RealestateU quizzes (final exam prep)
What type of deed is used in a co-op transaction...?
A co-op does NOT have a deed
Lien
A legal right or claim upon a specific property which attaches to the property until a debt is satisfied.
A mortgage broker offers to give you a referral fee if you refer your buyer to them to obtain a mortgage. This fiduciary duty requires that you disclose the referral fee to the buyer as there can be no hidden profits in the deal ___
Accountability
The salesperson must safeguard any money or property held on behalf of the client. This is known as___
Accountability
The addition of land through processes of nature, as by water or wind is known as what...?
Accretion
A deed must be ............. in order to be recorded?
Acknowledged
The person who receives, or is to receive, the benefits resulting from certain acts is known as what...?
Beneficiary
Personal property, or anything not considered real property is known as___
Chattel
The covenant that states "that the said premises are free from encumbrances", meaning what is being sold to the buyer, is known as what...?
Clear and Marketable Title
Land that has been put aside for a public use by a deed which states exactly what the property will be used for is known as what...?
Dedication by Deed
Legal policy mandates that a deed to real property be a matter of public record; therefore, subsequent to .................., a deed must be properly recorded.
Delivery and Acceptance
As a real estate agent, where should you search to find any records of violations on a property...?
Department of Buildings
The salesperson must communicate with the client and present all offers. This is known as___
Disclosure of Information
In a negative easement, which estate has the right to restrict the use of a property...?
Dominant Estate
The creation of an easement by one party expressly transferring the easement to another party is known as what...?
Easement by Grant
A leasehold estate for any specific period of time is known as what...?
Estate for Years
An estate & inheritance tax lien is an example of what type of lien...?
General Lien
The seller in a transaction is known as the...?
Grantor
Banks typically do NOT lend on this type of trust...?
Irrevocable Trusts
The salesperson must work in the best interest of the client. This is known as___
Loyalty
The proposition that the contract for the conveyance of property merges into the deed of conveyance is known as what...?
Merger Doctrine
The salesperson must act in accordance to the client's demands and instructions. This is known as___
Obedience
The intent and right of a person to occupy and/or exercise control over a particular plot of land is known as what...?
Possessory
Which part of a deed describes the facts of the transaction...?
Premises
This type of deed can be used when an owner of a property is looking to transfer the property to a company he/she owns?
Quitclaim
This type of deed is usually used to remove a cloud from the title...?
Quitclaim Deed
The salesperson must be competent and not act in a negligent manner. This is known as___
Reasonable Care
Which of the following is associated with a flowing body of water...?
Riparian Rights
Church, theaters, or schools are examples of what...?
Special Purpose Real Estate
An ownership of realty by two or more persons, each of whom has an undivided interest, without the "right of survivorship" is known as___
Tenancy in Common
When a property is partitioned between owners, their interests in the property are calculated by...?
The amount of money that each owner contributed to the property
Generally speaking, how are liens prioritized among one another...?
The date on which they were filed
Why might a bank NOT lend money to an irrevocable trust...?
The full title and rights can be transferred to the trustee
If one of the owners in a joint tenancy dies, their share of ownership is distributed to...?
The other joint tenant(s)
What is a condition that may cause a fee simple absolute to become a fee simple defeasible...?
The owner grants the property to another entity for a specific use and period of time
What warranty is typically NOT provided in a Full Covenant and Warranty Deed...?
There are no outstanding violations
Where can one go to find what types of liens (if any) are filed against a property...?
Title Report
A contractual or consensual lien that is created by an action taken by the debtor, such as a mortgage loan to buy real estate, is known as a___
Voluntary lien
John is renting a single family house from Chris for the summer. During his tenancy, John caused extensive water damage, which affected the structural integrity of the house. What has John committed...?
Act of Waste
A means of acquiring title where an occupant has been in actual, open, notorious, exclusive, and continuous occupancy of property under a claim of right for the required statutory period is known as what...?
Adverse Possession
The right for a property owner to use space above the surface of their land is known as___
Air Rights
What is a party wall an example of?
An easement
Your client is going through a divorce and must quickly sell their house. This fiduciary duty requires that this information remain private, as it may affect a buyer's offer price ___
Confidentiality
Anything given to induce another to enter into a contract such as money or personal services is known as what...?
Consideration
John is four weeks away from closing on a house and wants to verify what type of deed will be delivered at the closing. Where should John look to find this information...?
Contract
The transfer of the title of land from one to another is known as what...?
Conveyance
A husband's interest upon the death of his wife in the real property of an estate that she either solely owned or inherited provided they bore a child capable of inheriting the estate is known as what...?
Curtesy
Michael's property has an easement over his neighboring property to use its driveway. Michael's property is known as what...?
Dominant Tenement
A right to cross or otherwise use someone else's property for a specified purpose is known as what...?
Easement
An easement that benefits the dominant estate and "runs with the land" is known as a___
Easement appurtenant
An easement created by the government or government agency that has exercised its right under eminent domain is known as what...?
Easement by Condemnation
This type of easement allows a landlocked property without access to a public way, to cross the land of an adjoining property for the purpose of ingress and egress___
Easement by necessity
This easement prevents an adjoining landowner from building any structure that would obstruct the passage of light or air from reaching the dominant land is known as what...?
Easement for Light and Air
An easement that benefits an individual or a legal entity, rather than a dominant estate is known as a___
Easement in gross
Any right to or interest in the land interfering with its use or transfer, or subjecting it to an obligation is known as what...?
Encumbrance
Mr. Davis owns an apartment building on the Upper East Side of Manhattan. He leases a one bedroom apartment to Andrew for a specified period of one year. What type of leasehold estate is Andrew receiving from Mr. Davis...?
Estate for Years
An estate which the tenant holds his own right, without being joined in interest with any other person is known as___
Estate in Severalty
A fee simple estate is also known as....?
Fee Simple Absolute
Jesse owes Andrew $8,500 for Architectural services performed by Andrew. If Jesse is reluctant to pay, what might Andrew do in order to recover the money owed to him...?
File a lien against Jesse's assets
Personal property so attached to the land or improvements as to become part of the real property is known as___
Fixture
An income tax lien is an example of what type of lien...?
General Lien
Joe is selling his house to Kevin for $520,000. Kevin is known as who in the transaction...?
Grantee
The buyer in a transaction is known as the...?
Grantee
A lien imposed against property without consent of the owner is known as what...?
Involuntary Lien
A lien that results from unpaid water bills is an example of what type of lien...?
Involuntary Lien
A mechanic's lien is an example of what type of lien...?
Involuntary Lien
A lien imposed against property without consent of the owner, e.g., taxes, special assessments, is known as a___
Involuntary lien
Ownership of realty by two or more persons, each of whom has an undivided interest with the "right of survivorship" is known as ___
Joint Tenancy
Mary deeds her property over to her three children with the condition that she is able to live on the property for the remainder of her life. This is an example of what...?
Life Estate
Michael owns a property adjacent to a pond. As the owner, Michael is entitled to build a dock on the pond, which can be used for boating and other recreations. What land right allows Michael to build a dock on the pond...?
Littoral Rights
A method of identifying the legal description of a property is known as what...?
Lot and Block
You have a client who is looking for a 2 bedroom rental apartment in a desirable neighborhood. You find an apartment that matches your client's criteria but the apartment is listed well below market value. Although you personally may want the apartment for yourself, this fiduciary duty requires that you present the apartment to your client first ___
Loyalty
City Architects were hired by John to convert his two family house into a three family house. However, John did not pay City Architects for the services they performed. As a result, City Architects filed a lien against John's house in an attempt to reclaim the money owed to them. What type of lien was filed against John's house...?
Mechanic's Lien
A term used in describing the boundary lines of land, seeing forth all the boundary lines together with their terminal points and angles, is known as what...?
Metes and Bounds
Your client demands that you list her property below market value as she wants to sell the property quickly. Although you can earn a higher commission if the property were sold at market value, this fiduciary duty requires you to follow through with your client's listing price ___
Obedience
A piece of land under one ownership is known as what...?
Parcel
A wall built along the line separating two properties, partly on each, which wall either owner, the owner's heirs and assigns has the right to use is known as what...?
Party Wall
Land, and generally whatever is erected upon or affixed thereto is known as what...?
Real Property
Your expertise as a salesperson lies in residential rentals. According to this fiduciary duty, you may have to pass on a deal if a client comes to you looking to lease a new 50,000 sq.ft. office space ___
Reasonable Care
A section of a deed that may refer to a plat map, which includes the block and lot number of a particular piece of property is known as what...?
Reference to a Plat
Mary deeds her property to her sister for 15 years, in the form of a life estate. In addition, Mary also specifies that her sister's children will receive ownership of the property after the 15 years is up. Mary's sister's children are considered what...?
Remainderman
A condominium is an example of what type of property use...?
Residential
In regards to financing, banks are more favorable towards what type of trust...?
Revocable Trusts
The right of a property owner whose land borders a natural water course, such as a river, to reasonable use and enjoyment of the water that flows past the property is known as what...?
Riparian Rights
The right of a property owner whose land borders a natural water course, such as a river, to reasonable use and enjoyment of the water that flows past the property is known as___
Riparian Rights
A servient tenement is also known as what...?
Servient Estate
Mark grants his neighbor a right of way easement to cross his property. In this scenario, Mark is known as what...?
Servient Estate
Ownership by only a single individual is known as what...?
Severalty
The New York General Obligations Law Section 5-703 refers to what...?
Statute of Frauds
A legal document used to make the claim of one party junior to (or inferior to) a claim in favor of another is known as what...?
Subordination Agreement
A property owner's rights to the water and other substances below the surface of the land is known as___
Subsurface Rights
Although many factors affect the value of real property, what is the primary driver in determining the value of real property...?
Supply and Demand
John is looking to purchase a property but first wants to verify the size of the lot. What document should John request from the owner that shows the exact size of the lot and house...?
Survey
What occurs if a tenant stays longer than the term specified in an estate for years...?
Tenancy at Sufferance
A person who conveys title to a trustee is known as the...?
Trustor
The interest in property owned by tenants whereby each tenant has an equal right to enjoy the entire property is known as what...?
Undivided Interest
The conditions that must exist in order for certain kinds of property interests to be created are known as what...?
Unities of interest, Possession, Time and Title
The transfer of title to an asset with the consent of the owner is known as what...?
Voluntary Alienation
A contractual or consensual lien that is created by the owner is known as what...?
Voluntary Lien
Taking out a mortgage on a house (a mortgage lien) is an example of what type of lien?
Voluntary Lien
