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Real Estate Course > Chapter 30 > Flashcards

Chapter 30 Flashcards

1
Q

joint
possession

A

Ownership of property by
multiple individuals or entities
with each having an undivided
interest in the property.

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2
Q

conveyancing

A

The legal process of
transferring property ownership
from one party to another.

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3
Q

right of
redemption

A

The legal right of a property
owner to reclaim their property
by repaying the debt after a
foreclosure or tax sale

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4
Q

manufactured
housing

A

Homes that are built off-site in
a factory and transported to a
permanent location for
installation.

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5
Q

Warranty and
Builders
Registration
Act

A

Legislation in New Jersey that
requires builders to register
with the state and provide
warranties for new homes

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6
Q

Planned Real
Estate
Development
Full
Disclosure Act

A

Legislation in New Jersey that
requires developers to provide
detailed information to
prospective buyers about
planned communities.

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7
Q

environmental regulations
and
legislation

A

Laws and regulations governing
the protection of the
environment and natural
resources.

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8
Q

New Jersey
land use
regulation

A

Rules and laws that govern how
land can be used and
developed in New Jersey

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9
Q

timeshares

A

Property ownership
arrangement where multiple
individuals share ownership
and use of a vacation property

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10
Q

subdivisions

A

Dividing a large parcel of land
into smaller lots for
development or sale

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10
Q

Farmland
Assessment
Act

A

Legislation in New Jersey that
provides tax incentives for
landowners who preserve
farmland for agricultural use.

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11
Q

Uniform
Construction
Code

A

Building code adopted by
municipalities to ensure
uniform standards for
construction and safety

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12
Q

accretion

A

Gradual buildup of land
through natural processes
such as sediment deposition
along a shoreline or riverbank.

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13
Q

reliction

A

The gradual emergence of land
previously submerged under
water due to a decrease in
water levels.

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14
Q

avulsion

A

Sudden removal or
displacement of land by a
natural force such as flooding
or erosion.

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15
Q

Under a 10-year limited warranty on a newly constructed home, what is the builder responsible for after the first 2 years?

A

Major structural defects

16
Q

Which of the following is NOT exempt or partially exempt from paying property taxes in New Jersey?

Religious organizations

Military service members

Surviving spouses of disabled war veterans

Seniors 65 and older

A

Military service members

17
Q

Which of the following acts was created to regulate development in tidal wetlands in New Jersey?

A

The Wetlands Act of 1970

18
Q

What type of property is regulated by the Horizontal Property Regime Act?

A

Condominiums

19
Q

When converting apartments into condominiums, the property owner must send each tenant a notice of intent to convert at least _________ prior to going forward with the conversion

A

60 days

20
Q

The New Jersey Law Against Discrimination does not include __________ as a protected class in housing

A

Age

21
Q

What happens if a landlord fails to return a security deposit within 30 days of the lease expiration date when the tenant moves out?

A

The landlord must pay the tenant double the amount of deposit

22
Q

The process of making sure each property carries its fair share of the tax district’s tax burden is called

A

equalization

23
Q

_________ requires licensees to display an approved fair housing poster in their brokerage

A

HUD

24
Q

Who has jurisdiction for regulating the sale and marketing of all types of timeshares in New Jersey?

A

NJ Real Estate Commission

25
Q

68-year-old Sarah and 43-year-old Josie are good friends who decided to purchase homes next door to each other. Sarah is financially secure with a substantial income from the sale of her previous business. Josie, on the other hand, is struggling to make it on the low income from her current job. The houses they’re purchasing are each selling for $350,000. Which of the two women will pay the highest realty transfer fee?

A

Neither woman will pay a realty transfer fee

26
Q

In New Jersey, the grantor of a valid deed must be

employed

physically sound with no disabilities

18 years old

at least a high school graduate

A

18 years old

27
Q

Which of the following takes priority over the others?

A mechanics lien

A mortgage lien

A tax lien

A judgement lien

A

A tax lien

28
Q

New Jersey Legislature passed the Fair Housing Act of 1985 as a result of

A

Mount Laurel I and II decisions

29
Q

The Planned Real Estate Development Full Disclosure Act does NOT cover

subdivided property with a managing homeowners association

retirement communities

subdivided property with fewer than 100 lots

planned unit developments

A

subdivided property with fewer than 100 lots

30
Q

The purpose of the Council on Affordable Housing is to

A

oversee efforts to provide affordable housing

31
Q

Which of the following is NOT exempt or partially exempt from paying property taxes in New Jersey?

A

Military service members

32
Q

Carly has purchased a home in New Jersey for $2,500,000. Now that the deed has been recorded, Carly must pay a _________ realty transfer fee

A

$25,000

33
Q

When a manufactured home is purchased, it must be titled within _____ of purchase

A

10 days

34
Q

A standard lease provision guarantees a 5-day grace period on rental payments to

A

seniors on Social Security

35
Q

In New Jersey, the general tax rate for property taxes is

A

the budget costs divided by the total assessed value of all taxable homes

36
Q

The process of having the grantor’s signature on a deed witnessed and signed by a notary public and the grantor declare that he or she is voluntarily executing the deed is known as

A

an acknowledgement

37
Q

Anyone who violates a cease and desist order can have the following penalty imposed

A

Fine and imprisonment

Real Estate Course (31 decks)

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