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Real Estate > Chapter 3.A > Flashcards

Chapter 3.A Flashcards

1
Q

A property owner’s rights to the water substances below the surface of the land is known as…

A

Subsurface Rights

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2
Q

The right for a property owner to use space above the surface of their land is known as…

A

Air Rights

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3
Q

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

Riparian Rights

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4
Q

Personal property or anything not considered real property is known as…

A

chattel

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5
Q

Personal property so attached to the land Or improvements as to become part of the real property is known as…

A

Fixture

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6
Q

An estate for years automatically renews for how many years?

A

An Estate for Years does NOT automatically renew

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7
Q

Absolute ownership of real property is known as…

A

Fee Simple Estate

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8
Q

Real estate is also referred to as …

A

Real property

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9
Q

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

A

Remainder man

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10
Q

The distinguishing feature of a joint tenancy is know as…

A

Right of survivorship

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11
Q

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…

A

Riparian rights

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12
Q

Ownership by only a single individual is know as…

A

Severalty

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13
Q

The person who receives or is to receive the benefits resulting from certain acts is known as…

A

Beneficiary

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14
Q

A person who conveys title to a trustee is know as…

A

Trustor

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15
Q

The conditions that must exist in order for certain kinds of property interests to be created are known as…

A

Unities of interest, possession, time and title.

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16
Q

Which is an example of a trade fixture?

A

Commercial oven

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17
Q

A fee simple estate is also known as…

A

Fee simple absolute

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18
Q

Which of the following is a condition that may cause a fee simple absolute to become a fee simple defeasible?

A

The owner grants the property to another entity for a specific use and period of time.

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19
Q

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…

A

Curtesy

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20
Q

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

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21
Q

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?

A

Estate for Years.

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22
Q

What occurs if a tenant stays longer than the term specified in an estate for years?

A

Tenancy at Sufferance

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23
Q

This type of ownership is common among married couples?

A

Tenancy by the entirely

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24
Q

The part of or interest in real estate of a deceased husband given by law to his widow during her life is known as…

A

Dower

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25
Q

Banks typically do not lend on this type of trust?

A

Irrevocable trust

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26
Q

The concept that property is an asset that cannot easily be sold or exchanged for cash is known as what…?

A

Illiquidity

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27
Q

Joint Tenancy

A

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

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28
Q

A piece of land under one ownership is known as what…?

A

Parcel

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29
Q

The distinguishing feature of a joint tenancy is known as what…?

A

Right of Survivorship

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30
Q

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

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31
Q

Property that is appropriate for one type of use or limited use is known as what…?

A

Special Purpose Real Estate

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32
Q

The conditions that must exist in order for certain kinds of property interests to be created are known as what…?

A

Unities of interest, Possession, Time and Title

33
Q

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

A

Riparian Right

34
Q

Which of the following is an example of a littoral right…?

A

The right to access a lake adjacent to the property

35
Q

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

A

Littoral Rights

36
Q

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

A

Riparian Rights

37
Q

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…?

A

Littoral Rights

38
Q

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

39
Q

Which of the following is an economic characteristic of real property…?

A

Immobility

40
Q

Which of the following is NOT an economic characteristic of real property…?

A

Architectural Design

41
Q

A fee simple estate is also known as….?

A

Fee Simple Absolute

42
Q

What is the most common form of ownership…?

A

Fee Simple

43
Q

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

44
Q

Which of the following rights is granted to the tenant of a life estate…?

A

The right to quiet enjoyment

45
Q

What may occur, which will negate the need to partition the property among its owners…?

A

The owners can agree on a settlement

46
Q

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

47
Q

Absolute ownership of real property is known as what

A

Fee Simple Estate

48
Q

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

49
Q

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

Joint Tenancy

50
Q

Ownership by only a single individual is known as what…

A

Severalty

51
Q

Property that is appropriate for one type of use or limited use is known as what…?

A

Special Purpose Real Estate

52
Q

The interest in property owned by tenants whereby each tenant has an equal right to enjoy the entire property is known as what…?

A

Undivided Interest

53
Q

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

54
Q

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

55
Q

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

A

Tenancy by the Entirety

56
Q

Ownership by only a single individual is known as what…?

A

Severalty

57
Q

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

A

Trustee

58
Q

Which of the following is NOT among the Bundle of Rights…?

A

The right to build over the property line

59
Q

Any property which is not real property is known as what…?

A

Personal Property

60
Q

Land, and generally whatever is erected upon or affixed thereto is known as what…?

A

Real Property

61
Q

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

A

The other joint tenant(s)

62
Q

Why might a bank NOT lend money to an irrevocable trust…?

A

The full title and rights can be transferred to the trustee

63
Q

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

A

Personal Property

64
Q

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

65
Q

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

66
Q

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 Venture

67
Q

Absolute ownership of real property is known as what…?

A

Fee Simple Estate

68
Q

A piece of land under one ownership is known as what…?

A

Parcel

69
Q

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

A

Air Rights

70
Q

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

A

Tenancy by the Entirety

71
Q

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

72
Q

The division which is made of real property between those who own it in undivided shares is known as what…?

A

Partition

73
Q

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

74
Q

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…?

A

Tenancy in Common

75
Q

The interest in property owned by tenants whereby each tenant has an equal right to enjoy the entire property is known as what…?

A

Undivided Interest

76
Q

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…?

A

Littoral Rights

77
Q

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

78
Q

What may occur, which will negate the need to partition the property among its owners…?

A

The owners can agree on a settlement

79
Q
A

Real Estate (23 decks)

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