Chapter 3A Review Quiz

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...? A. Dower B. Escheat C. Chattel D. Curtesy

A. Dower

The division which is made of real property between those who own it in undivided shares is known as what...? A. Parcel B. Divided Interest C. Reversionary Interest D. Partition

A. Parcel

Church, theaters, or schools are examples of what...? A. Special Purpose Real Estate B. Public Real Estate C. Unique Real Estate D. Chattel

A. Special Purpose Real Estate

Which of the following is a condition that may cause a fee simple absolute to become a fee simple defeasible...? A. The owner grants the property to another entity for a specific use and period of time B. The owner takes out a mortgage on the property C. The owner demolishes a structure on the property D. The owner gifts the property to another entity

A. The owner grants the property to another entity for a specific use and period of time

A person who conveys title to a trustee is known as the...? A. Trustor B. Owner C. Curtesy D. Dower

A. Trustor

Which of the following is an example of a trade fixture...? A. Art work B. Commercial oven C. Tables and chairs D. Movable shelving

B. Commercial oven

Banks typically do NOT lend on this type of trust...? A. Revocable Trusts B. Irrevocable Trusts C. Limited Trusts D. Interim Trusts

B. Irrevocable Trusts

Which of the following land rights is associated with a stagnant body of water...? A. Subsurface Rights B. Littoral Rights C. Air Rights D. Riparian Rights

B. Littoral Rights

Which of the following is an example of a type of fee simple defeasible...? A. Specific Fee Simple B. Qualified Fee Simple C. Descriptive Fee Simple D. Life Estate

B. Qualified Fee Simple

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...? A. Partition B. Riparian Rights C. Escheat D. Littoral Rights

B. Riparian Rights

What occurs if a tenant stays longer than the term specified in an estate for years...? A. Illegal Tenant B. Tenancy at Sufferance C. Severalty D. Delinquent Tenant

B. Tenancy at Sufferance

Why might a bank NOT lend money to an irrevocable trust...? A. The full title and rights cannot be transferred to the trustee B. The full title and rights can be transferred to the trustee C. The trust is not real property D. The trust lacks any collateral

B. The full title and rights can be transferred to the trustee

Personal property, such as household goods, is known as what...? A. Curtesy B. Escheat C. Chattel D. Severalty

C. Chattel

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...? A. Severalty B. Riparian Rights C. Littoral Rights D. Parcel

C. Littoral Rights

Which of the following is an example of a subsurface right...? A. Access to a waterfront B. Access to a scenic view C. Oil located beneath a property D. Unused square footage above a building

C. Oil located beneath a property

A piece of land under one ownership is known as what...? A. Partition B. Personal Property C. Parcel D. Estate

C. Parcel

What is the difference between real property and real estate...? A. Real property consists of a structure attached to the land, while real estate consists of the land and the rights to use the land B. Real property consists of anything permanently attached to the land, while real estate consists of the bundle of rights to the land C. 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 D. Real property consists of the land, while real estate consists of the rights to use the land

C. 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

Which of the following is associated with a flowing body of water...? A. Subsurface Rights B. Littoral Rights C. Riparian Rights D. Air Rights

C. Riparian Rights

This type of ownership is common among married couples....? A. Tenancy in Common B. Joint Venture C. Tenancy by the Entirety D. Joint Tenancy

C. Tenancy by the Entirety

If one of the owners in a joint tenancy dies, their share of ownership is distributed to...? A. The remainderman B. The government C. The other joint tenant(s) D. The estate of the deceased

C. The other joint tenant(s)

Which of the following is an example of a riparian right...? A. The right to transfer undeveloped square footage to an adjacent property B. The right to access a lake adjacent to the property C. The right to use a river adjacent to the property D. The right to extract minerals beneath the property

C. The right to use a river adjacent to the property

An Estate for Years automatically renews for how many years...? A. 5 B. 30 C. 10 D. An Estate for Years does NOT automatically renew

D. An Estate for Years does NOT automatically renew

A leasehold estate for any specific period of time is known as what...? A. Proprietary Lease B. Fee Simple Estate C. Triple Net Lease D. Estate for Years

D. Estate for Years

A fee simple estate is also known as....? A. Life Estate B. Periodic Estate C. Fee Simple Defeasible D. Fee Simple Absolute

D. Fee Simple Absolute

This type of ownership is common in real estate as the owners are not personally liable for any damages...? A. Sole Proprietorship B. Partnership C. Joint Venture D. Limited Liability Company

D. Limited Liability Company

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...? A. Riparian Rights B. Littoral Rights C. Air Rights D. Subsurface Rights

D. Subsurface Rights

Which of the following is NOT an example of real estate...? A. A permanent deck on a property B. A house on a property C. A garage on a property D. The bundle of rights associated with a property

D. The bundle of rights associated with a property

What must be modified/changed in order for the termination of a joint tenancy to occur...? A. The bundle of rights must be rearranged B. The property must be sold C. The contract between the owners must be updated D. The deed must reflect the change of ownership

D. The deed must reflect the change of ownership

What may occur which will negate the need to partition the property among its owners...? A. The owners can agree to lease the property B. The owners can agree to obtain a mortgage on the property C. The Deed can be updated and recorded D. The owners can agree on a settlement

D. The owners can agree on a settlement

Personal property that is attached to the land or improvements as to become part of the property is known as what...? A. Furniture B. Chattel C. Partition D. Trade Fixture

D. Trade Fixture