Vocabulary

Question 1

Recorded notice stating a lawsuit is pending that may affect title to the defendant’s real estate.

Answer 1

Lis Pendens

Question 2

A lien against all property of
a debtor, instead of just one particular property.

Answer 2

General Lien

Question 3

A judicial proceeding in which the validity of a will is established and the executor is authorized to distribute the estate property; or, when there is no valid will, a judicial proceeding in which an administrator is appointed to distribute the estate to heirs according to the laws of intestate succession.

Answer 3

Probate

Question 4

for the life of another —used of an estate the tenancy of which is measured by the life of a person other than the tenant — compare life estate

Answer 4

pur autre vie

Question 5

A freehold estate lasting only as long
as a specified person does lives. That person
is referred to as the measuring life.

Answer 5

Life Estate

Question 6

A lien that attaches only to a particular property.

Answer 6

Specific Lien

Question 7

Deed that contains no covenants or warranties although ownership is implied.

Answer 7

Referee’s Deed

Question 8

The actual lawful ownership of real property and refers to holding the bundle of rights conveyed. Title is not a document, but rather a theory pertaining to ownership.

Answer 8

Title

Question 9

A person with easement
rights on another’s property; either the owner of a dominant tenement, or someone who has an easement in gross.

Answer 9

Dominant Tenant

Question 10

Property that receives the benefit of an appurtenant easement.

Answer 10

Dominant Tenement

Question 11

The ratio of total assessed
value to the municipality’s total market
value

Answer 11

Level of Assessment (LOA)

Question 12

The amount of money borrowed, compared to the value (or price) of the property.

Answer 12

Loan-to-Value Ratio (LTV)

Question 13

When a real estate agent buys the principal’s property (or sells it to a relative, friend, etc., or to a business the agent has an interest), without disclosing that fact to the principal, then sells it for a profit.

Answer 13

Self-dealing

Question 14

1. Entering and exiting; usually refers to a road or other means of access to a property. 2. An easement that gives the dominant tenant access to the dominant tenement.

Answer 14

Ingress and Egress

Question 15

Claim, encumbrance, or defect that makes title to real property unmarketable.

Answer 15

Cloud on Title

Question 16

When a loan balance decreases because of periodic installments that pay down both principal and interest.

Answer 16

Amortization

Question 17

When monthly payments retire the debt over the life of the loan instead of leaving the borrower with a large balloon payment at the end of the loan term.

Answer 17

Amortized Loans

Question 18

Permission to use land in a way typically not allowed by current zoning laws.

Answer 18

Area Variance

Question 19

Extra, non-like-kind property that can be a part of a like-kind exchange to make up for pricing disparity between like-kind properties.

Answer 19

Boot

Question 20

A legal action is pending

Answer 20

Lis Pendens

Legal term for transfer of property

Question 21

The toxic liquid organic compounds used as an insulating medium for electrical transformers

Answer 21

PCBs

Question 22

And insulation that contains formaldehyde

Answer 22

UFFI

Question 23

A chemical that is dangerous to our ozone layer

Answer 23

Chlorofluorocarbons

Question 24

Income approach
sales approach
cost approach
comparative market analysis

Which one of these is not an appraisal approaches to value?

Answer 24

Income, sales, and cost approach all appraisals to value the comparative market analysis is not.

Question 25

One difference between federal fair housing law and New York human rights law:

Answer 25

New York law covers commercial property as well as residential

Question 26

Another difference between New York law as opposed to federal fair housing law

Answer 26

New York has more protected classes than federal law

Question 27

Town or village planning board consist of how many members who are appointed?

Answer 27

5 to 7

Question 28

The conservation advisory Council deals with what type of issues?

Answer 28

Environmental

Question 29

The story preservation commission, zoning board feels, and building department would most likely deal with renovating what type of property?

Answer 29

Historic