Exam
Real Estate U NYS - Chapter 3B Exam
Types of property ownership (sole ownership,
co-ownership)
Tenancy in common vs. joint tenancy
Tenancy by the entirety (New York specific)
Condominium ownership structure
Cooperative ownership (shares & proprietary
lease)
Homeowners associations (HOAs) basics
Estates in land (freehold vs. leasehold estates)
Life estates and remainder interests
Leasehold estates (estate for years, periodic
tenancy)
Encumbrances (liens, easements, deed
restrictions)
Voluntary vs. involuntary liens
Judgment and tax liens
Legal descriptions (metes and bounds, lot &
block, government survey)
Property rights bundle (possession, control,
enjoyment, exclusion, disposition)
New York-specific property considerations
Transfer of ownership basics
, A wall built along the line A. Party Wall
separating two properties, partly
on each, which wall either owner,
the owner's heirs and assigns has
the right to use is known as what...?
A. Party Wall
B. Zero Lot Line Wall
C. CMU Wall
D. Exterior Wall