New York Real Property

Question 1

Under NY Law, what is a fee simple determinable called?

Answer 1

A fee on limitation, characterized by “so long as” language

Question 2

Under NY Law what is a fee simple subject to a condition subsequent called?

Answer 2

A fee on condition, characterized by “but if” language.

Question 3

Under NY Law, what is a possibility of reverter called?

Answer 3

A right of reverter. It follows a fee on limitation

Question 4

New York requires an owner of a future interest to do what ?

Answer 4

To record a “Declaration of Intention to Preserve Restrictions on the Use of Land” between 27 and 30 years after the future interest was created. The holder must refile that declaration every 9 years to 10 years unless the person has retaken possession under the conveyance.

Question 5

True or False? Do New York Apply a common law RAP

Answer 5

True

Question 6

What are the changes from the Common Law RAP Rule in NY

Answer 6

1. New York Presumes that a woman over the age of 55 cannot have children.
2. The Rule Against Perpetuities applies to commercial options.

Question 7

What is the defense to ameliorative waste for a life estate holder under NY Property Law?

Answer 7

1. The Proposed change is one that a proposed own in fee simple absolute would make?
2. The proposed alteration would not reduce the market value of the property.
3. The life expectancy of the life tenant is not less than 5 years.
4. The holders of future interests had 30 days notice before the alterations have begun.

Question 8

In New York does a lien sever a joint tenancy?

Answer 8

No

Question 9

Under Ny Law, when does a holdover tenant create an implied month-to-month tenancy?

Answer 9

1. Tenant continues to pay rent

2. The landlord accepts rent

Question 10

How long is the adverse possesion period in New York

Answer 10

10 years

Question 11

How can a co-tenant adversely possess the other co-tenant?

Answer 11

Possession plus communicate to the person that they are going to exclude or deny their right of co-tenancy.

Question 12

How can the co-tenant bring a claim of implied outster?

Answer 12

How property exclusively for 10 years, then for another ten eyars.

Question 13

What are the remedies for an unmarketable title when the seller is not at fault?

Answer 13

1. Recovery of purchase monies paid.
2. Expenses of the title examination
3. Nominal damages

Question 14

What is the recording rule in New York?

Answer 14

Race-Notice Jurisdiciton