CH 4 & 5 Flashcards | Real estate law

The MOST complete ownership recognized by law is

A fee simple estate.

The definition of land includes

The airspace above the surface.

Real property is often referred to as a bundle of legal rights. Among these is the right of

Exclusion.

An owner of a farm in Steuben County may find that an oil company wants to lease his

Subsurface rights.

Which responsibilities would a beneficiary have in an income-producing trust?

No responsibility other than to receive the trust property at a certain point in the future.

All of the following are categories of business organization types EXCEPT

A joint venture.

Which of the following does an owner in a condominium receive?

A deed.

The ability to hold a property indefinitely can only occur when the holder has

A freehold estate.

Three individuals own a farm as tenants in common. Owner A needs cash for a start-up business, but the other owners refuse to sell the farm. Under what circumstances, if any, can Owner A liquidate her portion of the land?

Owner A can file a suit to partition the land to end the co-ownership.

A trust set-up to address the transfer of trust property to a beneficiary after death is called

A testamentary trust.

An association of two or more people to carry on a business as co-owners and share in the business’s profits and losses is

A partnership.

In a cooperative, monthly expenses charged by the co-op are called

Maintenance.

The six basic categories of real property are residential, commercial, industrial, agricultural, special purpose, and

Mixed use.

Special-purpose real estate includes

Houses of worship.

Property that is part of the commercial market includes

Office buildings for lease.

An estate where a tenant occupies property with the permission of the owner is BEST described as

Estate at will.

A woman inherited her cousin’s house, but it is hers only as long as the dog, Buster, is alive and well and living in the house. When Buster dies, the house is to go to her cousin’s son. The cousin’s son is

A remainderman.

A married couple owned a small apartment house by the entirety. One spouse had a will leaving half her estate to her spouse and half to her daughter. After she was killed in an automobile accident, her daughter owned how much of the apartment house?

None

Trusts can be handled and managed by the appropriate party until which of the following occurs?

Trusts may continue for the beneficiaries’ lifetimes or until the beneficiaries reach a certain age.

A syndicate formed to carry out a single business project for a limited time is commonly known as

A joint venture.

People who purchase stock in order to live in cooperatives….

Receive proprietary leases for their apartments.

In New York, a deed conveying property to a married couple, such as to “Frank Peters and Marcia Peters, husband and wife,” creates

A tenancy by the entirety.

Which statement applies equally to joint tenants and tenants by the entireties?

The survivor becomes complete owner.

An artificial person created by legal means is known as

A corporation.

Which of the following BEST describes a tenancy at sufferance?

The tenant is a holdover.

Any two parcels of real estate

Can never be the same.

Man-made, permanent additions to land are called

Improvements.

An owner of land along the Mohawk River has certain

Riparian rights.

The condop form of property ownership developed from

The developers’ interest in retaining commercial spaces.

The party that administers the trust before transfer to the appropriate party to the trust is called

The trustee.