Real Property Law Flashcards

Under New York law, which type of deed provides the LEAST protection to the grantee?

Answer: Quitclaim deed

A quitclaim deed conveys only whatever interest the grantor has, if any, with no warranties or covenants of title.

In New York, a mortgage is legally characterized as:

Answer: A lien on the property securing the debt

New York follows the lien theory of mortgages, meaning the borrower retains title and the mortgage creates only a lien in favor of the lender.

Under the New York Property Condition Disclosure Act as amended effective March 20, 2024, what is true for a seller of one-to-four family residential property?

Answer: The $500 credit option was eliminated; the seller must deliver a completed disclosure statement and may be held liable for failing to do so

The 2023 amendment (L.2023, effective March 20, 2024) repealed the $500 credit option in RPL 465(1). Sellers of one-to-four family residences must deliver the property condition disclosure statement, and a seller who fails to do so (or gives an inaccurate statement) faces liability; RPL art. 14 does not limit other existing remedies.

Which of the following best describes an easement appurtenant in New York?

Answer: An easement that runs with the land and benefits a dominant tenement

An easement appurtenant attaches to and runs with the dominant estate, automatically transferring with ownership of the benefited parcel.

Under New York's Race-Notice recording statute, a subsequent purchaser is protected only if they:

Answer: Pay valuable consideration and record without notice of prior conveyances

New York's recording act protects a subsequent purchaser for value who records first and takes without actual or constructive notice of prior unrecorded conveyances.

A tenant in New York holds over after the expiration of a one-year lease without the landlord's consent. The landlord may elect to treat this as:

Answer: Either a month-to-month tenancy or a new one-year tenancy

Under New York law, when a tenant holds over after a fixed-term lease, the landlord may elect to treat the holdover as either a month-to-month tenancy or bind the tenant to a new term equal to the original lease (up to one year).

In New York, the Statute of Frauds requires that a contract for the sale of real property must be:

Answer: In writing and signed by the party to be charged

New York's Statute of Frauds (GOL § 5-703) requires contracts for the sale of real property to be in writing and subscribed by the party to be charged.