Chapter 4 Flashcards
What kind of right is this: an owners rights to land bordering a river or stream.
Riparian rights (think RIver and RIparian, both have RI)
An owners rights to land bordering large lakes, bays and oceans, is what kind of right?
Littoral rights (think L and L)
Is a riparian right your right to sell off or lease?
No, it’s only for you to enjoy
Anything moveable or mobile is considered what?
Personal property (chattels)
What is a chattel?
Anything moveable
What are drapes, clothes, and co-ops examples of?
Chattels, personal property
What are garages and barns an example of?
Real property/real estate
Land and anything permanently attached to it is considered what?
Real property/real estate
Describe what real property and real estate is when it comes to selling your property.
Land and anything permanently attached to it
An article of personal property that becomes permanently attached to the land is called what?
Fixture
What is a fixture?
An article of personal property that. Comes permanently attached to the land.
Give an example of a fixture.
A light fixture
What is a trade fixture?
An article owned by a tenant and attached to rental space for use of business. It remains personal property of the tenant.
What is a light fixture an example of?
Fixture
Are trade fixtures removed when a tenant leaves?
Yes
True or false, trade fixtures are removed when tenant leaves and is brought back to original state meaning no damaged walls, doors, etc.
True
A seller doesn’t have to give the chandelier away to the buyer. What is that called?
A fixture
You make a cabinet for the wall that fits all your hair supplies as a hair dresser, and you’re renting the space from someone else, when you move out you need to remove it and fix the wall. What is this an example of?
Trade fixture
What is fee simple?
The most complete type of ownership in real estate
The most complete type of ownership in real estate is called what?
Fee simple
Is a co-op fee simple or personal property?
Personal property
Can you do whatever you want with a co-op, as in sell it if it was inherited to you?
No
The idea that your mortgage will eventually be paid off or is about to be paid off, is defined as what?
Fee simple
What are the 3 forms of co-ownership?
Joint tenancy, tenancy in common, and tenancy by the entirety
Equal interest and rights of survivorship is which kind of tenancy?
Joint tenancy
What is a joint tenancy?
Equal interest and rights of survivorship
Not necessarily equal interest and no rights of survivorship is which kind of tenancy?
Tenancy in common
What is a tenancy in common?
Not necessarily equal interest
No rights of survivorship
Who is tenancy by the entirety between?
Between spouses
Which tenancy is between spouses?
Tenancy by the entirety
What does rights of survivorship mean?
The person who survived longer gets the rights
What is the difference between tenancy by the entirety and joint tenancy?
Tenancy by the entirety is between a married couple
Does tenancy in common have rights of survivorship?
No
Is tenancy in common a 50/50 split or is it that you have things in common?
Something in common, it’s not equal interest
Which 2 tenancies are the most in common out of the 3?
Joint tenancy and tenancy by the entirety
Which tenancy does not have rights of survivorship?
Tenancy in common
Ownership in real estate under the assumption that the couple is one person for legal purposes is what?
Tenancy by the entirety (because it’s between spouses]
If your dig in your backyard and hit oil, is it your oil? Can you sell it off if you wanted to?
Yes and yes
If you have wood delivered into your driveway, it’s personal property. If you attach it to your house, what does it becomes?
Real property
If you cut down a tree (real property) and it becomes personal property, what is that called?
Severance
What is living upstairs and you owe the funeral parlor downstairs an example of?
Mixed use
True or false: Freehold estate means you live there.
Yes
Which estate is most closely related to fee simple?
A freehold estate
The most complete ownership recognized by law is?
A fee simple estate
The definition of land includes
A. Sewer, roads, and streets
B. Buildings permanently attached
C. The right of enjoyment
D. Airspace above the surface
D, airspace above the surface
Real property is often referred to as a bundle of legal rights. What is this the right of?
Exclusion
Property that is part of the commercial market includes
A. Office buildings for lease
B. Apartments for rent
C. Churches
D. Factories
A
Does partnership trump the will?
Yes
What is another name for personal property?
Chattel
What is another name for chattels?
Personal property
What is the difference between fixture and trade fixture?
Trade fixture is personal property for a tenant and for use of business, I fixture is in regard to personal property only
What is a light fixture an example of?
Fixture
When is a trade fixture removed?
When the tenant leaves
Does joint tenancy have rights of survivorship?
Yes
Does tenancy by the entirety have rights of survivorship?
Yes
Who is tenancy by the entirety between?
Spouses
What is land?
Airspace above the surface
An owner of a farm may find that an oil company wants to lease his
A. Riparian right
B. Littoral right
C. Air right
D. Subsurface rights

D subsurface rights
School
Which one does an owner in a condominium receive
A. Deed
B. Proprietary lease
C. Underlying mortgage
D. Shares of sock
Deed
The ability to hold property indefinitely can only occur when the holder has
A. No freehold estates
B. Defensible estate
C. Freehold
D. Leasehold estate
Freehold estate
In a co-op, monthly expenses charged by the co-op are called what?
Maintenance
An association of 2 or more people to carry on a business as co owners and share in the business profit and losses is
A. Partnership
B. Corporation
C. Limited liability company
D. S corporation
A partnership
Special purpose real estate includes
A. Apartment houses
B. Houses of worship
C. Factories
D. Shopping malls
Houses of worship
School
The 6 basic categories of real property are residential, commercial, industrial, agricultural, special purpose, and
A. Marine
B. Multi family
C. Mixed use
D. Government held
Mixed use
An estate where a tenant occupies property with the permission of the owner is best described as
A. Estate for years
B. Estate at sufferance
C. Estate at will
D. Periodic estate
Estate at will
A married couple who owned a small apartment house by the entirety. One spouse has a will leaving half her estate to her spouse and half to her daughter. The wife died. How much does the daughter own?
None
School:
People who purchase stock in order to live in cooperatives
A. Must also purchase their own apartments
B. Receive proprietary leases for their apartments
C. Must inherit their apartments
D. Must pay rent on their apartments to the condo board
Receive proprietary leases for their apartments
Which statements applies equally to joint tenants and tenants by the entirety?
A. The survivor becomes the compere owner
B. There is no right to file a partition suit
C. There may be more than 2 owners
D. The deed must state the type of tenancy desired
The survivor becomes the complete owner
In NY, a deed conveying property to a married couple creates what?
Tenancy by the entirety
Which best describes tenancy at sufferance?
A. Tenant is a holdover
B. Tenant has no warranty of habitability
C. Tenant has no uncorrected infestation
A , holdover tenant
An owner of land along the Mohawk River has certain BLANK rights?
Riparian rights (river)
Stocks and bonds are what kind of investments?
Liquid investments
Investment vehicle that is easily and quickly converted to cash is
Liquid investment
Is real property liquid or illiquidity?
Illiquidity, Non liquid
The difficulty I’m selling an asset for full value in short notice (lack. Of assets that can be quickly converted to cash) is?
Illiquidity
What does rights of ownership include?
Possession
Control of property
Enjoyment
Exclusion
Disposition
What has real property often been described as?
Bundle of legal rights
What is a person who purchases real estate actually buying?
The rights previously held by the seller
What is the right of enjoyment?
To use the property in a legal manner
What is the right of exclusion?
The right to keep others from entering or occupying the property
What is the right to disposition?
To be able to sell or otherwise transfer the property
Included within the bundle of legal rights or ownership rights is to leave by will. What is the term for “leave by will”?
Devise
True or false: there is a difference between land, real estate, and real property.
True
The term used to describe an estate or ownership of rights (not fee simple).
Land
The earths surface extending downward to the center of the earth and upward to infinity, including things permanently attached by nature, only describes what?
Land
Includes minerals and substances bellows the earths surface together with the air above up to infinity is known as?
Land
A specific tract of land is commonly called
Parcel
Does a parcel have specific boundaries?
Yes
True or false, the term land is broader than the term real estate.
No, real estate is broader
Includes all permanent improvements, like buildings on the land as well as streets, utilities, sewers, and other man made additions to the property
Real estate
The earths surface extending downward to the center of the earth and upward into space, including all things permanently attached to it by nature AND by people
Real estate
Is land or real property broader?
Real property
Does bundle of legal rights of ownership include real estate or real property?
Real property
The earths surface extending downward to the center of the earth and upward into space, including all things permanently attached to it by nature and by people, as well as the interests, benefits, and rights included in ownership.
Real property
Are liens attached to the property or the owner?
The property
The right to natural resources lying below the earths surface, may be owner separately, is what?
Subsurface rights
A landowner can sell or lease to an oil company the rights to any oil and gas found in the land. True or false?
True
The right to use airspace above land may also be sold or leased independently of the land itself is?
Air rights
Unused development rights
Air rights
The rights in one parcel of real property could be wonder by many people. True or false?
True
Can riparian and littoral rights be sold separately or kept when the land is sold?
No
Increases resulting from the deposit of soil by the action of water or wind
Accretions
Where land adjoins streams, an owner is entitled to all…?
Accretions
Nearly everything that can be owned may be classified by either real or personal property. True or false?
True
Is a refrigerator personal property?
Yes
Item of personal property converted to Real Estate by attaching it to the Real Estate is called?
Fixture
Is a cooperative ownership, real property or personal property?
Personal property, but for income tax purposes, it is considered real property
What kind of transaction includes the purchase and sale of stock within a corporation that owns the real property containing the unit represented by the purchased shares of stock?
Cooperative
What is the relationship between a shareholder and a cooperative corporation?
Landlord/tenant
Is it possible to change an item of real estate to personal property?
Yes
They growing tree is Real Estate, but if the owner cuts down the tree and thereby severs it from the earth, it becomes personal property. What is this process known as?
Severance
Can personal property be changed to real estate?
Yes
If an owner buys cement, stones, and sand to construct a concrete walk, materials that were originally personal property are now changed into what?
Real estate because they became part of permanent improvements
If your seller wants to keep any fixtures and do not intend on removing them from the property, what should you do as the licensee?
Advise your seller than these desires be specific in the contract for purchase and sale
What is bowling alley equipment an example of?
Trade fixture
What is bowling alley equipment an example of?
Trade fixture
Are agricultural fixtures, such as chicken, coops and toolsheds, included in trade fixtures?
Yes
What is a chicken coop an example of?
Agricultural fixture
When can tenants remove their trade fixtures, since it’s their personal property?
On or before the last day that the property is rented
Economic characteristics influencing value include:
Relative scarcity
Improvements
Permanence of investments
Area preference
When the total supply of land is fixed l, what is this called?
Relative scarcity
BLANK applies to the principle of value known as supply and demand.
Scarcity
What is this an example of: the construction of a shopping mall that influences value in a large area
Improvements
What are the three basic physical characteristics of land?
Immobility where the land is non-movable
Indestructibility where the land is permanent
Non-homogeneity where each parcel of land is unique
An economic characteristic that alter peoples choices and preferences for a given area and cause one house to sell for twice as much as an almost identical one is?
Situs
Where land cannot be made or destroyed
Indestructibility
Where no 2 parcels of land are exactly the same
Nonhomogeneity
Undivided interest in a property (if the deed does not state the fractional interest held by each owner)
Tenancy in common
The ownership of property by one person or one legal entity only
Severally
What kind of estate is limited to the life of some specific person?
Life estate
This kind of estate may be ordinary or our autre vie. It’s when the owner does not have the right to pass ownership to heirs because the life estate ends with the death of the owner or a third.
Life estate
Is there a time limit with fee simple?
No, it is said to run forever. When the owner dies it goes to their heirs.
What are the 6 categories of real property?
Residential
Commercial
Industrial
Mixed use
Agricultural
Special purpose
Any lawful combination of the other five basic categories of real propriety permitted by local zoning. Which of the 6 categories of real property is this?
Mixed use
As the characteristic of scarcity, suggest, land can’t be made or destroyed. But then this category of economic characteristics, permanence becomes a soul factor behind purchasers willingness to invest large amounts of capital to improve property. True?
True lol
Religious institutions, hospitals, cemeteries, and government held lands, because these properties are generally considered to be non-income producing properties. Which real property characteristic is this?
Special purpose
The amount and kind of interest that a person has in real property is?
Estate in land
What are the four freehold estates that are recognized in New York?
Fee simple, qualified, or determinable fee, fee on condition, and life estates
Are estates in land freehold, Estates or non-freehold estates?
Both
Which two co-ownerships have right of survivorship?
Tenancy by the entirety and joint tenancy
Which 2 co-ownerships have rights of survivorship and also equal interest?
Tenancy by the entirety and joint tenancy
Which coownership does not necessarily have equal interest, unlike the other two.
Tenancy in common
Write out the most broad to the least broad in terms of real property, land, and real estate.
Most broad is real property
Real estate
Least broad is land
