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NY Real Estate Exam Study > Legal Issues - Liens and Easements > Flashcards

Legal Issues - Liens and Easements Flashcards

1
Q

An easement is the right…

A

to cross or otherwise use someone else’s property for a specified purpose.

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2
Q

An easement is a _____________ interest in land owned by another.

A

nonpossessory.

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3
Q

The common term for an easement is…

A

“right-of-way”. Easements “run with the land”.

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4
Q

A right of use in the land of another without the requirement that the holder of the right own adjoining land. Also known as a __________ ________ __ _____. This type of easement is commonly used by utility companies.

A

commercial easement in gross.

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5
Q

Easement by necessity: Used when a property owner is…

A

landlocked and needs to cross an adjacent property to get access to their property.

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6
Q

Easement by prescription: Obtained by use of land without the…

A

owner’s permission for a legally prescribed length of time. In New York, the use must be open and obvious, and must continue uninterrupted for 10 years.

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7
Q

Easement by implication: This type of easement arises by…

A

implication from the conduct of the parties. For example, if a landowner sells mineral rights to a company, that company has an easement by implication to go onto the property to do mining.

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8
Q

An encroachment is a building, part of a building, or obstruction which…

A

intrudes upon the property of another. In other words, a part of one’s property crosses over the property line of an adjoining property.

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9
Q

A lien is a…

A

claim or charge against the property of another.

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10
Q

Mechanic’s Lien: This type of lien applies to individuals or companies who have…

A

“supplied labor or materials that improve a property”. For example, if a roofing contractor does not get paid for work performed on a person’s property, they may file a mechanic’s lien against the property.

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11
Q

A mechanic’s liens is a type of an…

A

involuntary, specific lien.

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12
Q

This is the most common type of lien. When a homeowner obtains a mortgage, they are granting the lender…

A

a mortgage lien on their property. If the mortgage is not paid, the lender may exercise the mortgage lien and demand full payment of the loan through the sale of the property (also known as foreclosure).

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13
Q

A mortgage lien is an example of a

A

voluntary, specific lien.

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14
Q

When a taxpayer is delinquent in paying property taxes…

A

a tax lien attaches against the property. A tax lien takes the highest priority among other liens (even higher than a mortgage lien).

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15
Q

A deed is also called an…

A

instrument of conveyance.

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16
Q
  • The _______ is the Seller (conveys the deed). - The _______ is the Buyer (receives the deed).
A

Grantor. Grantee.

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17
Q

The grantor of a deed must be at least…

A

18 years old and mentally competent.

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18
Q

A deed must be in-writing (according to the

A

Statute of Frauds).

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19
Q

A deed must Include a _______ (the person conveying title to the property).

A

grantor.

20
Q

A deed must include a _______ (the person receiving title).

A

grantee.

21
Q

A deed must contain a _______ ______, which includes words of conveyance.

A

granting clause.

22
Q

A deed must provide evidence of _____________ (something of value).

A

consideration.

23
Q

A deed must Include a legal…

A

description of the property.

24
Q

A deed must include ________ ______ (this clause begins with the words “to have and to hold”).

A

habendum clause.

25
Q

A deed must include ___________ ____ _______-__ ______ (any deed restrictions or easements must be noted).

A

limitations and subject-to clause

26
Q

A deed must include the signature of the _______ (the grantee is not required to sign the deed).

A

grantor.

27
Q

A deed must include ______________/_________ (the deed must be notarized and recorded).

A

Acknowledgment/recording

28
Q

A deed must include ________ ___ __________ (a valid deed must be delivered to the grantee).

A

delivery and acceptance

29
Q

Conveyance is…

A

the transfer of the title of land from one to another. The means or medium by which title of real estate is transferred.

30
Q

A deed is a document used to…

A

convey title legally to real property.

31
Q

When a person dies and leaves no valid will, the laws of intestacy determine …

A

the order in which the property is distributed to the heirs.

32
Q

The heirs take title by descent, or the way they are related to the decedent (deceased person). The typical order of descent is…

A

spouse, children, parents, and siblings, followed by relatives who are more distant.

33
Q

According to law, the person appointed by a court to distribute the intestate decedent’s property is an…

A

administrator or administratrix.

34
Q

The deed must contain an adequate formal legal description. The legal description describes…

A

where the property is located and the size of the lot.

35
Q

There are 3 acceptable types of property descriptions:

A

1) Metes and bounds 2) lot and block 3) Monuments

36
Q

A survey is a drawing prepared by a licensed surveyor, , which shows the…

A

exact dimensions of a property and any improvements located on the property (including a garage, deck, fend, driveway).

37
Q

A survey is drawn using the…

A

metes and bounds method.

38
Q

The form of guarantee of title of any type of deed that provides the greatest protection to the grantee.

A

The Full Covenant and Warranty deed.

39
Q

The Full Covenant and Warranty deed includes the Covenant of seisin – assures the grantee that…

A

the grantor holds the title specified in the deed.

40
Q

The Full Covenant and Warranty deed includes the Covenant of right to convey – assures the grantee that…

A

the grantor has the legal capacity to convey the title and has the title to convey.

41
Q

The Full Covenant and Warranty deed includes the Covenant against encumbrances – assures the grantee that…

A

no encumbrances against the title except those set forth in the deed itself exist.

42
Q

The Full Covenant and Warranty deed includes the Covenant of quiet enjoyment – assures the grantee that…

A

they will have quiet enjoyment and possession of the property.

43
Q

The Full Covenant and Warranty deed includes the Covenant for further assurances - The related promise that the …

A

grantor will do whatever is necessary to remove a defect associated with title, such as an encumbrance, if it arises, and if the problem is not fixed, damages will be awarded.

44
Q

The Full Covenant and Warranty deed includes the Covenant of warranty - The grantor covenants that the grantor will…

A

protect and defend the buyer against anyone who comes and claims a superior title to the property.

45
Q

Deed restrictions are a form of…

A

encumbrance on real property.

46
Q

A deed restriction is an…

A

imposed restriction in a deed for the purpose of limiting the use of real property. Such as: 1) A restriction against the sale of liquor on a property. 2) A restriction as to the size, type, value or placement of improvements that may be erected on the property.

47
Q

Deed restrictions are in the form of…

A

restrictive covenants and/or conditions (CC&R’s).

NY Real Estate Exam Study (21 decks)

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