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