Chapter 7 Part 1: Important Points

Question 0

IP Title to Real Property

Answer 0

Can be conveyed during or after life and can be conveyed either voluntarily or involuntarily.

Question 1

IP: Title

Answer 1

Means ownership rights to real property. Title implies a variety of different rights of ownership known as the bundle of rights.

Question 2

IP A Deed

Answer 2

Is the only legal instrument used to convey title to real property during the life of the owner.

Question 3

IP Voluntary transfer of title examples:

Answer 3

During life are through sale, gift, dedication or grant. After death is through a will or New York statutes as interpreted by the court.

Question 4

IP Involuntary transfer of title occurs

Answer 4

During the life of a property owner as a result of a lien foreclosure, bankruptcy, condemnation or adverse possession. A form of involuntary transfer after death is escheat.

Question 5

IP Lien Foreclosure Sales on Real Property

Answer 5

Occur when outstanding debts against the property remain unpaid. Examples of unpaid liens against real property include mortgage liens, tax liens and mechanic’s liens.

Question 6

IP The processes of nature may…

Answer 6

Increase or decrease the amount of land property owners hold. These processes include accretion, avulsion and erosion.

Question 7

IP A legal action to partition real property occurs…

Answer 7

When property owners own property together as tenants in common and decide to divide their interest in the property.

Question 8

IP Adverse possession

Answer 8

A person other than the owner can claim title to real property, on the condition that the possession or occupation must be open and well known to others.

Question 9

IP If a person dies intestate (without a will)…

Answer 9

The laws of intestacy govern the conveyance of real and personal property of the deceased. Probate is the judicial determination of the validity of a will by a court and supervision over distribution of the estate.

Question 10

IP A valid will can be formal and witnessed…

Answer 10

Or in the handwriting of the deceased (holographic will).

Question 11

IP A gift of real property by will…

Answer 11

Is a devise, and the recipient of the gift of real property is the devisee.

Question 12

IP Surrogate’s court in the county where the deceased had lived…

Answer 12

Is the court of jurisdiction over probate matters.

Question 13

IP The New York Estates, Powers and Trusts Law.

Answer 13

The New York statute that defines the law as to disbursement of property by the deceased.