Real Property – NYLE questions with verified
answers
`-Active Concealment Ans✓✓✓-If conduct or silence amounts to legal of active
concealment, seller may have duty to disclose info concerning the property
(Slavin v Hamm)
`-Adverse Possession 2008 Statute: RPAP: 501 Ans✓✓✓-Claim of right:
reasonable basis for belief that property belongs to the claimant, but a claim of
right is not required if the ownership cannot be ascertained from records; De-
minimis, non-structural encroachments deemed permissive and non-adverse
(fences, hedges, shrubbery, plantings, sheds and non-structural walls); claims that
pre-date statute not effected by statute
`-Deficiency Judgment Ans✓✓✓-Plaintiff may move for leave to enter deficiency
judgement simultaneously with motion to confirm sale if made within 90 days of
delivery of deed to purchaser at sale. Amount is sum of (1) judgment with interest
and (2) all prior liens and encumbrances with interest; minus the greater of (1)
market value as determined by the ct or (2) foreclosure sale price.
`-Housing Merchant Implied Warranty Ans✓✓✓-implied in any sale by a builder
of a new home. Among others, warrant provides that 6 years from and after
closing date the home will be free from material defects.
`-If title or possession transferred Ans✓✓✓-buyer bears the loss
`-Joint Tenancy Ans✓✓✓-may be created by deed in which one or more of
grantees is also grantor even though unities of time and title are technically not
satisfied. Dispositions to person not legally married to one another but described
, as husband and wife creates in them a joint tenancy unless expressly declared to
be a tenancy in common.
`-Neither Legal title nor posessin transferred Ans✓✓✓-If, and if only an
immaterial part of property is destroyed or taken, neither party is deprived of
right to enforce the contract bu there will be an abatement of the purchase price.
`-Outside NYC Ans✓✓✓-Landlord or Tenant may terminate with notice on other
at least one month before expiration of term.
`-Ownership of Note Ans✓✓✓-original mortgagee/assignee must allege and
prove ownership of note at time action is commenced
`-Property Condition Disclosure Statement Ans✓✓✓-Seller of real property
improved by 1-4 family dwelling used, or to be used, as the home or residence of
one or more persons pursuant to contract must deliver required disclosure
statement to the buyer or buyer's agent prior to buyer signing a binding contract.
`-Redemption Ans✓✓✓-Mortgagor has right to redeem by paying into ct full
amount due and costs of action until foreclosure sale takes place; After sale there
is no right to redeem.
`-Residential Foreclosure Notices Ans✓✓✓-When summons/complaint served,
there are additional statutory notices which must be delivered to the mortgagor
and to any tenant of dwelling unit in property explaining in detail the significance
of the action to them; if mortgage is high-cost, subprime or non-traditional home
loan, there is an additional notice which must be given at least 90 days before
commencement of action.
answers
`-Active Concealment Ans✓✓✓-If conduct or silence amounts to legal of active
concealment, seller may have duty to disclose info concerning the property
(Slavin v Hamm)
`-Adverse Possession 2008 Statute: RPAP: 501 Ans✓✓✓-Claim of right:
reasonable basis for belief that property belongs to the claimant, but a claim of
right is not required if the ownership cannot be ascertained from records; De-
minimis, non-structural encroachments deemed permissive and non-adverse
(fences, hedges, shrubbery, plantings, sheds and non-structural walls); claims that
pre-date statute not effected by statute
`-Deficiency Judgment Ans✓✓✓-Plaintiff may move for leave to enter deficiency
judgement simultaneously with motion to confirm sale if made within 90 days of
delivery of deed to purchaser at sale. Amount is sum of (1) judgment with interest
and (2) all prior liens and encumbrances with interest; minus the greater of (1)
market value as determined by the ct or (2) foreclosure sale price.
`-Housing Merchant Implied Warranty Ans✓✓✓-implied in any sale by a builder
of a new home. Among others, warrant provides that 6 years from and after
closing date the home will be free from material defects.
`-If title or possession transferred Ans✓✓✓-buyer bears the loss
`-Joint Tenancy Ans✓✓✓-may be created by deed in which one or more of
grantees is also grantor even though unities of time and title are technically not
satisfied. Dispositions to person not legally married to one another but described
, as husband and wife creates in them a joint tenancy unless expressly declared to
be a tenancy in common.
`-Neither Legal title nor posessin transferred Ans✓✓✓-If, and if only an
immaterial part of property is destroyed or taken, neither party is deprived of
right to enforce the contract bu there will be an abatement of the purchase price.
`-Outside NYC Ans✓✓✓-Landlord or Tenant may terminate with notice on other
at least one month before expiration of term.
`-Ownership of Note Ans✓✓✓-original mortgagee/assignee must allege and
prove ownership of note at time action is commenced
`-Property Condition Disclosure Statement Ans✓✓✓-Seller of real property
improved by 1-4 family dwelling used, or to be used, as the home or residence of
one or more persons pursuant to contract must deliver required disclosure
statement to the buyer or buyer's agent prior to buyer signing a binding contract.
`-Redemption Ans✓✓✓-Mortgagor has right to redeem by paying into ct full
amount due and costs of action until foreclosure sale takes place; After sale there
is no right to redeem.
`-Residential Foreclosure Notices Ans✓✓✓-When summons/complaint served,
there are additional statutory notices which must be delivered to the mortgagor
and to any tenant of dwelling unit in property explaining in detail the significance
of the action to them; if mortgage is high-cost, subprime or non-traditional home
loan, there is an additional notice which must be given at least 90 days before
commencement of action.
