NYLE Real Property Law 2

Question 1

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

Accepted Answer

Quitclaim deed

Answer

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

Question 2

In New York, a mortgage is legally characterized as:

Accepted Answer

A lien on the property securing the debt

Answer

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.

Question 3

A seller fails to disclose a latent defect in a residential property sold in New York. Under the Property Condition Disclosure Act, the buyer's most likely remedy is:

Accepted Answer

A $500 credit at closing if no disclosure statement was provided

Answer

Under the PCDA, if the seller fails to deliver the required disclosure statement, the buyer is entitled to a $500 credit against the purchase price at closing.

Question 4

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

Accepted Answer

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

Answer

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

Question 5

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

Accepted Answer

Pay valuable consideration and record without notice of prior conveyances

Answer

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.

NYLE - New York Law Exam Practice Test

NYLE - New York Law Exam Practice Test

NYLE Real Property Law 2