NYREI Terms Exam Questions and Answers

NYREI Terms Exam Questions and Answers Accession - CORRECT ️️ Gives property owners the right to everything produced by their land Accessory Apartment - CORRECT ️️ an apartment within a single family dwelling Accord and Satisfaction - CORRECT ️️ an agreement to accept something different (usually less) from what the original contract required Accretion - CORRECT ️️ the gradual addition of land by the forces of nature actionable fraud - CORRECT ️️ fraud meeting certain criteria so a victim can successfully sue. Act of Waste - CORRECT ️️ When a possessor who holds less than fee ownership (i.e., tenant, vendee, and mortgagor) misuses or abuses the property. Actual annexation - CORRECT ️️ Personal property physically attached to land. See: Fixture. Actual Cash Value (ACV) - CORRECT ️️ The cost to replace a property item at the time of loss, less an allowance for depreciation. Often used to determine the amount of reimbursement for a loss (replacement cost minus depreciation). Actual Eviction - CORRECT ️️ physically forcing someone off property, preventing someone from re-entering property. Ad Valorem Tax - CORRECT ️️ tax based on the assessed value of property.