Chapter 7 Flashcards
What is the difference between a mortgagor and mortgagee?
Mortgagor is the borrower giving mortgage to the mortgagee (bank)
What is Article 12A?
Real Estate License Law which is part of the NYS Real Property Law
What is HO4?
Home Owner’s Insurance for Renters
What is Real Property?
Real Estate (physical; air & subsurface) + Rights of Ownership
What are the Bundle of Legal Rights?
- Possession (have keys, access, can use it)
- Quiet Enjoyment (can use w/o disturbance, noise, danger)
- Disposition (“dispose” RE, give it away, sell, rent it, etc)
- Exclusion (no trespassing)
- Control (build, farm, drill, mine, etc)
DEEPC - Please Quit Eating Candy Daily
What is the difference between freehold and leasehold?
Freehold= own Leasehold = lease
What is DEEPC - Please Quit Eating Candy Daily?
- Disposition
- Quiet Enjoyment
- Exclusion
- Possession
- Control
- Possession
- Quiet Enjoyment
- Exclusion
- Control
- Dispostion
Which rights are freehold?
Possession, Quiet Enjoyment, Exclusion, Control, Disposition
What rights are leasehold?
Possession, Quiet Enjoyment, Exclusion
Which rights aren’t leasehold?
Control, Disposition
What right is included in leasehold?
- Exclusion
- Encroachment
- Escheat
- Encumbrance
- Exclusion (no trespassing)
- Encroachment = trespassing by a thing (tree, fence)
- Escheat = when someone dies and there is no will and no heirs, NYS takes RE
- Encumbrance = something that complicates title and makes the RE hard to sell (tax needs, violations)
What is title?
The idea of ownership
What is a common encumbrance?
Lean (debt)
What are rights that go with real property?
Appurtenances
What are appurtenances?
Rights that go with real property
What are the differences between riparian and littoral rights?
Riparian (rivers/streams/creeks) = right to use water going somewhere. If unnavigable, riparian is split in the middle. If navigable, property owner owns lands edge of water.
Littoral (lakes, seas, gulfs) = right to use water sitting there. Owned up to the mean high water mark.
What is percolating water?
underground (aquifer)
What are the 4 forces of nature that affect land ownership?
- Erosion (slowly lose land overtime)
- Accretion (slowly gain land from water deposits - alluvion or alluvium)
- Avulsion (sudden violent loss of land by flowing water)
- Reliction (water recedes exposing more land)
