Quizes real estate

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

life estate

In this type of ownership, profits pass through the property and taxes are paid and personal level

limited liability company

This type of ownership is common among real estate investors

limited liability company

This type of ownership is common in real estate as the owners are not personally liable for any damages

limited liability company

Although many factors affect the value of real property, what is the primary driver in determining the value of real property

supply and demand

Which of the following is not an example of real estate

A permanent deck on the property

John is renting a single family house from Chris for the summer. During his tenancy, John causes extensive water damage, which affected the structural integrity of the house. What has John committed?

Act of waste

Daven owns a property in the theater district of Manhattan. The property adjacent to David's property includes a landmark to Broadway Theatre with 8500 on used buildable square feet. Unfortunately for the theater, the remaining buildable square footage cannot be used since the building is Lynn marked and cannot be modified. David offers to buy the theater is on you 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 on used buildable square feet, which can either be developed by Marc or sold to an adjacent lot. Then 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

Personal property, such as household goods, is known as what

Chattel

A leasehold Estate for any specific period of time is known as what...?

Estate for years

Absolute ownership of real property is known as what

Fee simple estate

A business agreement in which the parties agree to develop, for a finite Time, A new entity a 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

Which of the following is an example of a type of fee simple defeasible

Qualified fee simple

Mary deeds her property to her sister for 15 years, in the form of a real estate. In addition, Mary also specifies that her sisters children will receive ownership of the property after the 15 years is up. Mary☺️ sisters children are considered what

Remainderman

The person who is to receive the property after the termination of the Prior estate is known as who

Remainderman

A condominium is an example of what type of property use

Residential

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

Severalty

Stephen owns a property with natural gas located deep need the property. In an effort to earn more income, Stephen decides to sell a portion of the natural gas. What is Stephen selling

Subsurface rights

What occurs if a tenant stays longer than the term specified in a state for years

Tenancy at sufferance

And ownership of Realty buy two or more persons, each of whom has an undivided interest, without the right of survivorship, is known as what

Tenancy in common

When a property is partitioned between owners, they are interest in the property are calculated by

The amount of money that each owner contributed to the property

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

The other joint tenant(s)

Which of the following is an example of riparian rights

The right to use a river adjacent to the property

A person who conveys title to a trustee is known as the

Trustor