Quiz3

parcel

1. A piece of land under one ownership is known as what...? o AParcel o BPartition o CPersonal Property o DEstate

Riparian Right

1. Access to a river flowing adjacent to a property is an example of what type of right...? o ARiparian Right o BLittoral Right o CAir Right o DSubsurface Right

Personal Property

1. Any property which is not real property is known as what...? o APersonal Property o BParcel o CSeveralty o DFixture

Air Rights

1. 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...? o AAir Rights o BSubsurface Rights o CRiparian Rights o DLittoral Rights

The other joint tenant(s)

1. If one of the owners in a joint tenancy dies, their share of ownership is distributed to...? o AThe other joint tenant(s) o BThe estate of the deceased o CThe government o DThe remainderman

Subsurface Rights

1. 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...? o ASubsurface Rights o BAir Rights o CRiparian Rights o DLittoral Rights

Real Property

1. Land, and generally whatever is erected upon or affixed thereto is known as what...? o AReal Property o BPersonal Property o CChattel o DFixture

Littoral Rights

1. 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...? o ALittoral Rights o BRiparian Rights o CSubsurface Rights o DAir Rights

Severalty

1. Ownership by only a single individual is known as what...? o ASeveralty o BUndivided Interest o CPrimary Owner o DDower

Trade Fixture

1. Personal property that is attached to the land or improvements as to become part of the property is known as what...? o ATrade Fixture o BChattel o CPartition o DFurniture

Real Property

1. Real estate is also referred to as what...? o AReal Property o BChattel o CPersonal Property o DParcel

Subsurface Rights

1. 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...? o ASubsurface Rights o BAir Rights o CRiparian Rights o DLittoral Rights

Illiquidity

1. The concept that property is an asset that cannot easily be sold or exchanged for cash is known as what...? o AIlliquidity o BLiquid o CInterest o DSeveralty

Right of Survivorship

1. The distinguishing feature of a joint tenancy or tenancy by entirety is known as what...? o ARight of Survivorship o BRemainder Interest o CReversionary Interest o DSeveralty

partition

1. The division which is made of real property between those who own it in undivided shares is known as what...? o APartition o BParcel o CDivided Interest o DReversionary Interest

Undivided Interest

1. The interest in property owned by tenants whereby each tenant has an equal right to enjoy the entire property is known as what...? o AUndivided Interest o BDivided Interest o CTenancy in Common o DJoint Tenancy

Riparian Rights

1. 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...? o ARiparian Rights o BLittoral Rights o CEscheat DPartition

Fee Simple Estate

1. This type of ownership includes all of the bundle of rights...? o AFee Simple Estate o BFee Simple Defeasible o CFee on Condition o DLife Estate

Tenancy by the Entirety

1. This type of ownership is common among married couples....? o ATenancy by the Entirety o BJoint Tenancy o CJoint Venture o DTenancy in Common

Limited liability company

1. This type of ownership is common among real estate investors...? o ALimited Liability Company o BSole Proprietorship o CPartnership o DC-Corp

The owners can agree on a settlement

1. What may occur which will negate the need to partition the property among its owners...? o AThe owners can agree on a settlement o BThe Deed can be updated and recorded o CThe owners can agree to lease the property o DThe owners can agree to obtain a mortgage on the property

Tenancy at Suffernace

1. What occurs if a tenant stays longer than the term specified in an estate for years...? o ATenancy at Sufferance o BDelinquent Tenant o CIllegal Tenant o DSeveralty

The amount of money that each owner contributed to property

1. When a property is partitioned between owners, their interests in the property are calculated by...? o AThe amount of money that each owner contributed to the property o BThe amount of time spent living in the property o CThe age of the owners o DThe property is always partitioned equally among owners

Art Work

1. Which of the following is NOT an example of a fixture...? o AArt work o BChandelier o CDishwasher o DCustom window blinds

The right to use a river adjacent to the property

1. Which of the following is an example of a riparian right...? o AThe right to use a river adjacent to the property o BThe right to transfer undeveloped square footage to an adjacent property o CThe right to access a lake adjacent to the property o DThe right to extract minerals beneath the property

Commercial Oven

1. Which of the following is an example of a trade fixture...? o ACommercial oven o BArt work o CTables and chairs o DMovable shelving

Real Property is not easily sold

1. Why is real property characterized as illiquid...? o AReal property is not easily sold o BReal property is location specific o CThere is a limited amount of real property o DReal property is immobile

The full title and rights can be transferred to the trustee

1. Why might a bank NOT lend money to an irrevocable trust...? o AThe full title and rights can be transferred to the trustee o BThe full title and rights cannot be transferred to the trustee o CThe trust is not real property o DThe trust lacks any collateral

An Estate for Years does NOT automatically renew

An Estate for Years automatically renews for how many years...?

Trustee

Any person who holds property, authority, or a position of trust and responsibility for the benefit of another is known as the...?1. Any person who holds property, authority, or a position of trust and responsibility for the benefit of another is known as the...? o ATrustee o BTrustor o CDower DCurtesy