Chapter 5 - What is Real Estate? Flashcards Preview

New Jersey Real Estate Prelicensing Course > Chapter 5 - What is Real Estate? > Flashcards

Flashcards in Chapter 5 - What is Real Estate? Deck (23):
0

Accretion

The increase or addition of land by the deposit of sand or soil washed up naturally from a river, lake or sea.

1

Air rights

The right to use the open space above a property, generally allowing for the surface to be used for another purpose.

2

Alluvion

Solid material gradually deposited, by a contiguous body of water (used with accretion which is the opposite of erosion.

3

Avulsion

The sudden changing of a course of a stream.

4

Bill of sale

A written instrument given to transfer title of personal property.

5

Bundle of rights

Real property ownership often described. Includes right of: possession, to use, enjoyment, exclusion, disposition or alienation.

6

Chattels

Movable personal property.

7

Corpreal

The terms real estate are used interchangealby with real property, and realty and real estate and include corporeal (tangible) like buildings and trees and incorporeal (intangible) like views or rights.

8

Deed

A written instrument that, when executed and delivered, conveys title to or an interest in real estate.

9

Devise

A gift of real property by will; the act of leaving real property by will.

10

Emblements

Growing crops, such as wheat and corn, that are produced annually through labor and industry. Also called fructus industrials. Emblements are considered to be personal property of a tenant.

11

Erosion

The gradual wearing away of land by water, wind, and general weather conditions; the diminishing of property caused by the elements.

12

fixture

An item of personal property that has been converted to real property.

13

Herediment

Anything that can be inherited.

14

Improvement

Includes both buildings erected on the land and streets,utilioties, seers and other manufactured additions to the property. concept that real estate includes land and all manmade improvements.

15

Land

Refers to the surface of the earth,including the water, and anything attached to it by nature, such as trees and bushes. It also includes the minerals and substances below the Earth's surface, together with the airspace above the earth's surface, up to infinity. thus the land may be defined as the earth, extending downward from the surface to the center of the earth, an upward to infinity, including anything permanently attached by nature.

16

Littoral rights

A landowner's claim to use water in large navigable lakes and oceans adjacent to his or her property. The ownership rights to land bordering these bodies of water up to the mean high-water mark.

17

Mineral rights

subsurface rights that can be sold or retained separately.

18

Parcel

A specific piece of real estate

19

Personal property, personalty

All property that is not real property.

20

Reliction

Creation of dry land by gradual withdrawal of water from the land by lowering of its surface level.

21

Riparian rights

An owner's rights in land that borders on or includes a river, stream or in new Jersey and tidal waters. these rights include access to and use of the water.

22

Trade fixture

articles installed by a tenant under the terms of a lease and removable by the tenant before the lease expires.