Chapter 19: Essentials Of New Jersey Real Estate. Key Terms Part 1 Flashcards Preview

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Flashcards in Chapter 19: Essentials Of New Jersey Real Estate. Key Terms Part 1 Deck (22)
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1
Q

Acknowledgment

A

A declaration to a notary or other official, to prevent forgeries.

2
Q

Bargain and sale deed

A

A deed implying that grantor owns the property.

3
Q

Bargain and sale deed with covenants

A

A deed stating grantor has not encumbered the property.

4
Q

Benchmark

A

A permanent reference more or point established for use by survey or’s in measuring differences in elevation.

A marker place by US geological survey to, stating elevation.

5
Q

Covenant

A

A legal promise; an agreement written into deeds and other instruments promising performance or nonperformance of certain acts or stipulating certain uses or non-uses of the property.

6
Q

Datum

A

A mean sea level in New York Harbor: also local zero elevation point.

7
Q

Deed

A

A document used to transfer title to a parcel of real property.

8
Q

Delivery and acceptance

A

The actions that actually transfer title.

9
Q

Grantee

A

The one who receives property through a deed.

10
Q

Grantor

A

The person transferring title to or an interest in real property to a grantee.

11
Q

Granting clause

A

The clause in a deed that makes the transfer.

12
Q

Habendum clause

A

The part of the deed beginning with the word to “leave and to hold” following the granting clause and defining the extent of ownership the grantor is conveying.

13
Q

Legal description

A

A description sufficient to identify a parcel with certainty that is excepted by a court of law.

14
Q

Metes and bounds

A

A description using boundaries and directions. A legal description of a parcel of land that begins at a well marked point and follows the boundaries, using directions and distances around the tracked back to the place of beginning. Like a clock.

15
Q

Monuments

A

A fixed natural or artificial object used to establish real estate boundaries for a mete and bounds description.

16
Q

Point of beginning

A

Spot at which a Metes-and-bounds description commences

17
Q

Quitclaim deed

A

A deed releasing any interest grantor may have without claiming seisin (ˈsēzən: possession of land by freehold)

18
Q

SEISIN..ˈsēzən

A

possession of land by freehold.

19
Q

Rectangular survey system

A

A system established in 1785 by the federal government providing for surveying and describing land by reference to principal meridian and baselines outside the 13 original colonies.

20
Q

Section

A

1 mile Square

21
Q

Township

A

6 mile Square

22
Q

Warranty deed

A

A deed in which the grantor fully warrants good clear title to the premises.

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