NJ Real Estate Flashcards
(107 cards)
1
Q
Property
A
anything you can legally own
2
Q
Law
A
Federal Law
3
Q
State Law
A
Statute
4
Q
Municipality Law
A
Ordinances (not covered by the state or included with exam)
5
Q
Right
A
A privilege granted that cannot be taken back
6
Q
License
A
A privilege granted that can be revoked
7
Q
Personal Property
A
Man-Made and Destructible Moveable Interest in Real Estate for less than a lifetime (a lease or mortgage) Washer/Dryer, Car, Pool Table Annual Plants Any property that is not real property Personalty or Chattle
8
Q
Real Property
A
Land
boundary lines - Down to the center of the earth, up into the sky to infinity
including natural things which are attached such as trees, shrubs, water, minerals below the surface and air right above it
Perennial Plants
9
Q
Appurtenances
A
rights, privileges and improvements which pass to the new owner upon conveyance of the land.
Air Rights
Gas, Oil and Mineral Rights
Water Rights
10
Q
Improvements
A
Additions to the land that increase it value or improve its usefulness
“on the land” - Buildings, Fences, Driveways, water systems
“to the land” - school system, location, parks, location to interstate, real estate taxes
11
Q
Air Rights
A
Rights to the air space over land
12
Q
Appraisal
A
an estimate or an opinion of real estate value
13
Q
Security Agreement
A
(formerly a Chattel Mortgage)
A contract pledging personal property as collateral for a loan or debt
14
Q
Mineral Rights
A
rights to all or specific minerals on or under the land
15
Q
Water Rights
A
water is considered part of Real Property, whether above or below ground
16
Q
Navigable Waters
A
bodies of water which are capable of being used for public transportation.
Controlled by Congress
17
Q
Riparian
A
Having to do with Water
The right of the landowner to use water on or adjacent to his land
bank of a river
18
Q
Littoral
A
Property that borders a lake, ocean or sea
Especially land washed by waves and coastal currents
19
Q
Accretion
A
gradual additions to land by deposits of sand or soil by bordering waters through natural causes
20
Q
Accession
A
Acquisition of property buy its joining or union with other property
21
Q
Alluvion
A
The increase of soil on a shore or bank of a river as the result of accretion
22
Q
Bill of Sale
A
a written instrument which passes title o personal property from seller to buyer
receipt
23
Q
Bundle of Property Ownership Rights
A
ownership concept which embraces the rights of:
Possession
Control - use it in any legal way
Enjoyment - quiet enjoyment of title, keeping it for yourself
Disposition - dispose of it in any legal way
24
Q
Chattel
A
personal property which is tangible and movable
25
Chattel Mortgage
a personal property mortgage
26
Condemnation
the process by which property of a privet owner is taken for public use, with just compensation to the owner
Eminent Domain
27
Conventional Life Estate
a life estate created by grant, by reservation or will
28
Devise
a gift or real or personal property by will
29
Emblements
Trees or crops that are cultivated annually
| The rights of a tenant to harvest the annual crop even after his tenancy has ended.
30
Eminent Domain
the right of a government to take private property for public use upon the payment of just compensation
31
Erosion
the gradual wearing away of land due to natural causes of wind and water.
32
Escheat
the reverting of property to the state when heirs capable of inheriting are lacing or the property is abandoned.
33
Estate
the degree, quantity, nature and extent of interest a person has in Real Property
34
Fee Simple
An estate in real property, by which the owner has the greatest power over the title which it is possible to have, being an absolute estate.
An estate of inheritance belonging to the owner, that he may dispose of, trade or will as he chooses.
35
Fixture
An article or item of personal property that has become affixed to land or a building so that it is real property.
36
Freehold Estate
An estate in real property for an indefinite and uncertain time
(fee simple or life estate)
37
Land
The surface of the earth, the area above and below the surface, and everything permanently attached thereto
38
Leasehold Estate
an estate or right in real property that involves possession but not ownership
39
Life Estate
an estate or interest in real property held for the duration of the life of a certain person. Upon expiration, the estate will automatically be vested in remainderman or reversioner.
40
Less-than-Freehold
a lease
| a non-freehold
41
Legal Life Estate
a life estate created by law such as a dower or curtesy
42
Life Tenant
the holder or grantee of a life estate
43
Mobile Home
three-dimensional single family units, built to be towed on their own chassis, not required to satisfy local building codes
Personal Property
44
Police Power
the inherent right of government to enact such legislation as may be deemed necessary to protect and promote the health, safety and general welfare of the public
45
Pur Autre Vie
A life estate
| based on the life of another other than the life tenant and is inheritable
46
Qualified Fee
an estate in fee simple bound by limitations imposed by the grantor
47
Reliction
gradual recession of water from the usual watermark
48
Remainder
an estate created by a single grant simultaneously with another which vests with a third party upon termination of the prior estate, such as a life estate
49
Remainderman
third party - he gets what remains after the life tenant's use of the property.
the one in whom an estate vests after termination of a prior estate
50
Reservation
a right retained by a grantor in conveying property
51
Reversion
the residue of an estate left to the grantor or his heirs after termination of all prior estates and interests
the right of the lessor to recover possession of leased property upon the termination of the lease, with all subsequent rights to use and enjoy the property.
52
Trade Fix
articles of personal property annexed to real property, but which are necessary to the carrying on of a trade and are removable by the owner or tenant when he leaves
53
Waste
willful destruction of any part of the land which would injure or prejudice the landlord's or remainderman's reversionary right
54
Common Element
in a condominium, land and all parts of a building usually used by all the owners for their mutual convenience or safety
Common Area
55
Common Expense
in a condominium, the expenses of operation
| all sums designated as such by the declaration or bylaws
56
Condominium
the individual outright ownership of a single unit in a multi-unit property, together with an interest in the common elements of that property
57
Cooperative Apartment (Co-Op)
ownership that usually takes the form of shares of stock in a corporation owning the entire building and a proprietary lease giving the stockholder/tenant the right to occupy a unit for which he pays a proportionate share of the maintenance and operating expenses.
58
Corporation
a vehicle use to carry on business, its owners having liability only to the extent of their stock ownership
59
General Partnership
a partnership in which all partners are personally liable for partnership debts that exceed partnership assets
60
Horizontal Property Act
the name given to the laws that recognize condominium ownership in NJ
horizontal layers of ownership
61
Joint Tenancy
ownership by two or more persons with rights of survivorship
own equal interests in the property
have equal rights in the property
Each owner is possessed of an undivided part of the whole
62
Joint Venture
a joining of two or more people in a specific business enterprise.
similar to a partnership
no intention of a continued relationship beyond the original purpose
63
Limited Partnership
partnership composed of general and limited partners who's contribution and liability are limited and specifically defined
64
Master Deed
legally establishes a condominium
65
Partition
court proceedings by which co-owners seek to sever their common ownership
66
Partnership
contract between two or more persons as co-owners of a business and to share the profits
67
Proprietary Lease
a lease in a co-op between the owner-corporation and the tenant stockholder
68
Right of Survivorship
the right of a co-owner to automatically receive the title of a deceased co-owner
immediately, without probate
69
Tenancy by the Entirety
a tenancy held by husband and wife giving each the equal right to possession and enjoyment during their joint lives, along with the right to sole ownership upon death
70
Tenancy in Common
ownership by two or more persons who hold undivided interest, without the right to survivorship.
Upon death of one tenant, his interest goes to the heirs.
Interest does not need to be equal
71
Unities of Title
```
necessities usually required in the formation of a joint tenancy or tenancy by the entirety
Time
Title
Interest
Possession
```
72
Undivided Interest
title to property owned by two or more persons, with no one co-owner having exclusive rights to any specific part.
73
Administrator
when there is an intestacy, this person is appointed to administer the decedent's affairs.
74
Alienation
transfer of property and possessions of lands from one person to another
75
Cloud on Title
any conditions revealed by a title search which may affect of impair the owner's title to property because of they apparent or probable validity
76
Codicil
a supplement or addition to a will which ads to, subtracts from, alters, revokes or qualifies to provisions of the will
77
Consummate
to bring to completion, perfection of fulfillment
78
Curtesy
the right that a husband has in his wife's estate at her death
79
Descent
ownership transferred by means of inheritance
80
Devise
a gift of real or personal property by means of inheritance
81
Dower
the 1/2 interest a wife has in the property of her husband
| a life estate in 1/2 of the land the husband owns during marriage
82
Executor
the person named in the will to administer the decedent's estate
83
Inchoate
incomplete, not perfected
84
Intestate
when the deceased person dies leaving no will
85
Probate
the legal process of determining the validity of a will, paying off the debts of the estate and determining who gets the remainder of the estate.
86
Testate
when the deceased person dies leaving a will
87
Testator
the party making the will
88
abandonment
when the owner of an easement, with intention to do so, permanently abandons the easement and it will no longer exist.
89
adjoining owner
one whose property is contiguous or next to
90
affirmative easement
an easement in which the owner of the dominant premises can use the servant premise
91
dedication
when an owner transfers complete ownership of the streets to a community as a gift
92
dominant premises
the land receiving the benefit of the easement
93
easement
the right one has in the land of another
| gives the holder of the easement the right to do certain things on the owner's land.
94
easement appurtenant
a right acquired by the owner of one parcel of land to use an adjacent parcel of land for a special purpose
"runs with the land"
95
easement in gross
does not benefit one particular parcel
| no dominant premises, only a servant one
96
encroachment
exists when a part of one property (house, building, fence, wall, garage or tree branches) encroaches on or extends over a neighboring property
97
encumbrance
a claim, lien, charge or liability attached to and binding upon real property which affects or limits the title
98
negative easement
the owner of the servant premises is prohibited from doing something that is otherwise lawful because it will affect the dominant premises (erecting a fence that will block a view)
The negative easement operates as a land control
99
party driveway
a common driveway used by two adjoining owners, creating an easement in favor of both
100
party wall
wall erected on the line between adjoining properties, which are under separate ownership
for use by both owners
101
plat
a plan or map of a certain piece or pieces of land
102
prescription
title obtained by possession for a prescribed period
| prescriptive rights
103
reservation
a right retained by a grantor in conveying property
104
restriction
clause in a deed or other written instrument limiting use to which the property may be put
105
run with the land
means an easement is not revocable and will be automatically transferred to any subsequent purchaser even though it may not be stated in the deed
106
servient premises
the tract which is burdened by the easement
107
subsidence
the lowering of the land-surface elevation from changes that take place underground
can be cause by pumping water, oil and gas
