Real Estate U NYS - Chapter 3A EXAM COVERAGE
Exam
Real Estate U NYS - Chapter 3A Exam
Types of property ownership in New York
Sole ownership
Co-ownership (tenancy in common vs. joint
tenancy)
Tenancy by the entirety (spousal ownership)
Condominium ownership structure
Cooperative ownership (shares & proprietary
lease)
Homeowners associations (HOAs) basics
Estates in land
Freehold estates (fee simple, life estates)
Leasehold estates (estate for years, periodic
tenancy, estate at will, estate at sufferance)
Encumbrances and property limitations
Liens (voluntary & involuntary)
Easements (appurtenant vs. in gross)
Deed restrictions and encroachments
Bundle of rights and property interests
New York-specific property considerations
,Any person who holds property, C. Trustee
authority, or a position of trust and
responsibility for the benefit of
another is known as the...?
A. Dower
B. Trustor
C. Trustee
D. Curtesy
In this type of estate the owner is C. Fee Simple Estate
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. Leasehold Estate
B. Estate for Years
C. Fee Simple Estate
D. Life Estate
, Why is real property characterized B. Real property is not easily sold
as illiquid...?
A. There is a limited amount of real
property
B. Real property is not easily sold
C. Real property is immobile
D. Real property is location
specific B. The full title and rights can be transferred to
the trustee
Why might a bank NOT lend money
to an irrevocable trust...?
A. The full title and rights cannot
be transferred to the trustee
B. The full title and rights can be
transferred to the trustee
C. The trust lacks any collateral
D. The trust is not real property
Exam
Real Estate U NYS - Chapter 3A Exam
Types of property ownership in New York
Sole ownership
Co-ownership (tenancy in common vs. joint
tenancy)
Tenancy by the entirety (spousal ownership)
Condominium ownership structure
Cooperative ownership (shares & proprietary
lease)
Homeowners associations (HOAs) basics
Estates in land
Freehold estates (fee simple, life estates)
Leasehold estates (estate for years, periodic
tenancy, estate at will, estate at sufferance)
Encumbrances and property limitations
Liens (voluntary & involuntary)
Easements (appurtenant vs. in gross)
Deed restrictions and encroachments
Bundle of rights and property interests
New York-specific property considerations
,Any person who holds property, C. Trustee
authority, or a position of trust and
responsibility for the benefit of
another is known as the...?
A. Dower
B. Trustor
C. Trustee
D. Curtesy
In this type of estate the owner is C. Fee Simple Estate
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. Leasehold Estate
B. Estate for Years
C. Fee Simple Estate
D. Life Estate
, Why is real property characterized B. Real property is not easily sold
as illiquid...?
A. There is a limited amount of real
property
B. Real property is not easily sold
C. Real property is immobile
D. Real property is location
specific B. The full title and rights can be transferred to
the trustee
Why might a bank NOT lend money
to an irrevocable trust...?
A. The full title and rights cannot
be transferred to the trustee
B. The full title and rights can be
transferred to the trustee
C. The trust lacks any collateral
D. The trust is not real property
