Exam (elaborations)
NYS Real Estate Exam - Chapter 3C Questions and Answers 2024
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NYS Real Estate Exam - Chapter 3C
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NYS Real Estate Exam - Chapter 3CDeed - answer Legal document signed at closing that transfers the property from a
seller to a buyer
Grantee - answer The buyer in a transaction
Grantor - answer The seller in a transaction
Involuntary Alienation - answer Loss of property through attachment, condemnation,
foreclosure, sale of taxes or other involuntary transfer of title
Voluntary Alienation - answer Transfer of title to an asset with the consent of the owner
Acknowledgement - answer A formal declaration before a duly authorized officer by a
person who has executed an instrument that such execution is the person's act and
deed
Consideration - answer Anything given to induce another to enter into a contract such
as money or personal services
Conveyance - answerThe transfer of the title of land from one to another. The means or
medium by which title of real estate is transferred
Delivery and Acceptance - answerLegal policy mandates that a deed to real property be
a matter of public record; therefore, subsequent to delivery and acceptance, a deed
must be properly recorded
Habendum Clause - answerA clause in a deed or lease that defines the type of interest
and rights to be enjoyed by the grantee or lessee. Also known as the "to have and to
hold'" clause
Lot and Block - answerMethod of identifying legal description of property
Survey - answerThe process by which a parcel of land is measured and its area
ascertained; also the blueprint showing the measurements, boundaries and area
Full Covenant and Warranty Deed - answerA type of deed where the grantor
guarantees that he or she holds clear title to a piece of real estate and has a right to sell
it to the grantee. This type of deed contains the strongest guarantee of title
Bargain and Sale Deed - answerA deed conveying real property without covenants
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