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NY Real Estate > Miscellaneous > Flashcards

Miscellaneous Flashcards

0
Q

is an unauthorized intrusion of a physical object on to another person’s real property (surface, subsurface, or air.)
•is not an easement since there is no legal claim or right to another person’s property.
•is a form of trespassing in the eyes of the law, though generally unintentional.
•May, over time, turn into adverse possession.

A

Encroachment

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1
Q

When someone inquires title of someone else’s real property by possession of it.
•created through open, hostile adverse, and continuous use of another’s land for a specific period of time as determined by state law.
•also known as title by prescription.
•similar to easement by prescription but instead of acquiring an easement or an interest in the property, actual title is acquired.
•intended originally to encourage productive use of land, though it is not a particularly common way to take the title to land today.

A

Adverse possession

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2
Q

not real property. Instead, the purchaser is buying in shares in the corporation. Which is actually personal property. The corperation owns the real estate.

A

Cooperative or Co-op

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3
Q
  • is the right of the first opportunity to buy or lease property if the owner decides to put it up for sale or lease.
  • it’s also called a right of preemption
  • cannot the exercise until the owner gets a bona fide offer from a third-party. Then make the property available to one holding the right at the same terms as the bona fide offer.
  • is it inheritable interest
  • is a cloud on the title and should be recorded in the public record.
A

First right of refusal

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4
Q

anything of value such as money, services or goods. Good—- is promise of love and affection.

A

Consideration

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5
Q
  • Substitution of an existing contract for another contract
  • substitution of existing party to the contract for another party.
  • requires the consent of both parties.
A

Novation

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6
Q

Termination of the contract without doing the task that should have been performed under it; can be done without going to court.

A

Cancellation

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7
Q

Contract provisions that make the party’s rights or obligations depends on occurrence (or non-occurrence) of certain events. Also called a contingency clause.

A

Condition

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8
Q

An agreement to accept something different than what was provided in the original contract. Sometimes referred to as partial performance.

A

Accord and satisfaction

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9
Q

When one party to a contract informs the other before the set time of the performance that he or she doesn’t intend to perform as agreed. The other party may immediately file a lawsuit for breach of contract without making a tender offer.

A

Anticipatory repudiation

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10
Q

The damage award, usually money intended to compensate the plaintiff for harm caused by the defendant’s act or failure to act.

A

Compensatory damages

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11
Q

A clause added to a contract which voids the contract when the deadline passes. The part of it fails to perform by the deadline is in material breach of the contract.

A

Time is of the essence clause

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12
Q

A specific condition that makes the parties rights or obligations depend on the occurrence or not occurrence of certain events. The most common is a mortgage contingency. If the condition is not met, the promise or can withdraw without liability for breach of contract.

A

Contingency clause

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13
Q

The sum of money that the parties to a contract agreed to give in advance that will serve as compensation in the event of a breach. Often, it is forfeiture of the earnest money deposit in purchase contracts.

A

Liquidated damages

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14
Q

A breach of contract important enough to excuse the non-breaching party from performing her contractual obligation

A

Material breach

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15
Q

A potential remedy to breach of contract with the injured party agrees to accept less than the full terms of the original contract.

A

Partial performance

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16
Q

when the court changes or modifies the contract to reflect the true intention of the parties such as the remedy a minute or clerical error.

A

Reformation

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17
Q

When a contract is terminated and each party gives anything acquired under the contract back to the other party (verb form is to rescind)

A

Rescission

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18
Q

Legal remedy in which a court order someone was breached the contract to perform as agreed, rather than paying monetary damages.

A

Specific performance

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19
Q

A law requiring a particular type of lawsuit to be filled within a specific time after the event giving rise to the suit occurred.

A

Statute of limitations

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20
Q

An unconditional offer by one party to perform his part of the contract.

A

Tendering performance

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21
Q

The transfer of a contract rights and terms from one party (the assignor) and to the other party (the assignee)
The assignor is not relieved of liability under the contract but remains secondarily liable to the other party and can be sued if the assignee does not perform.(this rule applies even when the other party consents to the assignment)

A

Assignment

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22
Q

the period of usefulness that a building has remaining as of the date of the appraisal.

A

Remaining economic life

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23
Q

Age of the building
The actual age of the building is the total number of years since its completion. This is also called it’s chronological age. A 30 old building that was built to last 100 years would be expected to have 70 years of useful life left.
But as you probably know, maintenance and upkeep can live in a building is useful life. While neglecting shortly. An appraiser is more concerned with how old the building appears to be, which is called it’s effective age

A

DEPRECIATION

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24
Q

is actual wear and tear on something due to age, abuse, the elements all the forces. This type of depreciation is often observable during the appraisers personal inspection of the subject property. Regular maintenance can slow the process, and most physical deterioration is repairable, or curable for short-lived items.

A

Physical deterioration

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25
Q

If the cost to repair is less than the price of buying a new one then the physical deterioration is

A

Curable deterioration

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26
Q

This occurs when a building is less desirable because of something inherent in the design of the structure.

Examples:
old-fashioned, outdated Homestyle’s, outdated fixes, or homes with only one bathroom.

A

Functional obsolescence

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27
Q

This is the most incurable and serious type of depreciation.
__________or economic obsolescence occurs when something outside the control of the property makes it less desirable.

Examples maybe cause by proximity of the subject property to a busy road or railroad track or the flight path of an airport.

A

External obsolescence

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28
Q

Using this method, the appraiser must estimate the cost per square foot of each component in the construction, including the labor. He or she can total those figures to arrive at the total estimated replacement cost.

A

Square-foot method

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29
Q

books that give estimated cost for repairing or replacing specific part of a home or other structure (useful for depreciation) as well as full complete construction of various types of buildings. They include photographs to assist the appraiser in determining the quality and construction class based upon observation from the exterior. However, an interior observation is required for reliability and determination of quality. An appraiser must know workmanship details, design, and exterior finish which will assist the appraiser in determining the quality.

A

Cost manuals

30
Q

Since its use must be considered in every appraisal assignment, an appraiser must have a clear understanding of this methodology. A real estate professional can also benefit from a high level of understanding of this appraisal approach.

Replacement cost- Accrued depression+ Site valuation= Property value

A

Cost method

31
Q

This value can be a very personal thing, as it relates to the owners of that property, regardless of its best use. The value could be something tangible, or it could even be something emotional.

A

Utility value

32
Q

what the property is expected to sell for

A

Market value

33
Q

What the property actually sold for

A

Market price

34
Q

theoretical price that a piece of real estate is most likely to bring in in a typical transaction.

A

Market value

35
Q

A transaction occurred under typical conditions in the marketplace with each of the parties were acting in their own best interest.

A

Arms length transaction

36
Q

is the money needed to develop, produce or build something, which includes both direct costs, such as labor and materials, and indirect costs, such as fees or marketing costs.

A

Cost

37
Q

A common encumbrance

A right to exert some control over another person’s real property for a specific purpose, typically for an indefinite period of time.
•must run with the land and can’t be revoked.
•is created by agreement or action of law.
•can affect one or all of these elements: the land surface, airspace, and subsurface.

A

Easement

38
Q

could be a affirmative, which allows someone to do something, such as someone’s across your property to get to a public beach.

A

Affirmative easement

39
Q

could be a negative and would prevent someone from doing something such as forgetting the property owner from damming a small stream that runs to his property if it will deprive the owner’s downstream of the water.

A

Negative easement

40
Q

a right that goes with landownership.
•runs with the land when the land is conveyed, meaning it is not specifically tied to a person. If the title is transferred on a piece of property the _____ is also transferred.
•involves two separately deeded lots that are contiguous to each other, owned by different parties.
•Benefits one piece of land, called the dominant tenement or estate.
•burdens the other piece of land, called the servient tenement or estate

A

Appurtenant easement

41
Q

involves only one piece of land.
•generally benefits a specific person or company, not another piece land.
•involves only a servient tenement.
•benefits a dominant tenant (note that it is a dominant tenant not a dominant tenement,indicating a person, not a piece of land, as in the case with appurtenant______)
•is most commonly used for commercial purposes, for example, utility easement that the power company has to place powerlines over someone’s property.
•can be assigned only if it is owned by a company. Can be granted for noncommercial purposes. These generally may not be conveyed or assigned to someone else ends and when the dominant tenant dies

A

Easements in gross

42
Q
  • release of easement by owner
  • merger of dominant and servient estate’s
  • abandonment by easement owner
  • prescription\nonuse
  • destruction/expiration of purpose
  • quiet title lawsuit
A

Termination of easement types

43
Q

or financial encumbrance is a financial interest in the property. It’s a security for that, and may give the creditor or lienholder the right to foreclose on the debtors property if the debt is unpaid. If the property goes on to foreclose, it is sold and the ____holder receives all or part of the debt from the proceeds of the foreclosure sale after court costs are paid

A

Liens

44
Q

can be classified broadly as either general or specific. A general ___ attaches all assets of the debtor, both real and personal property, in the country where the ___ is recorded. Specifically and attaches only to one specific property. A specific ___ must be recorded in the country, or counties, where that specific property is located.

A

Liens

45
Q

Mortgages are written instrument that uses specific real property to secure payment of a debt. Without a debt, there can be no mortgage. The debt is created by a note or promissory note, which is a written, legally binding promise to repay a debt

A

Mortgage liens

46
Q

Is a written agency contract, or employment contract, between a seller and a real estate broker.
•stipulates the conditions under which the broker will be paid a commission with regard to the sellers property.
•sometimes maybe called service provision contract.
•maybe exclusive right to sell, exclusive agency, or open listing agreements.
Buyer agency agreement
•is a written agency agreement between a buyer and Broker to represent the buyer in the purchase or lease of property.
•is intended to protect the buyers interest throughout the process.
•provides that the broker will be compensated in accordance with the terms specified.
•is sometimes called a buyer-broker contract.

A

Listing agreement

47
Q
  • is similar to an exclusive right to sell listing agreement.
  • is an agreement between the property owner lessor and one broker in the rental-rather than sale-of residential property.
  • provides that a rental fee is paid to the broker even when the owner or another party rents the property.
A

Exclusive right to rent agreement

48
Q

All contracts in which the seller promises to convey title to real property to a buyer in exchange for the purchase price. These also called _____ contracts, sales contracts etc. It is the agreement between the buyer and the seller reduced to writing. Typically, the sales contract for real property is the final product of negotiations between attorneys representing buyers and sellers, not the parties to the transaction themselves. Normally, the sales contract serves these purposes:

•it’s the buyer’s initial offer (and subsequent counteroffers)
•it’s the receipt for any earnest money deposit.
•it’s the contract between the buyer and the seller.
•it establishes the terms and conditions of the sale.
•it’s the document that communicates the details of the transaction to the mortgage lender, the title company, and any other party to the transaction.
•

A

Purchase contracts

49
Q

A written agency contract between the seller and a real estate broker, stating that the broker will be paid a commission for finding or attempting to find a buyer for the sellers real estate property.

A

A listing agreement

50
Q

One who has qualified as a real estate broker who works for another broker.

A

Associate broker

51
Q

Any real estate licensee who is a member of the national Association of realtors(NAR)

A

Realtor

52
Q

A person license to practice real estate.
Any person, partnership or corporation who, cells, list, leases, exchanges, negotiates, or otherwise for a fee deals in the real estate of others, or represents publicly that he does so.

A

Real Estate licensee

53
Q

NYSAR

A

New York Association of Realtors

54
Q

Any real estate licensee who is a member of the National Association of Real Estate Brokers

A

Realist

55
Q

REBNY

A

Real Estate Brokers of New York

56
Q

A licensee who represents buyers, sellers, landlords or tenants in real estate transactions.

A

Real estate broker

57
Q

Broker licensee who chooses to work under the name and supervision of another broker.

A

Real estate associate broker

58
Q

A licensee associated with the broker that can perform most of the acts of a broker.

A

Real estate salesperson

59
Q

Anyone who engages in the business of claiming, demanding, charging, receiving, collecting or contracting for the collection of, a fee from a customer for furnishing information concerning the location and availability of real property including apartment housing which may be a leased, rented, shared or sublet as a private dwelling abode, or place of residence.

A

Apartment information vendor

60
Q

This person for a fee ranges, conducts, coordinates, handles or causes meetings between the customer and the current owner or occupant of a legally occupied real property, including apartment housing,?who wishes to share that housing with one or more individuals as a private domain, abode or place of residence.

A

Apartment sharing agent

61
Q

Anyone who develops and communicates real estate appraisal and who holds a current, valid certificate issued to him/her.

A

Real estate appraiser

62
Q

Anyone who observes and provide a written report of the systems and components of the residential building included but not limited to heating systems, cooling systems, plumbing, electrical, structural components, foundation, roof, masonry structure, exterior and interior components or any other related residential building component as recommended by the ______inspection council.

A

Home inspector

63
Q

This person does not originate loans, but rather they charge a fee for soliciting, processing, placing, or negotiating _____loan transfers for others. Think of a _____as a consultant. They also prequalify potential buyers, assist in finding the best financing options, and help coordinate the whole loan process.

A

Mortgage broker

64
Q

An organization that encourages licensure, and education recognition that would allow licensees in one jurisdictions to practice in another jurisdiction.

A

Association of Real Estate Licensing Law Officials ( ARELLO )

65
Q

The practice of allowing a license in one jurisdiction to be valid in another jurisdiction.

(A true ______agreement means that an application from the state which has executed a _____ agreement with New York does not need any additional training, education, experience, or examination in order to gain a _____license.)

A

Reciprocity

66
Q

Downward from the surface of the earth to the center of the earth and upward from the surface to infinity.

A

Land

67
Q

Anything that has been artificially attached to the land.

A

Improvements

68
Q

The right to physically occupy the property

1/5

A

Possession

69
Q

The right to possess the property without interference from other parties.
2/5

A

Quiet enjoyment

70
Q

The right to convey partial or entire interest in the property.

3/5

A

Disposition/ Disposal

71
Q

The right to stop others from entering or using the property.
4/5

A

Exclusion

72
Q

The right to physically alter or change the property.

5/5

A

Control

NY Real Estate (42 decks)

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