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Construction Basics > Chapter 7 > Flashcards

Chapter 7 Flashcards

1
Q

What is the difference between a mortgagor and mortgagee?

A

Mortgagor is the borrower giving mortgage to the mortgagee (bank)

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2
Q

What is Article 12A?

A

Real Estate License Law which is part of the NYS Real Property Law

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3
Q

What is HO4?

A

Home Owner’s Insurance for Renters

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4
Q

What is Real Property?

A

Real Estate (physical; air & subsurface) + Rights of Ownership

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5
Q

What are the Bundle of Legal Rights?

A
  • 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

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6
Q

What is the difference between freehold and leasehold?

A 
Freehold= own
Leasehold = lease
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7
Q

What is DEEPC - Please Quit Eating Candy Daily?

A
  • Disposition
  • Quiet Enjoyment
  • Exclusion
  • Possession
  • Control
  • Possession
  • Quiet Enjoyment
  • Exclusion
  • Control
  • Dispostion
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8
Q

Which rights are freehold?

A

Possession, Quiet Enjoyment, Exclusion, Control, Disposition

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9
Q

What rights are leasehold?

A

Possession, Quiet Enjoyment, Exclusion

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10
Q

Which rights aren’t leasehold?

A

Control, Disposition

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11
Q

What right is included in leasehold?

  • Exclusion
  • Encroachment
  • Escheat
  • Encumbrance
A
  • 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)
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12
Q

What is title?

A

The idea of ownership

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13
Q

What is a common encumbrance?

A

Lean (debt)

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14
Q

What are rights that go with real property?

A

Appurtenances

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15
Q

What are appurtenances?

A

Rights that go with real property

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16
Q

What are the differences between riparian and littoral rights?

A

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.

17
Q

What is percolating water?

A

underground (aquifer)

18
Q

What are the 4 forces of nature that affect land ownership?

A
  • 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)

Construction Basics (8 decks)

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