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New York Real Estate > Chapter 6 > Flashcards

Chapter 6 Flashcards

1
Q

The legal document that transfers title from one person to another is known as?

A

A deed

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2
Q

What is a deed?

A

The legal document that transfers title from one person to another.

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3
Q

When are deeds valid?

A

When they are delivered and accepted

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4
Q

Who is the grantor, seller or buyer?

A

The seller

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5
Q

Who is the grantee, the buyer or seller ?

A

Buyer

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6
Q

The title is the legal rights, title is not a document. True or false?

A

True

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7
Q

Who signs a deed? The grantor or the grantee?

A

The grantor

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8
Q

Does the buyer receive the deed at the closing?

A

No, it gets mailed after a few weeks.

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9
Q

When does probate happen?

A

After a person dies

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10
Q

What is it called when a person dies without leaving a valid will?

A

Interstate

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11
Q

If a person dies interstate the property reverts to the state. This is called?

A

Escheat

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12
Q

What does probate mean?

A

Proving one’s will after they die

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13
Q

What does interstate mean?

A

A person dying without leaving a valid will

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14
Q

If a person dies interstate, what happens?

A

The property reverts to the state through escheat

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15
Q

If you don’ leave a will, or any natural heirs for your property to go to, who takes the property? What is this called?

A

The state, escheat

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16
Q

Does probate cost money?

A

Yes it can

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17
Q

Agreement to transfer possession of a property for a specific amount of time is what type of agreement?

A

Lease agreement

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18
Q

What is a lease agreement?

A

Agreement to transfer possession of a property for a specific amount of time.

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19
Q

The tenant pays not only rent, but also some or all property charges is what?

A

Net lease

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20
Q

The tenant pays everything except for mortgage charges is what type of lease?

A

Triple net lease

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21
Q

What lease causes the landlord to bear all charges?

A

Gross lease

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22
Q

Is a gross lease commercial or residential?

A

Residential

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23
Q

If I pay you rent, and pay you a percentage of what I’m actually making after a certain amount, what kind of lease is this?

A

Percentage lease

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24
Q

Most rents are in a “blank” lease basis.

A

Gross

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25
Q

If a tenant pays a fixed rent plus a certain share of the tenants income, what kind of lease is this?

A

Percentage lease

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26
Q

What is a percentage lease?

A

Tenant pays a fixed rent plus a certain share of the tenant’s income.

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27
Q

What are the four types of leasehold estates?

A

Estate for years, tenancy at will, tenancy at sufferance, periodic estate

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28
Q

Which leasehold estate is this: has a start and stop date (weeks, months, years)

A

Estate for years

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29
Q

Which leasehold estate is this: the tenant can leave at will and there’s no definite period of time

A

Tenancy at will

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30
Q

Which leasehold estate is this: estate from period to period (weeks, month, years) and there’s indefinite period of time

A

Periodic estate

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31
Q

If a tenant continues to stay after their right has expired, like a holdover tenant, what type of leasehold estate is this?

A

Tenancy at sufferance

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32
Q

What is tenancy at will?

A

The tenant can leave at will and there’s no definite period of time

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33
Q

What is tenancy at sufferance?

A

When a tenant continues to stay after their rights expired. Holdover tenant.

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34
Q

What is an estate for years?

A

Has a start and stop time

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35
Q

Can you have an estate for years with a 4 month time period?

A

Yes, as long as there is a solid beginning and an end date, then it is an estate for years.

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36
Q

What is a periodic estate?

A

It’s an estate from period to period

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37
Q

Does periodic estate have a stop date?

A

No, the period is indefinite.

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38
Q

Which leasehold estate has a stop date?
A. Estate for years
B. Periodic estate
C. Tenancy at will
D. Tenancy at sufferance
E. A and B
F. B and D

A

A

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39
Q

Can a periodic estate have a time period of weeks, months and years?

A

Yes

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40
Q

Which leasehold estate just gets renewed?
A. Periodic estate
B. Estate for years
C. Tenancy at will
D. Tenancy at sufferance

A

A. Periodic estate

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41
Q

What leasehold estate is a holdover tenant an example of?

A

Tenancy at sufferance

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42
Q

If a tenant stops paying a landlord, it can take 8 months to a year to get them out. If someone pays the landlord rent, they have rights to the space. What would that be called?

A

Tenancy at sufferance (think about it like a landlord is suffering)

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43
Q

A deed is valid when it is

A

Delivered and accepted

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44
Q

If a deed is signed, does that mean it’s accepted?

A

No

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45
Q

Does the buyer receive the deed at the closing ?

A

No, he gets it mailed to him weeks later

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46
Q

Who must sign the deed?

A

The seller

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47
Q

A lease is

A

An agreement to transfer possession of property for a specified period of time

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48
Q

A man agrees to rent his house to his uncle from January 15 2021 to June 15 2021. What type of tenancy is this called?

A

Estate for years

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49
Q

John paid Dan $2000 for the right, if he chooses, To lease a barber shop within 72 days at a specified annual rental. What agreement is this?

A

Option

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50
Q

Does a grantee, the buyer, need to sign a deed?

A

No, just the seller

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51
Q

What needs to happen for a whale to be valid? (probate)

A

their will must be proved in court

52
Q

Who delivers and excepts a deed at closing?

A

The county clerk

53
Q

The legal way of saying that you have property ownership is called what?

A

Title

54
Q

What does it mean to have title?

A

What is the legal way of saying that you have property ownership

55
Q

Is title a document?

A

No

56
Q

Is title a document or a concept?

A

A concept

57
Q

The concept that says you have the rights to use property that you have property ownership to.

A

Title

58
Q

“If he chooses” = option agreement. True or false?

A

True

59
Q

Tenant pays everything except for mortgage charges is what kind of lease?

A

Triple net lease

60
Q

The tenant pays not only rent, but also some were all property charges is what kind of lease?

A

Net lease

61
Q

And what kind of Lease does the landlord bear all property charges?

A

Gross lease

62
Q

The tenant pays a fixed rent plus a certain share of the tenants income in which kind of lease?

A

Percentage lease

63
Q

When someone dies leaving now will unknown natural heirs who does this property go to?

A

The state of New York

64
Q

When a couple bought a farm from the wife’s parents, they received only a quick claim deed. This is most likely because of what?

A

A quitclaim is usually the type often used for in-family transaction

65
Q

Which deed is often used for in family transactions?

A

Quitclaim deed

66
Q

Someone who dies without leaving a will is said to have died as what?

A

Interstate

67
Q

Title to property transfers at the moment a deed is
A. Signed
B. Delivered and accepted
C. Recorded
D. Acknowledged 

A

Delivered and accepted

68
Q

Consideration in a deed refers to
A. The habendeum clause
B. The payment of transfer tax stamps
C. Gentle handling of the document
D. Something of value given by each party

A

D, something of value given by each party

69
Q

Something of value given by each party and a deed is called what?

A

Consideration

70
Q

What is it called to describe the act of when the government transfers land to a private person?

A

A grant

71
Q

What is a grant?

A

The act of when the government transfers land to a private person

72
Q

A notary acknowledgment of the signature on a deed is necessary
A. For the deed to be recorded
B. For the deed to be valid
C. Before a transfer tax can be paid

A

A, for the deed to be RECORDED

73
Q

The elevations gathered from datum’s are further supplemented by reference points called?

A

Benchmarks

74
Q

The developer of a subdivision turning property over to the local government for road and sidewalks is through what process?

A

Dedication (you’re dedicated something to the government )

75
Q

Which deed provides the grantee (buyer) with the least protection?

A

Quitclaim deeds

76
Q

A quitclaim dread has the least protection because?

A

It provides no guarantees, and is commonly used for simple transfers within a family and for property transferred during divorce settlements

77
Q

Which deed is usually used for divorce settlements?

A

Quitclaim deeds

78
Q

Which deed can best be described as “a deed of release” or “sign off”.

A

Quitclaim deed

79
Q

Can anyone be appointed as an attorney-in-fact?

A

Yes, they don’t need to be an attorney, they just need to be appointed to this position in a transaction

80
Q

True or false: for a deed to be valid, it must contain an adequate legal description of the real estate conveyance.

A

True

81
Q

Delivery of the deed is by the grantor, who is the acceptance by?

A

Grantee

82
Q

A declaration made by a person who is signing a document before an authorized public officer is what?

A

Acknowledgment

83
Q

A transfer of land by a government body to a private individual.

A

Grant

84
Q

How is a grant accomplished? Is it through a deed?

A

No, it’s accomplished using a land patent

85
Q

What will document the transfer of land ownership from the federal government to individuals.

A

Land patents

86
Q

Which deed is often used for dedication (a developer who turns over the road and sidewalks in a new subdivision to the local government)

A

Quitclaim deed

87
Q

Something of value given in an exchange for the transfer of real property

A

Consideration

88
Q

To be valid, all deeds must contain a clause acknowledging the grantors receipt of what ?

A

Consideration

89
Q

Both grantee and grantors must be identified by what?

A

Address

90
Q

To effect a valid conveyance in terms of a lease and grantor, a person must be?

A

A competent party and 18 years or older

91
Q

Landowners are entitled to any additional soil added to their property by lakes, rivers, or streams. What is this called?

A

Alluvion

92
Q

Gradual addition of land due to natural causes is called ?

A

Accretion

93
Q

The right of ownership to the gradual addition of new land due to natural causes is called?

A

Accession

94
Q

What is the difference between accession and accretion?

A

Accession is the gradual addition of new land due to natural causes, and accretion is the ownership of it.

95
Q

The sudden tearing away of land from tidal waves or earthquake is lost to the landowner by the process of?

A

Avulsion

96
Q

the act of converting real estate ownership or title

A

Alienation

97
Q

The transfer of real property from one party to another

A

Alienation

98
Q

What are the two types of alienation?

A

Voluntary alienation and involuntary alienation

99
Q

A transfer at the owners will (a sale)

A

Voluntary alienation

100
Q

A transfer against the will of the owner (judgment, foreclosure)

A

Involuntary alienation

101
Q

What kind of alienation would a foreclosure be?

A

Involuntary alienation

102
Q

A written instrument showing that an owner of real estate intentionally conveys right, title, or interest in a parcel of real estate to another

A

A deed

103
Q

The instrument used to convey real property from one person to another

A

Deed

104
Q

How is personal property conveyed?

A

A bill of sale

105
Q

True or false: sometimes a deed transfers only a part of the owners interest

A

True

106
Q

Do all deeds need to be in writing?

A

Yes, according to the statue of frauds

107
Q

The legal concept that, to be enforceable, all deeds for the partial or full transfer of an interest in real property must always be in writing,

A

Statute of frauds

108
Q

Are Oral agreements concerning transfers of real property enforceable?

A

No

109
Q

A deed is always executed by who?

A

The grantor (seller)

110
Q

Seisin means what?

A

Ownership and control

111
Q

Does a deed need legal description of the land being conveyed in order to be valid?

A

Yes it does

112
Q

What are the 3 ways that land can be described?

A

Metes and bounds
Preparation and use of a survey
Rectangular government survey system

113
Q

What is another term used to describe the rectangular survey system?

A

The government survey method

114
Q

When was the rectangular survey system established, and by who?

A

Congress, 1785

115
Q

What does the rectangular survey system describe?

A

Western lands acquired by the government

116
Q

A system based on intersecting lines (principal meridians and base lines)

A

Rectangular survey system

117
Q

Which method to describe land is most common?

A

Metes and bounds

118
Q

Uses the boundaries and measurements of the land in question

A

Metes and bounds

119
Q

What is described by “distance and direction”.

A

Metes and bounds

120
Q

A metes and bounds description always ends at the point where it began (pob) true or false?

A

True

121
Q

Where does metes and bounds start and end?

A

At the definite point called place
Ends at the point where it began (pob)

122
Q

Which land description is this: monuments are fixed objects used to establish boundaries.

A

Metes and bounds

123
Q

What may be required for conveying all or a portion of a given tract of land, placing a mortgage loan, showing the location of new construction, locating roads, and determining legal descriptions?

A

Surveys

124
Q

What would be used to unconver any encroachments encumbering the subject property?

A

Survey

125
Q

A lack of asserting your rights (ex: if your neighbor encroaches on your property and you don’t do anything about it within the statutory period of time) may lead to a loss of those rights via a lawsuit called what?

A

A suit to quiet title

126
Q

If you make a claim to a suit to quiet title, it may include what?

A

Doctrine of laches

New York Real Estate (18 decks)

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