NYS REAL ESTATE EXAM QUESTIONS AND ANSWERS .Buy
Quality Materials
encumbrances
are nonpossessory interests in property; a person can have a claim or right to a
property with out actually possessing it. Thus they burden a property. two common ones
are easements and liens
Easement
the right to use land for a specific and limited purpose
Two types of easements
appurtenant and gross
Easment Appurtenant
burden one parcel of land (the servient tenement) for the benefit of another piece of
land (dominant tenement)
Easment in gross
An individual or company interest in or right to use someone elses land. (Utility compay
putting electric poles on property).
enchroachment
unauthorized intrusion or improvement on another's property
Liens
are classified as voluntary or involuntary are nonpossessory interests and financial
encumbrances
General liens
attaches to all property
Specific liens include
attaching only to the property that incurred the debt
Common Liens
- Mechanic's
- Judgment
- Attachment
mortgages
taxes
attachment liens
prevent transfer of property pending the outcome of litigation and may involve a notice
of lis pendens- to serve notice to potential buyers that there is a lawsuit pending
Real Property
Land and everything permanently attached to it
Personal Property
also called chattel and is property that is not classified as real property. a bill of sale
transfers title to personal property
Bundle of Legal Property Rights
possession, quiet enjoyment, disposition, exclusion or restriction, and control
trespassing, encroachment and nuisance interfere with these rights
Appropriative Rights
, Water rights established by obtaining a government permit, and not based on ownership
of land beside a body of water.
Subsurface Rights
Ownership rights in a parcel of real estate to the water, minerals, gas, oil, and so forth
that lie beneath the surface of the property.
Fixtures
Man made attachments
Annexation
Legally adding land area to a city in the United States
severance
separation
Emblements
Natural things growing on land, such as trees, shrubs, or crops
Trade Fixtures
Personal property used in a business and can be removed by the lessee when the
lease terminates.
Free hold estate
a possessory interest of uncertain duration. An estate in which a person owns the land
for life or forever
Fee Simple Estate
The complete ownership of a property; may be either absolute or conditional. full
interest in property inherited transferable and perpetual ownership
Qualified Fee Estate
type of ownership in which the owner's rights can be lost in the future
fee on condition of estate
has certain conditions that, if not met, give the grantor the right of reentry
Leasehold Estate
A tenant's right to occupy real estate during the term of a lease, generally considered to
be a personal property interest.
Life Estate Pur Autre Vie
A life estate whose duration is measured by the life of someone other than the life
tenant.
Life Tenant
The holder of a life estate.
tenency in common
undivided interest in land with no right of survivorship and requires only the unity of
possession
Joint Tenency
undivided equal interest and includes the right of survivorship it requires all four unities
Four Unities
time, title, interest, possession
Tenancy by the Entirety
form of joint tenancy ownership for husband and wife
soleproprietorship
A business owned by one person severalty
business co-ownership includes;
Quality Materials
encumbrances
are nonpossessory interests in property; a person can have a claim or right to a
property with out actually possessing it. Thus they burden a property. two common ones
are easements and liens
Easement
the right to use land for a specific and limited purpose
Two types of easements
appurtenant and gross
Easment Appurtenant
burden one parcel of land (the servient tenement) for the benefit of another piece of
land (dominant tenement)
Easment in gross
An individual or company interest in or right to use someone elses land. (Utility compay
putting electric poles on property).
enchroachment
unauthorized intrusion or improvement on another's property
Liens
are classified as voluntary or involuntary are nonpossessory interests and financial
encumbrances
General liens
attaches to all property
Specific liens include
attaching only to the property that incurred the debt
Common Liens
- Mechanic's
- Judgment
- Attachment
mortgages
taxes
attachment liens
prevent transfer of property pending the outcome of litigation and may involve a notice
of lis pendens- to serve notice to potential buyers that there is a lawsuit pending
Real Property
Land and everything permanently attached to it
Personal Property
also called chattel and is property that is not classified as real property. a bill of sale
transfers title to personal property
Bundle of Legal Property Rights
possession, quiet enjoyment, disposition, exclusion or restriction, and control
trespassing, encroachment and nuisance interfere with these rights
Appropriative Rights
, Water rights established by obtaining a government permit, and not based on ownership
of land beside a body of water.
Subsurface Rights
Ownership rights in a parcel of real estate to the water, minerals, gas, oil, and so forth
that lie beneath the surface of the property.
Fixtures
Man made attachments
Annexation
Legally adding land area to a city in the United States
severance
separation
Emblements
Natural things growing on land, such as trees, shrubs, or crops
Trade Fixtures
Personal property used in a business and can be removed by the lessee when the
lease terminates.
Free hold estate
a possessory interest of uncertain duration. An estate in which a person owns the land
for life or forever
Fee Simple Estate
The complete ownership of a property; may be either absolute or conditional. full
interest in property inherited transferable and perpetual ownership
Qualified Fee Estate
type of ownership in which the owner's rights can be lost in the future
fee on condition of estate
has certain conditions that, if not met, give the grantor the right of reentry
Leasehold Estate
A tenant's right to occupy real estate during the term of a lease, generally considered to
be a personal property interest.
Life Estate Pur Autre Vie
A life estate whose duration is measured by the life of someone other than the life
tenant.
Life Tenant
The holder of a life estate.
tenency in common
undivided interest in land with no right of survivorship and requires only the unity of
possession
Joint Tenency
undivided equal interest and includes the right of survivorship it requires all four unities
Four Unities
time, title, interest, possession
Tenancy by the Entirety
form of joint tenancy ownership for husband and wife
soleproprietorship
A business owned by one person severalty
business co-ownership includes;
