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Real Estate (NJ) > (Ch. 4) Vocab (Estates & Interest) > Flashcards

(Ch. 4) Vocab (Estates & Interest) Flashcards

1
Q

Process to acquire new land add through accretion

A

Accession

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2
Q

Gradual Growth

A

Accretion

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3
Q

Rights to air space over land

A

Air Rights

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4
Q

a gradual increase of land on a shore or a river bank by the action of water

A

Alluvion

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5
Q

a right, privilege, or improvement belonging to and passing with a principal property

A

Appurtenances

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6
Q

The sudden removal of soil by change in a river’s course or by a flood, from the land of one owner to that of another.

A

Avulsion

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7
Q

a document transferring title in personal property from seller to buyer.

A

Bill of Sale

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8
Q

a set of legal rights afforded to the real estate title holder. It can include the right of possession, the right of control, the right of exclusion, the right of enjoyment and the right of disposition.

A

Bundle of Rights

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9
Q

a movable article of personal property.

A

Chattel

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10
Q

a mortgage on household, movable, or other personal property.

A

Chattel Mortgage

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11
Q

The act or process by which the government exercises the power of eminent domain

A

Condemnation

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12
Q

Life Estates created by grant, by reservation or by will.

A

Conventional Life Estates

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13
Q

capable of being annulled or terminated.

A

Defeasible

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14
Q

to assign or transmit (property) by will.

A

Devise

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15
Q

the products or profits of land that has been sown or planted.

A

Emblement

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16
Q

the power of the state to take private property for public use with payment of compensation to the owner.

A

Eminent Domain

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17
Q

the process by which the surface of the earth is worn away by the action of water, glaciers, winds, waves, etc.

A

Erosion

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18
Q

the reverting of property to the state or some agency of the state, or, as in England, to the lord of the fee or to the crown, when there is a failure of persons legally qualified to inherit or to claim.

A

Escheat

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19
Q

all the money and property that they leave behind when they die.

A

Estate

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20
Q

an estate of inheritance in land, either absolute and without limitation to any particular class of heirs

A

Fee Simple

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21
Q

a movable chattel, as a machine or heating plant, that, by reason of annexation to real property and adaptation to continuing use in connection with the realty, is considered a part of the realty.

A

Fixture

22
Q

right of title to land that is characterized by two essential elements: immobility, meaning that the property involved is either land or an interest that is attached to or has been derived from land, and indeterminate duration, which means there is no fixed duration of ownership.

A

Freehold Estate

23
Q

an interest in personal or real property, the possession and enjoyment of which is to commence at a later date.

A

Future Interest

24
Q

Police Power, Eminent Domain, Taxation, and Escheat

A

Government Limitations

25
Q

something done or added to real property that increases its value.

A

Improvements

26
Q

any part of the earth’s surface that can be owned as property, and everything annexed to it, whether by nature or by the human hand.

A

Land

27
Q

an ownership of a temporary right to hold land or property in which a lessee or a tenant holds rights of real property by some form of title from a lessor or landlord. Although a tenant does hold rights to real property

A

Leasehold Estate

28
Q

real property that ends at death when ownership of the property may revert to the original owner, or it may pass to another person.

A

Legal Life Estates

29
Q

Leasehold Estate

A

Less Than Freehold

30
Q

ownership of land for the duration of a person’s life.

A

Life Estate

31
Q

The owner of a life estate

A

Life Tenant

32
Q

sandy area by body of water

A

Littoral

33
Q

a large trailer that people live in and that usually remains in the same place, but which can be pulled to another place using a car or van.

A

Mobile Home

34
Q

deep and wide enough to provide passage to ships:

A

Navigable Waters

35
Q

estates are not inheritable and are said to exist without seisin. Seisin denotes ownership: an individual who is “seised” of an estate is the owner of the estate.

A

Non - Freehold

36
Q

an estate or property consisting of movable articles both corporeal, as furniture or jewelry, or incorporeal, as stocks or bonds

A

Personal Property

37
Q

The power vested in government to restrict, regulate and control (W/O compensation)

A

Police Power

38
Q

duration of a property interest. While it is similar to a life estate, it differs in that a person’s life interest will last for the life of another person instead of their own.

A

Pur Autre Vie

39
Q

defeasible estate in fee that may come to an end (as for breach of a condition or on account of an executory limitation on a stated event)

A

Qualified Fee

40
Q

Land, and the rights that go with the land such as easements, rents and profits and all man-made things attached to the land

A

Real Estate

41
Q

Lease with beginning date, protected period, but no end date (Month To Month)

A

Period Tenancy

42
Q

Lease w/ a beginning and end date

A

Tenancy for years

43
Q

Water recedes gradually from an area and new land is exposed

A

Reliction

44
Q

a future interest so created as to take effect at the end of another estate, as when property is conveyed to one person for life and then to another.

A

Remainderman

45
Q

Lease that only has a beginning date

A

Tenancy at will

46
Q

an area of land that is kept separate for a particular group of people to live in.

A

Reservation

47
Q

a right, as fishing or use of water for irrigation or power,

A

Riparian Rights

48
Q

A document that provides a lender a security interest in a specified asset or property that is pledged as collateral. In the event that the borrower defaults, the pledged collateral can be seized and sold.

A

Security Agreement

49
Q

Articles Attached by the tenant to the building for use in conducting a trade or business (Personal Property)

A

Trade Fixtures

50
Q

a cause of action that can be brought in court to address a change in condition of real property brought about by a current tenant that damages or destroys the value of that property

A

Waste

Real Estate (NJ) (30 decks)

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