Real Property Quiz

Which of the following is NOT considered real property...?

• Commercial buildings

• Self Storage facilities

• Condominium apartments

• Cooperative apartments

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

• The other joint tenant(s)

• The government

• The remainderman

• The estate of the deceased

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

• Dower

• Undivided Interest

• Severalty

• Primary Owner

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

• The right to access a lake adjacent to the property

• The right to sell undeveloped square feet to an adjacent property

• The right to use a river adjacent to the property

• The right to extract oil beneath the property

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

• Subsurface Right

• Air Right

• Littoral Right

• Riparian Right

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 Venture

• Joint Tenancy

• Curtesy

• Dower

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

• Illiquidity

• Liquid

• Severalty

• Interest

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

• C-Corp

• Corporation

• S-Corp

• Limited Liability Company

Michael is the owner of a restaurant in downtown Buffalo and recently signed a long-term lease with the building's owner. Since Michael will be staying in his current location for the long-term, he decides to install new commercial ovens and dishwashers. These installations are examples of what...?

• Real Property

• Trade Fixtures

• Installations

• Interim Fixtures

Absolute ownership of real property is known as what...?

• Leasehold Estate

• Fee Simple Estate

• Estate for Years

• Life Estate