Chapter 3

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

A. Air Rights

Local zoning ordinances often regulate the development of these types of land rights...? A. Air Rights B. Subsurface Rights C. Riparian Rights D. Littoral Rights

A. Air Rights

The rights in real property to use the space above the surface of the land are known as what...? A. Air Rights B. Bundle of Rights C. Surface Rights D. Chattel

A. Air Rights

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

A. Curtesy

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. Curtesy C. Chattel D. Escheat

A. Dower

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

A. 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...? A. Estate for Years B. Lease C. Periodic Estate D. Life Estate

A. Estate for Years

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...? A. Fee Simple Estate B. Estate for Years C. Leasehold Estate D. Life Estate

A. Fee Simple Estate

Which of the following is an example of a type of fee simple absolute...? A. Fee Simple on Condition B. Periodic Fee Simple C. Specific Fee Simple D. Descriptive Fee Simple

A. Fee Simple on Condition

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...? A. Life Estate B. Periodic Estate C. Fee Simple Absolute D. Fee Simple Defeasible

A. Life Estate

This type of ownership is common among real estate investors...? A. Limited Liability Company B. Sole Proprietorship C. Partnership D. C-Corp

A. Limited Liability Company

Any property which is not real property is known as what...? A. Personal Property B. Parcel C. Severalty D. Fixture

A. Personal Property

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

A. Qualified Fee Simple

Land, and generally whatever is erected upon or affixed thereto is known as what...? A. Real Property B. Personal Property C. Chattel D. Fixture

A. Real Property

Real estate is also referred to as what...? A. Real Property B. Chattel C. Personal Property D. Parcel

A. Real Property

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

A. 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...? A. Remainderman B. Reversionary Interests C. Dower D. Recipients

A. Remainderman

A condominium is an example of what type of property use...? A. Residential B. Commercial C. Industrial D. Investment

A. Residential

The distinguishing feature of a joint tenancy or tenancy by entirety is known as what...? A. Right of Survivorship B. Remainder Interest C. Reversionary Interest D. Severalty

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

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

A. Riparian Rights

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

A. Riparian Rights

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

A. Special Purpose Real Estate

Although many factors affect the value of real property, what is the primary driver in determining the value of real property...? A. Supply and Demand B. Rate of Return on Investment C. Location D. Property Use

A. Supply and Demand

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

A. Tenancy at Sufferance

When a property is partitioned between owners, their interests in the property are calculated by...? A. The amount of money that each owner contributed to the property B. The amount of time spent living in the property C. The age of the owners D. The property is always partitioned equally among owners

A. The amount of money that each owner contributed to the property

Which of the following is NOT among the Bundle of Rights...? A. The right to build over the property line B. The right to use and/or occupy the property C. The right to lease D. The right to bequeath

A. The right to build over the property line

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

A. The right to partially build a fence over the adjacent property line

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

A. 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...? A. Trade Fixture B. Chattel C. Partition D. Furniture

A. Trade Fixture