

A

Easement by necessity

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14
Q

Property A has a fence that extends onto property B’s property line. A survey is the best way to detect this problem. What is this an example of?

A

Encroachment

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15
Q

A Servient estate serves a dominant estate because they are given the dominant estate a way to the road. True or false.

A

True

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16
Q

An easement upon another’s real property acquired by continued use without permission of the owner for a legally defined period of 10 years is known as?

A

A prescriptive easement

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17
Q

How many years does it take to reach a prescriptive easement?

A

10 years

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18
Q

If I’ve been using your property to get to the other side of the block and you haven’t stopped me, I can legally use that piece of your property after it’s been going on for 10 years (tackling). What is this?

A

A prescriptive easement

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19
Q

Can you tackle on someone else’s prescriptive easement?

A

Yes

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20
Q

You may feel bad using your neighbors property for 10 years to do something useful, so you would get a what?

A

Prescriptive easement

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21
Q

Granted when one person makes open and notorious use of another’s property for a period of 10 years. Which could utilamtekh grant title to that portion of the land that originally belongs to someone else. What is this?

A

Adverse possession

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22
Q

What usually comes before adverse possessions.

A

Encroachment

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23
Q

What does adverse possession ultimately grant you?

A

It could grant title to the portion of the land that you have openly been using for 10 years, even though it originally belongs to someone else

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24
Q

Which is considered a lien on real estate
A. An easement running with the land.
B. An unpaid mortgage.
C. A public
D. A licensed to erect a billboard.

A

An unpaid mortgage loan

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25
Q

An instrument that provides for a right of use agreement and determinable at the will of the issuer is best described as?
A. Lease
B. License
C. Encumbrances
D. easement

A

A license

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26
Q

The financial claim or charge against the property of another that provides security for a debt or obligation of the property owner is
A. Lein
B. An easement.
C. An encroachment.
D. An adverse possession.

A

A lien

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27
Q

Unless an action of foreclosure on a contractors mechanics lien commences, his mechanics lien will remain against the property for at least
A. Four months.
B. Eight months.
C. One year.
D. 10 years.

A

One year

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28
Q

If a contractor remains unpaid for roofing, a ranch home, how long does he have an order to file a valid and enforceable mechanics lien?

A

Four months

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29
Q

If a buyer purchases a cottage that has an unpaid mechanics lien recorded against it, and the lien was previously placed by the workman who was not paid by the former owner for constructing a dock, what does that do to the lien?

A

It remains as a claim against the property

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30
Q

The farmer who allowed promoters to run the festival on his land, most likely granted them a what?

A

A license

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31
Q

What best describes the expression use the rights or lose the rights?

A

Laches

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32
Q

How are encroachments easily discoverable?

A

Physical inspection of the property or by performing a survey

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33
Q

The lien with first claim against any parcel of real estate in New York is

A. Unpaid property tax
B. A mechanics lien
C. A first mortgage
D. The IRS

A

Unpaid property tax

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34
Q

Who are deed restrictions created by?

A

Seller

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35
Q

What are the two general classifications of encumbrances?

A

Liens and usage encumbrances

36
Q

If liens are financial claims against a property, what is restrictions, easements, and encroachments?

A

Usage encumbrances

37
Q

A write or interest in a property held by a party who is not the owner. Any claim against a property that limits the ability to sell it.

A

Encumbrance

38
Q

This is not classified as an encumbrance because it is not a permanent right, but it is a privilege to enter land or to use something of someone else’s first specific purpose is known as what?

A

A license

39
Q

Can theypermission given by a license be withdrawn in regard to encumbrances?

A

Yes it’s terminable at the will of the licensor

40
Q

Name the big four types of liens

A

Real estate, tax lien, mechanics, lien, judgment, mortgage lien

41
Q

Created by the owners, voluntary action, such as placing a mortgage loan is what kind of lean? Voluntary or involuntary

A

A voluntary lean

42
Q

A lien created by law

A

Involuntary lien

43
Q

Spot the difference

Real estate tax lien: specific and involuntary
Mechanics lien: specific, involuntary
Judgment- general, involuntary
Mortgage lien- specific, voluntary

A

Judgment is general
Mortgage lien is voluntary

44
Q

Liens can be classified as specific or general, and involuntary or voluntary. True or false?

A

True

45
Q

A lien that usually affects all the property of a debtor, both real and personal.

A

General liens

46
Q

Liens that are secured by a specific parcel of real estate and affect only that particular property

A

Specific

47
Q

A decree issued by a court to pay a debt such as an unpaid bill

A

A judgment

48
Q

What do judgements become against all real property owned by an individual in that county?

A

A lien

49
Q

At what point does a judgement become a general involuntary lien on all real property?

A

When it is docketed or filed in the county clerks office

50
Q

Can judgements become a lien against personal property sometimes too, or only real property?

A

Yes they can

51
Q

A decree that provides for money to be awarded to the creditor

A

Money judgment

52
Q

How do judgments and mortgages differ?

A

In a lien, a specific parcel of real estate was never given as security for the debt

53
Q

How many years is a judgment a lien against real property for?

A

10 years, and it can be renewed for 10 more

54
Q

When a lien has been paid or been considered satisfied

A

Satisfaction of lien

55
Q

The party that benefited from the lien is required to remove the lien when it has been paid off. This is achieved through the recording of which document?

A

Satisfaction of lien

56
Q

A right acquired by one party to use the land of another party for special purpose is

A

An easement

57
Q

How are easements commonly created ?

A

By written agreement between the parties

58
Q

What are the 2 principle type of easements ?

A

Appurtenance or in gross

59
Q

Environmental lien is under the environmental cleanup act called?

A

CERCLA
Comprehensive environmental response, compensation, and liability act

60
Q

Who does the environmental lien under CERCLA attach too?

A

The property subject to the cleanup

61
Q

Collateral = ?

A

Mortgage

62
Q

When does a mortgage become a voluntary lien on real estate given to a lender by a borrower as security for the repayment of a loan?

A

When The mortgage funds are disbursed

The mortgage document is signed by the mortgagor (borrower)

The same is delivered to the mortgagee (lender)

The mortgage is recorded

63
Q

When a building or fence or driveway extends beyond the land of its owner and covers some of yours

A

Encroachment

64
Q

How are encroachments usually disclosed ?

A

Either a physical inspection

Or a survey

65
Q

If you face encroachment on your property, you may be able to recover damages or the removal of the encroachment. True or false?

A

True

66
Q

Encroachments of 10 years may give rise to what?

A

Adverse possession
(a title to real property is acquired if possessed but not owned for a prescribed period of time: easement by prescription)

67
Q

Shared by 2 buildings and constructed on the boundary line between 2 owners lots is known as as?

A

A party wall

68
Q

What is a party wall?

A

There’s owners on one side on their wall that they own and an easement on the other half. This goes for both parties sharing the 2 buildings on the same property line.

69
Q

Nonpossessory rights

A

Person does not occupy the property or have the right to the property

70
Q

A lien placed against a specific property by workers or suppliers who have not been paid for labor or materials used in construction, improvement, or repairs of that property

A

Mechanic lien

71
Q

Four types of easements:

A

Appurtenance, in gross, by necessity, by prescription

72
Q

Private agreements that affect the use of land are?

A

Deed restrictions and covenants

73
Q

Who are deed restrictions typically imposed by?

A

A developer of subdivider

74
Q

The purpose behind deed restrictions is to maintain a specific standard in a subdivision or to require that a property be used for a specific purpose. True or false.

A

True

75
Q

Feed restrictions must be enforced within BLANK years from the time of the violation of a restriction.

A

Two years

76
Q

What does the Doctrine of Laches state?

A

That deed restrictions have to be enforced within 2 years form the time of the violation of a restriction. And if you fail to do so within the 2 years, it results in the loss of your right to enforce the restriction

77
Q

Right of way =

A

Easement appurtenance

78
Q

Liens are only general or specific, and voluntary or involuntary. True or false.

A

True

79
Q

CERCLA stands for?

A

comprehensive environmental response compensation liability act

80
Q

If you have contamination on your property who is that the owner according to ?

A

CERCLA

81
Q

Does CERCLA or SERA give homeowners immunity from having to deal with contamination on their property if they got their property checked for contamination.m before buying it?

A

SERA

82
Q

Liens on property affect title, yes or no?

A

Yes, no one wants to by a property with a lien on it. They can buy who would. They’d want the lien satisfied beforehand.

83
Q

When does a tile search occur?

A

After buyers got their commitment letter

84
Q

Do real estate taxes have priority over liens?

A

Yes

85
Q

Do deed restrictions trump zoning in the area?

A

Yes

86
Q

What is an example of a voluntary lien?

A

A mortgage

87
Q

Are liens on title search or public records?

A

Title search

New York Real Estate (20 decks)

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