NYS REAL ESTATE CHAPTER 3
Qualified fee simple
A defeasible fee (title), recognized by the words as long as
Life estate in remainder
A form of life estate in which certain persons, called remaindermen, are designated to receive the title upon termination of the life tenancy
Life estate in reversion
A form of life estate that goes back to the creator of the estate in fee simple upon termination
Life estate
A freehold estate created for the duration of the life or lives of certain named persons; a non-inheritable estate
Specific lien
A lien that attaches to one particular property only
Prescription
A method of acquiring an easement by continuous and uninterrupted use without permission
Negative easement
A right in the land of another prohibiting the servient owner from doing something on the serviant land because it will affect the dominant land
Mechanics lien:
A statuary lean available to person supplying labor or material to the construction of an improvement on the land when they are not paid
Defeasible fee
A title subject to being lost if certain conditions occur
Voluntary lean
A type of lean in which individuals consent to placing a security against themselves or their property
Fee simple absolute
An inheritable estate in providing the greatest interest of any form of title
Involuntary lien
And act in which a creditor places a claim on real and/or personal property of another to obtain payment of a debt.
Joint tenancy by the entirety
If 1 person dies and the 2 other people are still tenants they have all the rights
General Lien
Lien that attaches to all of the property of a person in a courts jurisdiction
Which estate grants a woman the right of possession of real property for her lifetime with the estate going to her children upon her death?
Life estate in remainder
Joint tenancy
More than 1 person are tenants and share the lease
Leasehold estate
Nonfreehold estate; of limited duration, providing the right of possession and control but not title
A mechanics lien is an example of a
Specific involuntary lien
Defeasible
Subject to being defeated by the occurrence of a certain event
Tony owns property with four others. In his will, he leaves his share to his brother, who is not a co - owner. Tony probably owns the property as a:
Tenant in common
When a negative easement exists:
The dominant tenant does not have the physical right to enter the land of the servient tenement
Eminent domain
The power of government to take private property for public use
Encroachment
Trust pass on land of another as a result of intrusion buy some structure or other object
Easements in gross are known as:
commercial easements in gross
A qualified fee simple estate is an example of a:
defeasible estate
An easements by condemnation results from the exercise of:
eminent domain
The highest and best form of real property ownership is:
fee simple absolute
Priority of liens is generally established by the:
order of recording
The right to take sand, soil, and gravel from another's land is called:
profit
A deed that reads "... to Nancy Smith as long as the premises are not used for the sale of alcohol.." is an example of:
qualified fee simple
Another meaning for ownership in severalty is:
sole ownership
Linda, Shelia, Jonny own a peice of property as joint tenants. Jonny decides to sell her share to Kate. Kate's ownership share is
tenancy is common
Ownership as tenants by the entirety includes:
the right of surivivorship
Joint tenancy requires
unity of interest, title, time, and possession
