Section 5-1502A. Construction--real estate transactions

In  a  statutory
  short form power of attorney, the language conferring general  authority
  with  respect  to "real estate transactions, " must be construed to mean
  that the principal authorizes the agent:
    1. To accept as a gift, or as security  for  a  loan,  to  reject,  to
  demand,  to  buy,  to  lease, to receive, or otherwise to acquire either
  ownership or possession of any estate or interest in land;
    2. To sell, to exchange, to convey either with or  without  covenants,
  to  quit-claim,  to  release, to surrender, to mortgage, to incumber, to
  partition  or  to  consent  to  the  partitioning,  to   grant   options
  concerning,  to  lease  or  to  sublet,  or otherwise to dispose of, any
  estate or interest in land;
    3. To release in whole or in part, to assign the whole or a  part  of,
  to  satisfy in whole or in part, and to enforce by action, proceeding or
  otherwise, any mortgage, incumbrance, lien or other claim to land  which
  exists, or is claimed to exist, in favor of the principal;
    4.  To do any act of management or of conservation with respect to any
  estate or interest in land  owned,  or  claimed  to  be  owned,  by  the
  principal,  including  by  way  of illustration, but not of restriction,
  power to insure against any casualty, liability or loss, to obtain or to
  regain possession or to protect  such  estate  or  interest  by  action,
  proceeding  or  otherwise,  to pay, to compromise or to contest taxes or
  assessments, to apply for refunds in connection therewith,  to  purchase
  supplies, to hire assistance or labor and to make repairs or alterations
  in the structures or lands;
    5. To utilize in any way, to develop, to modify, to alter, to replace,
  to  remove, to erect or to install structures or other improvements upon
  any land in which the principal has, or claims to have,  any  estate  or
  interest;
    6.  To  demand,  to  receive,  to  obtain  by  action,  proceeding  or
  otherwise, any money, or other thing of value to which the principal is,
  or may become, or may claim  to  be  entitled  as  the  proceeds  of  an
  interest  in  land  or  of one or more of the transactions enumerated in
  this section, to conserve, to invest, to disburse or to utilize anything
  so received for purposes enumerated in this section,  and  to  reimburse
  the  agent for any expenditures properly made by him in the execution of
  the powers conferred on  him  by  the  statutory  short  form  power  of
  attorney;
    7.  To participate in any reorganization with respect to real property
  and to receive and to hold any shares of stock or instrument of  similar
  character  received  in accordance with such plan of reorganization, and
  to act with respect thereto, including by way of illustration,  but  not
  of restriction, power to sell or otherwise to dispose of such shares, or
  any  of  them,  to exercise or to sell any option, conversion or similar
  right with respect thereto, and to vote thereon  in  person  or  by  the
  granting of a proxy;
    8. To agree and to contract, in any manner, and with any person and on
  any  terms, which the agent may select, for the accomplishment of any of
  the purposes enumerated in this section, and to perform, to rescind,  to
  reform,  to  release  or to modify any such agreement or contract or any
  other similar agreement  or  contract  made  by  or  on  behalf  of  the
  principal;
    9.  To  execute,  to  acknowledge,  to  seal  and to deliver any deed,
  mortgage, lease, notice, check or other instrument which the  agent  may
  think useful for the accomplishment of any of the purposes enumerated in
  this section;
    10.  To prosecute, to defend, to submit to arbitration, to settle, and
  to propose or to accept a compromise with respect to, any claim existing

  in favor of, or against, the principal based on or  involving  any  real
  estate  transaction or to intervene in any action or proceeding relating
  thereto;
    11. To hire, to discharge, and to compensate any attorney, accountant,
  expert  witness  or  other  assistant or assistants when the agent shall
  think such action to be desirable for the proper execution by him of any
  of the powers described in this section, and for the keeping  of  needed
  records thereof; and
    12.  In  general,  and  in  addition  to all the specific acts in this
  section enumerated, to do any other act or acts, which the principal can
  do through an agent, with respect to any estate or interest in land.
    All  powers  described  in  this  section  5-1502A  of   the   general
  obligations  law shall be exercisable equally with respect to any estate
  or interest in land owned by the principal at the giving of the power of
  attorney or thereafter acquired, and whether located in the state of New
  York or elsewhere.