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