NY Prop Dis

Question 1

Fee simple determinable

Answer 1

Fee on limitation

Question 2

Fee simple subject to condition subsequent

Answer 2

Fee on condition

Question 3

Right of entry

Answer 3

Right of reentry; Power of termination; Right of reacquisition (Transferable)

Question 4

Possibility of reverter

Answer 4

Right of reverter (Does NOT automatically vest; Owner must petition)

Question 5

Vested remainder subject to complete defeasance

Answer 5

Remainder vested subject to complete defeasment (“O to A for life, then to B, but if B does not outlive A, instead to C”).

Question 6

Contingent remainder AND Executory interest (both subject to RAP)

Answer 6

Remainders subject to condition precedent

Question 7

Destructibility

Answer 7

Remainders subject to condition precedent are NOT subject to destructibility. (O to A for life, then to children of A and B who survive both A and B) is OK.

Question 8

Fee tail?

Answer 8

Abolished

Question 9

Shelly’s Case?

Answer 9

Abolished

Question 10

Doctrine of Worthier Title?

Answer 10

Abolsihed

Question 11

Declaration of Intention to Preserve Restrictions (Future int holder)

Answer 11

Must be filed between 27 and 30 years and refiled after every 9-10.

Question 12

RAP

Answer 12

No “Wait and see”; Women CANNOT have children after 55; Applies to commercial options (odd)

Question 13

Life Estate holder can make changes so long as:

Answer 13

• appropriate
• value enhancing
• not prohibited
• by not someone too old
• with 30 days’ notice

Question 14

Lien vs. Title?

Answer 14

Lien theory (JT NOT terminated by mortgage)

Question 15

Provisions favorable to T

Answer 15

• Wrongful conviction: treble damages
• L reentry right must be preceded by demand for rent due
• Incoming T may bring action against either holdover T or void lease

Question 16

Provisions favorable to L

Answer 16

• NO duty to mitigate
• Double rent OK if T gave notice to quit premises and holds over
• T liable for acts or N
• L may withhold consent for assignment for ANY reason (however, reason needed for denial of sublease)

Question 17

AP

Answer 17

• Period: 10 years
• Hostile?: Good Faith minority J
• Co-T: Ouster (not just possession)

Question 18

Disclosure (Sale of land)

Answer 18

• Property Condition Disclosure Statement
• Applies to family dwellings (NOT co-ops and condos)
• Seller can choose NOT to fill out and credit buyer $500

Question 19

Risk of Loss/Equitable Conversion?

Answer 19

Risk of loss is with SELLER (diff from majority)

Question 20

Mortagage/Foreclosure

Answer 20

• NO statutory rt of redemption

- Abolished non-J foreclosures

Question 21

Before foreclosing:

Answer 21

• 90 days’ notice
• Advise debtor to enter counseling
• Appear at mandatory con w/in 60 days

Question 22

Deeds (recording)

Answer 22

• NY is race-notice

- Notice: Actual or Constructive (NO inquiry)