NEW YORK REAL ESTATE CHAPTER 3-A

Local zoning ordinances often regulate the development of these types of land rights...?

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

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

An Estate for Years does NOT automatically renew

Which of the following is NOT an example of real estate...? Art work Chandelier Dishwasher Custom window blinds

Art work

The person who receives, or is to receive, the benefits resulting from certain acts is known as what...?

Beneficiary

The premise that the ownership of real estate consists of the ownership of various rights associated with it is known as what...?

Bundle of Rights

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

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...?

Estate for Years

Ownership of realty by two or more persons, each of whom has an undivided interest with the "right of survivorship" is known as what...?

Joint Tenancy

The conveyance of title property for the duration of the life of the grantee is known as what...?

Life Estate

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

Which of the following land rights is associated with a stagnant body of water...?

Littoral Rights

Everything that is NOT considered real property is legally known as...?

Personal Property

The person who is to receive the property after the termination of the prior estate is known as who...?

Remainderman

Access to a river flowing adjacent to a property is an example of what type of right...?

Riparian Right

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...?

Riparian Rights

Which of the following is associated with a flowing body of water...?

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

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...?

Subsurface Rights

This type of ownership is common among married couples....?

Tenancy by the Entirety

An ownership of realty by two or more persons, each of whom has an undivided interest, without the "right of survivorship", is known as what...?

Tenancy in Common

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

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

If one of the owners in a joint tenancy dies, their share of ownership is distributed to...?

The other joint tenant(s)

Which of the following is a condition that may cause a fee simple absolute to become a fee simple defeasible...? The owner grants the property to another entity for a specific use and period of time The owner takes out a mortgage on the property The owner demolishes a structure on the property 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 The right to sell the property The right to grant an easement The right to take out a mortgage on the property

The right to quiet enjoyment

Michael is the owner of a restaurant in downtown Buffalo and recently signed a long-term lease with the building's owner. Since Michael will be staying in his current location for the long-term, he decides to install new commercial ovens and dishwashers. These installations are examples of what...?

Trade Fixtures

Any person who holds property, authority, or a position of trust and responsibility for the benefit of another is known as the...?

Trustee