Chapter 3.A
A cause of action that can be brought in court to address a change in condition of a property brought about by a current tenant that damages or destroys the value of that property is known as what...?
Act of Waste
John is renting a single family house from Chris for the summer. During his tenancy, John caused extensive water damage, which affected the structural integrity of the house. What has John committed...?
Act of Waste
David owns a property in the Theater District of Manhattan. The property adjacent to David's property includes a landmarked Broadway theater with 8,500 unused buildable square feet. Unfortunately for the theater, the remaining buildable square footage cannot be used since the building is landmarked and cannot be modified. David offers to buy the theater's unused square footage. What is David looking to buy from the adjacent theater...?
Air Rights
Local zoning ordinances often regulate the development of these types of land rights...?
Air Rights
Which of the following is an owner of a fee simple absolute NOT able to do...?
Build beyond the property line of the land
The premise that the ownership of real estate consists of the ownership of various rights associated with it is known as what...?
Bundle of Rights
Which of the following is NOT considered real property...?
Cooperative apartments
A husband's interest upon the death of his wife in the real property of an estate that she either solely owned or inherited provided they bore a child capable of inheriting the estate is known as what...?
Curtesy
The reversion to the State of property in the event the owner thereof abandons it or dies, without leaving a will and has no distributees to whom the property may pass by lawful descent is known as what...?
Escheat
A leasehold estate for any specific period of time is known as what...?
Estate for Years
Mr. Davis owns an apartment building on the Upper East Side of Manhattan. He leases a one bedroom apartment to Andrew for a specified period of one year. What type of leasehold estate is Andrew receiving from Mr. Davis...?
Estate for Years
What is the most common form of ownership...?
Fee Simple
A fee simple estate is also known as....?
Fee Simple Absolute
In this type of estate the owner is entitled to the entire property with unconditional power of disposition during the owner's life and descending to the owner's heirs or distributees...?
Fee Simple Estate
Which of the following is an example of a type of fee simple absolute...?
Fee Simple on Condition
Ownership of realty by two or more persons, each of whom has an undivided interest with the "right of survivorship" is known as what...?
Joint Tenancy
A business agreement in which the parties agree to develop, for a finite time, a new entity and new assets by contributing equity is known as what...?
Joint Venture
Mary deeds her property over to her three children with the condition that she is able to live on the property for the remainder of her life. This is an example of what...?
Life Estate
The conveyance of title property for the duration of the life of the grantee is known as what...?
Life Estate
This type of ownership is common among real estate investors...?
Limited Liability Company
This type of ownership is common in real estate as the owners are not personally liable for any damages...?
Limited Liability Company
Michael owns a property adjacent to a pond. As the owner, Michael is entitled to build a dock on the pond, which can be used for boating and other recreations. What land right allows Michael to build a dock on the pond...?
Littoral Rights
The right of a property owner whose land borders on a body of water, such as a lake, ocean or sea, to reasonable use and enjoyment of the shore and water the property borders on is known as what...?
Littoral Rights
Everything that is NOT considered real property is legally known as...?
Personal Property
What is the difference between real property and real estate...?
Real property consists of the land, land rights, and anything permanently attached to the land, while real estate consists of a structure attached to the land
Mary deeds her property to her sister for 15 years, in the form of a life estate. In addition, Mary also specifies that her sister's children will receive ownership of the property after the 15 years is up. Mary's sister's children are considered what...?
Remainderman
The person who is to receive the property after the termination of the prior estate is known as who...?
Remainderman
The distinguishing feature of a joint tenancy or tenancy by entirety is known as what...?
Right of Survivorship
David owns a property adjacent to a river. As the owner, David is entitled to use the river for recreational purposes. What land right allows David to access and use the river...?
Riparian Rights
The right of a property owner whose land borders a natural water course, such as a river, to reasonable use and enjoyment of the water that flows past the property is known as what...?
Riparian Rights
Which of the following is associated with a flowing body of water...?
Riparian Rights
Ownership by only a single individual is known as what...?
Severalty
Church, theaters, or schools are examples of what...?
Special Purpose Real Estate
Property that is appropriate for one type of use or limited use is known as what...?
Special Purpose Real Estate
John owns a property in the Hudson Valley region of New York. He learned that there are valuable minerals located directly beneath his property, which by definition of real property are also owned by John. This is because John is entitled to what type of rights...?
Subsurface Rights
Steven owns a property with natural gas located deep beneath the property. In an effort to earn more income, Steven decides to sell a portion of the natural gas. What is Steven selling...?
Subsurface Rights
Although many factors affect the value of real property, what is the primary driver in determining the value of real property...?
Supply and Demand
Which of the following is NOT among the Bundle of Rights...?
The right to build over the property line
Which of the following rights is NOT included in the full bundle of rights...?
The right to partially build a fence over the adjacent property line
Which of the following rights is granted to the tenant of a life estate...?
The right to quiet enjoyment
Which of the following is an example of a riparian right...?
The right to use a river adjacent to the property
Personal property that is attached to the land or improvements as to become part of the property is known as what...?
Trade Fixture
Michael is the owner of a restaurant in downtown Buffalo and recently signed a long-term lease with the building's owner. Since Michael will be staying in his current location for the long-term, he decides to install new commercial ovens and dishwashers. These installations are examples of what...?
Trade Fixtures
Any person who holds property, authority, or a position of trust and responsibility for the benefit of another is known as the...?
Trustee
A person who conveys title to a trustee is known as the...?
Trustor
The interest in property owned by tenants whereby each tenant has an equal right to enjoy the entire property is known as what...?
Undivided Interest
The conditions that must exist in order for certain kinds of property interests to be created are known as what...?
Unities of interest, Possession, Time and Title
Which of the following is NOT an example of a subsurface right...?
Unused buildable square footage
What is the tax rate of a C-Corp...?
21 (Percent %)
Which of the following is an example of real estate...?
A house built on a property
Mark owns a property in Midtown Manhattan. The property has 10,600 unused buildable square feet, which can either be developed by Mark or sold to an adjacent lot. The unused buildable square footage is an example of what...?
Air Rights
The rights in real property to use the space above the surface of the land are known as what...?
Air Rights
An Estate for Years automatically renews for how many years...?
An Estate for Years does NOT automatically renew
Which of the following is NOT an economic characteristic of real property...?
Architectural Design
Which of the following is NOT an example of a fixture...?
Art work
The person who receives, or is to receive, the benefits resulting from certain acts is known as what...?
Beneficiary
Personal property, such as household goods, is known as what...?
Chattel
Which of the following is an example of a trade fixture...?
Commercial oven
The part of or interest in real estate of a deceased husband given by law to his widow during her life is known as what...?
Dower
Absolute ownership of real property is known as what...?
Fee Simple Estate
This type of ownership includes all of the bundle of rights...?
Fee Simple Estate
The concept that property is an asset that cannot easily be sold or exchanged for cash is known as what...?
Illiquidity
Which of the following is an economic characteristic of real property...?
Immobility
Banks typically do NOT lend on this type of trust...?
Irrevocable Trusts
In this type of ownership, profits pass through the property and taxes are paid at the personal level...?
Limited Liability Company
Which of the following land rights is associated with a stagnant body of water...?
Littoral Rights
Which of the following is an example of a subsurface right...?
Oil located beneath a property
A piece of land under one ownership is known as what...?
Parcel
The division which is made of real property between those who own it in undivided shares is known as what...?
Partition
Any property which is not real property is known as what...?
Personal Property
Which of the following is an example of a type of fee simple defeasible...?
Qualified Fee Simple
Land, and generally whatever is erected upon or affixed thereto is known as what...?
Real Property
Real estate is also referred to as what...?
Real Property
Why is real property characterized as illiquid...?
Real property is not easily sold
A condominium is an example of what type of property use...?
Residential
The interest which a grantor has in lands or other property upon the termination of the preceding estate is known as what...?
Reversionary Interest
In regards to financing, banks are more favorable towards what type of trust...?
Revocable Trusts
Which of the following is NOT an example of a trade fixture...?
Tables and Chairs
What occurs if a tenant stays longer than the term specified in an estate for years...?
Tenancy at Sufferance
This type of ownership is common among married couples....?
Tenancy by the Entirety
An ownership of realty by two or more persons, each of whom has an undivided interest, without the "right of survivorship", is known as what...?
Tenancy in Common
When a property is partitioned between owners, their interests in the property are calculated by...?
The amount of money that each owner contributed to the property
Which of the following is NOT an example of real estate...?
The bundle of rights associated with a property
What must be modified/changed in order for the termination of a joint tenancy to occur...?
The deed must reflect the change of ownership
Why might a bank NOT lend money to an irrevocable trust...?
The full title and rights can be transferred to the trustee
If one of the owners in a joint tenancy dies, their share of ownership is distributed to...?
The other joint tenant(s)
Which of the following is a condition that may cause a fee simple absolute to become a fee simple defeasible...?
The owner grants the property to another entity for a specific use and period of time
What may occur which will negate the need to partition the property among its owners...?
The owners can agree on a settlement
Which of the following is an example of a littoral right...?
The right to access a lake adjacent to the property