Chapter 3.A Flashcards
A property owner’s rights to the water substances below the surface of the land is known as…
Subsurface Rights
The right for a property owner to use space above the surface of their land is known as…
Air 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…
Riparian Rights
Personal property or anything not considered real property is known as…
chattel
Personal property so attached to the land Or improvements as to become part of the real property is known as…
Fixture
An estate for years automatically renews for how many years?
An Estate for Years does NOT automatically renew
Absolute ownership of real property is known as…
Fee Simple Estate
Real estate is also referred to as …
Real property
The person who is to receive the property after the termination of the prior estate is known as..
Remainder man
The distinguishing feature of a joint tenancy is know as…
Right of survivorship
The right of a property owner whose land borders a natural water course, such as a river, to reasonable use and enjoyment of that flows past the property is known as…
Riparian rights
Ownership by only a single individual is know as…
Severalty
The person who receives or is to receive the benefits resulting from certain acts is known as…
Beneficiary
A person who conveys title to a trustee is know as…
Trustor
The conditions that must exist in order for certain kinds of property interests to be created are known as…
Unities of interest, possession, time and title.
Which is an example of a trade fixture?
Commercial oven
A fee simple estate is also known as…
Fee simple absolute
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.
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…
Curtesy
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?
Remainderman
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. Dacis?
Estate for Years.
What occurs if a tenant stays longer than the term specified in an estate for years?
Tenancy at Sufferance
This type of ownership is common among married couples?
Tenancy by the entirely
The part of or interest in real estate of a deceased husband given by law to his widow during her life is known as…
Dower
Banks typically do not lend on this type of trust?
Irrevocable trust
The concept that property is an asset that cannot easily be sold or exchanged for cash is known as what…?
Illiquidity
Joint Tenancy
Ownership of realty by two or more persons, each of whom has an undivided interest with the “right of survivorship” is known as what…?
A piece of land under one ownership is known as what…?
Parcel
The distinguishing feature of a joint tenancy is known as what…?
Right of Survivorship
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…?
Riparian Rights
Property that is appropriate for one type of use or limited use is known as what…?
Special Purpose Real Estate
The conditions that must exist in order for certain kinds of property interests to be created are known as what…?
Unities of interest, Possession, Time and Title
Access to a river flowing adjacent to a property is an example of what type of right…?
Riparian Right
Which of the following is an example of a littoral right…?
The right to access a lake adjacent to the property
Which of the following land rights is associated with a stagnant body of water…?
Littoral Rights
Which of the following is associated with a flowing body of water…?
Riparian Rights
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…?
Littoral Rights
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 an economic characteristic of real property…?
Immobility
Which of the following is NOT an economic characteristic of real property…?
Architectural Design
A fee simple estate is also known as….?
Fee Simple Absolute
What is the most common form of ownership…?
Fee Simple
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…?
Remainderman
Which of the following rights is granted to the tenant of a life estate…?
The right to quiet enjoyment
What may occur, which will negate the need to partition the property among its owners…?
The owners can agree on a settlement
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…?
Dower
Absolute ownership of real property is known as what
Fee Simple Estate
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…?
Fee Simple Estate
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
Ownership by only a single individual is known as what…
Severalty
Property that is appropriate for one type of use or limited use is known as what…?
Special Purpose Real Estate
The interest in property owned by tenants whereby each tenant has an equal right to enjoy the entire property is known as what…?
Undivided Interest
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…?
Curtesy
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
This type of ownership is common among married couples….?
Tenancy by the Entirety
Ownership by only a single individual is known as what…?
Severalty
Any person who holds property, authority, or a position of trust and responsibility for the benefit of another is known as the…?
Trustee
Which of the following is NOT among the Bundle of Rights…?
The right to build over the property line
Any property which is not real property is known as what…?
Personal Property
Land, and generally whatever is erected upon or affixed thereto is known as what…?
Real Property
If one of the owners in a joint tenancy dies, their share of ownership is distributed to…?
The other joint tenant(s)
Why might a bank NOT lend money to an irrevocable trust…?
The full title and rights can be transferred to the trustee
Everything that is NOT considered real property is legally known as…?
Personal Property
What is the difference between real property and real estate…?
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
Which of the following rights is NOT included in the full bundle of rights…?
The right to partially build a fence over the adjacent property line
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…?
Joint Venture
Absolute ownership of real property is known as what…?
Fee Simple Estate
A piece of land under one ownership is known as what…?
Parcel
Local zoning ordinances often regulate the development of these types of land rights…?
Air Rights
This type of ownership is common among married couples….?
Tenancy by the Entirety
When a property is partitioned between owners, their interests in the property are calculated by…?
The amount of money that each owner contributed to the property
The division which is made of real property between those who own it in undivided shares is known as what…?
Partition
When a property is partitioned between owners, their interests in the property are calculated by…?
The amount of money that each owner contributed to the property
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
The interest in property owned by tenants whereby each tenant has an equal right to enjoy the entire property is known as what…?
Undivided Interest
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…?
Littoral 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…?
Curtesy
What may occur, which will negate the need to partition the property among its owners…?
The owners can agree on a settlement
