1. Which of the following is included in the "bundle of legal rights" associated with real property?

A) Right to use

B) Right to sell

C) Right to exclude others

D) All of the above

2. What is the primary difference between real property and personal property?

A) Real property is immovable, while personal property is movable.

B) Real property can be sold, but personal property cannot.

C) Real property does not include the land, while personal property does.

D) There is no difference between real property and personal property.

3. A freehold estate that is the highest form of ownership and has no time limit is called:

A) Life estate

B) Fee simple absolute

C) Qualified fee

D) Estate for years

4. A life estate holder is prohibited from:

A) Leasing the property

B) Selling the property

C) Committing an act of waste

D) Living on the property

5. Which of the following best describes a fee on condition estate?

A) It automatically reverts to the grantor when a condition is violated.

B) It continues forever unless a specific condition occurs.

C) It ends when the life tenant dies.

D) It cannot be transferred to anyone else.

6. Which type of ownership allows property to be held by a single individual?

A) Joint tenancy

B) Tenancy by the entirety

C) Severalty

D) Cooperative ownership

7. A joint tenancy has which of the following characteristics?

A) Right of survivorship

B) No right to partition

C) Ownership divided into unequal shares

D) Transferable without the consent of other tenants

8. In a trust agreement, the person who creates the trust is known as the:

A) Trustee

B) Trustor

C) Beneficiary

D) Remainderman

9. A condominium differs from a cooperative in that:

A) A condominium owner holds shares in the corporation.

B) A condominium owner holds a deed to their unit.

C) A condominium is leased to the owner.

D) A cooperative owner has a freehold estate.

10. The concept of riparian rights refers to:

A) Ownership rights to oil and minerals beneath the land.

B) Water rights associated with a property that borders a river or stream.

C) Ownership of land bordering a lake or ocean.

D) The rights to the airspace above the property.

11. The unities of time, title, interest, and possession (TTIP) are essential to create:

A) Tenancy in common

B) Joint tenancy

C) Life estate

D) Severalty

12. Which estate terminates automatically at the end of a specified period of time?

A) Estate for years

B) Fee simple absolute

C) Life estate

D) Qualified fee

13. Personal property can also be referred to as:

A) Chattels

B) Fixtures

C) Appurtenances

D) Real estate

14. An ownership interest where one co-owner cannot sell or transfer interest without the consent of the other co-owner is called:

A) Joint tenancy

B) Severalty

C) Tenancy by the entirety

D) Tenancy in common

15. What is an "act of waste" in the context of property law?

A) Deliberate damage to a property that decreases its value

B) The illegal transfer of property rights

C) Failure to pay property taxes

D) Overuse of natural resources on the property

16. A life estate measured by the life of a person other than the life tenant is called:

A) Estate for years

B) Life estate pur autre vie

C) Remainder interest

D) Fee simple conditional

17. Which of the following describes the ownership interest in a cooperative?

A) Ownership of individual units and common areas

B) Shares in a corporation that owns the building

C) A freehold estate in the unit

D) A qualified fee estate

18. What term refers to the rights to extract minerals or other substances below the surface of the land?

A) Subsurface rights

B) Air rights

C) Littoral rights

D) Riparian rights

19. A property owner who leaves a will devising their property to another person is known as the:

A) Devisee

B) Trustee

C) Devisor

D) Remainderman

20. In which form of ownership do business partners share ownership equally, but the partnership dissolves if one partner dies?

A) Joint tenancy

B) Tenancy by the entirety

C) General partnership

D) Corporation

21. The definition of land includes:

A) sewers, roads, and streets.

B) buildings permanently attached.

C) the right of enjoyment.

D) the airspace above the surface.

22. A hybrid form of ownership that combines elements of both a cooperative and a condominium within the same structure is known as a:

A) PUD (Planned Unit Development)

B) Condop

C) Mixed-use development

D) Time-share

23. As of 2024, what is the status of the $500 credit in lieu of the Property Condition Disclosure Statement (PCDS) in New York?

A) The credit has been increased to $1,000.

B) The credit has been eliminated; the PCDS is now mandatory for most residential sales.

C) The credit is only available for sellers of condominium units.

D) The credit is still available at the seller's discretion.

24. To qualify for a New York Real Estate Salesperson license, an applicant must complete a course of how many hours?

A) 45 hours

B) 75 hours

C) 77 hours

D) 120 hours

25. An item of personal property that has been permanently attached to the land or a building is known as a:

A) Trade fixture

B) Chattel

C) Fixture

D) Appurtenance

26. Acquiring title to property by occupying it for a statutory period of time is:

A) Escheat

B) Adverse possession

C) Eminent domain

D) Condemnation

27. If a property owner dies "intestate" (without a will) and has no heirs, the property may revert to the state through:

A) Eminent domain

B) Condemnation

C) Escheat

D) Adverse possession

28. Which of the following is NOT a test used by courts to determine if an item is a fixture?

A) Method of attachment

B) Adaptation to the real estate

C) Intention of the parties

D) Cost of the item

29. A neighbor builds a fence slightly over the property line. This creates a(n):

A) Easement

B) Encroachment

C) Lien

D) License

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

A) a joint tenancy.

B) a tenancy by the entirety.

C) a tenancy in common.

D) a periodic tenancy.

31. Which of the following is considered a "Non-freehold" estate?

A) Fee Simple Absolute

B) Life Estate

C) Leasehold Estate

D) Qualified Fee

32. When a person has the right to use another's land for a specific purpose, but that right can be revoked at any time by the owner, it is called a:

A) Easement appurtenant

B) Easement in gross

C) License

D) Encroachment

33. In New York, if two unmarried people purchase a home together and the deed does not specify the form of tenancy, they are presumed to be:

A) Joint tenants

B) Tenants by the entirety

C) Tenants in common

D) Tenants at will

34. A person who has a future interest in a life estate that will take effect only after the death of the life tenant, and where the property does not return to the original grantor, is known as a:

A) Reversioner

B) Remainderman

C) Trustor

D) Devisee

35. Which of the following is an example of an involuntary alienation of real estate?

A) Selling a home through a broker

B) Gifting property to a relative

C) Foreclosure by a lender

D) Devising property in a will

36. In New York, which "unity" is required for a Tenancy in Common?

A) Unity of Time

B) Unity of Title

C) Unity of Possession

D) Unity of Interest

Estates and Interests Quiz

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New York Real Estate Success Academy