Chapter 3 Questions
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
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
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
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
What is the most common form of ownership...?
Fee Simple
Absolute ownership of real property is known as what...?
Fee Simple Estate
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
This type of ownership includes all of the bundle of rights...?
Fee Simple Estate
A fee simple estate is also known as....?
Fee simple absolute
A condominium is an example of what type of property use...?
Residential
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
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
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
Local zoning ordinances often regulate the development of these types of land rights...?
Air Rights
Which of the following is NOT an example of a fixture...? A) Art work B) Chandelier C) Dishwasher D) Custom window blinds
Art Work
Which of the following is an owner of a fee simple absolute NOT able to do...?
Build beyond the property line of the land
Which of the following is an example of a trade fixture...? A) Commercial oven B) Art work C) Tables and chairs D) Movable shelvingA condominium is an example of what type of property use...?
Commercial Oven
Which of the following is NOT considered real property...? A) Cooperative apartments B) Condominium apartments C) Commercial buildings D) Self Storage facilities
Cooperative Buildings
The concept that property is an asset that cannot easily be sold or exchanged for cash is known as what...?
Illiquidity
The conveyance of title property for the duration of the life of the grantee is known as what...?
Life Estate
Real estate is also referred to as what...?
Real Property
Why is real property characterized as illiquid...?
Real property is not easily sold
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 distinguishing feature of a joint tenancy or tenancy by entirety is known as what...?
Right of Survivorship
Ownership by only a single individual is known as what...?
Severality
Which of the following rights is NOT included in the full bundle of rights...? A) The right to partially build a fence over the adjacent property line B) The right to quiet enjoyment C) The right to sell the property D) The right to grant an easement
The right to partially build a fencer over the adjacent property line
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
The owner grants the property to another entity for a specific use and period of time
Which of the following rights is granted to the tenant of a life estate...?
The right to quiet enjoyment
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
Banks typically do NOT lend on this type of trust...?
Irrevocable Trusts
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
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
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
Everything that is NOT considered real property is legally known as...?
Personal Property
Land, and generally whatever is erected upon or affixed thereto is known as what...?
Real 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
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
Which of the following is NOT an example of a trade fixture...? A) Tables and Chairs B) Commercial oven C) Dishwasher D)Counter tops
Tables and Chairs
This type of ownership is common among married couples....?
Tenancy by the Entirety
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
