NY Property

Question 1

In NY, fee simple determinable is called

Answer 1

Fee on limitation

Question 2

FSSCS in NY is called

Answer 2

Fee on condition with the right of reacquistion

Question 3

Ameliorative waste for life tenant

Answer 3

Life tenant must give future interest holders 30 days notice

Question 4

Vested remainder subject to total divestment

Answer 4

Referred to as a remainder vested subject to complete defeasance

Question 5

ANy future interest in a transferee that is subject to condition precedent is called

Answer 5

Remainder subject to condition subsequent (abolishes distinction between contingent remainder and executory interest)

Question 6

Doctrine of worthier title

Answer 6

Abolished in NY

Question 7

Joint tenancy creation- is straw needed?

Answer 7

No. Owner can create a joint tenancy in himself and another by single deed even though unities of time and title are not satisfied

Question 8

Tenancy by the entirety

Answer 8

Grant by anyone to husband and wife creates tenancy by the entirety unless the grantor expressly provided otherwise

Question 9

Does a mortgage sever a tenancy by the entirety?

Answer 9

No. NY follows the lien theory of mortgage

Question 10

Destruction of leased premises

Answer 10

Tenant may quit and surrender possession and doesn’t have to pay

Question 11

Assignments

Answer 11

Unless provided in the lease, residential renant may not assign without written consent.

Question 12

Risk of loss after land sale contract

Answer 12

NY has adopted Uniform Vendor and Purchaser Risk Act, which places risk on seller unless buyer has legal title or possession at time of loss

Question 13

What type of notice statute does NY have?

Answer 13

Race notice

Question 14

Right of redemption

Answer 14

Exists prior to sale, but not after sale