Property Ownership
In New York, a 'ground lease' typically involves:
AA lease of basement storage only
BThe owner leasing the land while the tenant constructs and owns improvements on it, often for a long term✓ Correct
CA short-term farm lease
DA lease of parking spaces only
Explanation
A ground lease is a long-term lease (often 50-99 years) in which the landowner leases the bare land to a tenant, who then finances and constructs improvements on it. The tenant owns the improvements during the lease term, which revert to the landowner at the end.
Related New York Property Ownership Questions
- In New York, 'fee simple absolute' ownership means the owner has:
- In New York, 'mineral rights' can be separated from surface rights, meaning:
- In New York, an 'encroachment' occurs when:
- The government power that allows municipalities to take private property for public use with just compensation is called:
- In New York, 'littoral rights' relate to property that borders:
- In New York, a deed must be recorded to:
- In New York, a deed 'with full covenants' (warranty deed) includes which of the following covenants?
- In New York, an 'estate at will' (tenancy at will) may be terminated by:
Practice More New York Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New York Quiz →