Ch. 3.A - Legal Issues: Estate and Interest

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. Littoral Rights B. Riparian Rights C. Severalty Parcel

A. Littoral Rights

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

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

A property owner's rights to the water and other substances below the surface of the land is known as___ A. Subsurface Rights B. Riparian Rights C. Air Rights D. Chattel E. Fixture

A. Subsurface Rights

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

A. The deed must reflect the change of ownership

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

A. The other joint tenant(s)

Which of the following is NOT an example of a subsurface right...? A. Unused buildable square footage B. Oil reservoirs C. Mineral deposits D. A flowing aquifer

A. Unused buildable square footage

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

B. Partition

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

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___ A. Subsurface Rights B. Riparian Rights C. Air Rights D. Chattel E. Fixture

B. Riparian Rights

Property that is appropriate for one type of use or limited use is known as what...? A. Proprietary Real Estate B. Special Purpose Real Estate C. Unique Real Estate D. Chattel

B. Special Purpose Real Estate

An ownership of realty by two or more persons, each of whom has an undivided interest, without the "right of survivorship" is known as___ A. Tenancy by the Entirety B. Tenancy in Common C. Estate in Severalty D. Joint Tenancy

B. Tenancy in Common

The right for a property owner to use space above the surface of their land is known as___ A. Subsurface Rights B. Riparian Rights C. Air Rights D. Chattel E. Fixture

C. Air Rights

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

C. Air Rights

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

C. Chattel

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

C. Escheat

An estate which the tenant holds his own right, without being joined in interest with any other person is known as___ A. Tenancy by the Entirety B. Tenancy in Common C. Estate in Severalty D. Joint Tenancy

C. Estate in Severalty

The conveyance of title property for the duration of the life of the grantee is known as what...? A. Escheat B. Estate for Years C. Life Estate D. Fee Simple Estate

C. Life Estate

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

C. Oil located beneath a property

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

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

Any person who holds property, authority, or a position of trust and responsibility for the benefit of another is known as the...? A. Dower B. Trustor C. Trustee D. Curtesy

C. Trustee

The premise that the ownership of real estate consists of the ownership of various rights associated with it is known as what...? A. Escheat B. Chattel C. Estate for Years D. Bundle of Rights

D. Bundle of Rights

Personal property, or anything not considered real property is known as___ A. Subsurface Rights B. Riparian Rights C. Air Rights D. Chattel E. Fixture

D. Chattel

Which of the following is NOT considered real property...? A. Self Storage facilities B. Condominium apartments C. Commercial buildings D. Cooperative apartments

D. Cooperative apartments

The concept that property is an asset that cannot easily be sold or exchanged for cash is known as what...? A. Severalty B. Liquid C. Interest D. Illiquidity

D. Illiquidity

Which of the following is an economic characteristic of real property...? A. Permanence B. Uniqueness C. Architectural Design D. Immobility

D. Immobility

Ownership of realty by two or more persons, each of whom has an undivided interest with the "right of survivorship" is known as ___ A. Tenancy by the Entirety B. Tenancy in Common C. Estate in Severalty D. Joint Tenancy

D. Joint Tenancy

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

D. Real Property

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

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

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...? A. Act of Waste B. Act of Destruction C. Chattel D. Severalty

A. Act of Waste

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

A. Fee Simple Absolute

Ownership of real property by a married couple in which interests cannot be transferred without the consent of the other spouse is known as ___ A. Tenancy by the Entirety B. Tenancy in Common C. Estate in Severalty D. Joint Tenancy

A. Tenancy by the Entirety

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

B. Estate for Years

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

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...? A. Joint Tenancy B. Joint Venture C. Life Estate D. Partition

B. Joint Venture

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

B. Residential

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

C. Tenancy at Sufferance

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

D. The right to build over the property line

Personal property so attached to the land or improvements as to become part of the real property is known as___ A. Subsurface Rights B. Riparian Rights C. Air Rights D. Chattel E. Fixture

E. Fixture