NYC Real estate EXAM with 100% correct answers already graded A+ 2024

Encumbrance Is anything that lessens the bundle of rights in real property Life Estate Is ownership, possession and control for someone's lifetime. Tenancy in Common Is ownership by two or more people holding title to a property at the same time. There is no right of survivorship. Joint Tenancy Have the same interest in the property. Receive their title at the same time from the same source. Have the same percentage of ownership. Have the right to undivided possession in the property. Tenancy by the Entirety Is limited to husband and wife. To receive title as a tenancy by the entirety they must have a legal marriage when they receive title to the property. Voluntary Lien Occurs when an individual consents to placing a security against himself or his property. Involuntary Lien Occurs through a legal proceeding in which a creditor places a claim on real and or personal property to obtain payment of a debt. Specific lien Claims against a specific and readily identifiable property such as a mortgage. General liens Claims against a person and all of his or her property, such as a judgement. Mechanics lien Is a specific lien field by a person who provides labor to a property. A material-men's lien is specific lien filed by a supplier of products for construction or improvements of a building. Easement by necessity Exist when land has no access to roads and is landlocked Easement by prescription Are obtained by use of the land without the owners permission for a legally prescribed length of time. Easement by Grant Or reservation are those created with the express written agreement of the land owners usually in a deed. Easement by Implication Arise by implication from the conduct of the parties. For example when land owner x sells mineral rights to company y, company y has an easement by implication to go onto the property of x to do mining. Easement by condemnation Is created by the exercise of the governments right of eminent domain. Subordination Agreement Modifies the order of priority. An earlier lien holder may be willing to subordinate (take a back seat) to a later Lien holder. Trustee Is one who holds the title to property for the benefit of another, called a beneficiary. Beneficiary Is one who receives benefits or gifts from the acts of others given by, for example a will or trust. Trustor Grantor or settlor conveys title to a trustee Remaindermen The person or persons receiving the title death of the life tenant Fee simple Absolute Provides the most complete form of ownership and the bundle of rights in real property. Dual Agency Is an agent who is acting as a buyers agent and a sellers agent in the same transaction Designated Agent Is a salesperson or an associate broker supervised by a broker who is assigned to represent a client when a different client is also represented by such real estate broker in the same transaction. Single Agency Represents the buyer or the seller In a transaction, but not both. A single agents primary obligation is to his client. He has a duty of fairness and honesty to other parties In the transaction Seller Agency Is a listing agent who acts alone or who cooperates with the other sub agent or a brokers agent. Buyer brokerage Which is a bu