Chapter 30 Flashcards
joint
possession
Ownership of property by
multiple individuals or entities
with each having an undivided
interest in the property.
conveyancing
The legal process of
transferring property ownership
from one party to another.
right of
redemption
The legal right of a property
owner to reclaim their property
by repaying the debt after a
foreclosure or tax sale
manufactured
housing
Homes that are built off-site in
a factory and transported to a
permanent location for
installation.
Warranty and
Builders
Registration
Act
Legislation in New Jersey that
requires builders to register
with the state and provide
warranties for new homes
Planned Real
Estate
Development
Full
Disclosure Act
Legislation in New Jersey that
requires developers to provide
detailed information to
prospective buyers about
planned communities.
environmental regulations
and
legislation
Laws and regulations governing
the protection of the
environment and natural
resources.
New Jersey
land use
regulation
Rules and laws that govern how
land can be used and
developed in New Jersey
timeshares
Property ownership
arrangement where multiple
individuals share ownership
and use of a vacation property
subdivisions
Dividing a large parcel of land
into smaller lots for
development or sale
Farmland
Assessment
Act
Legislation in New Jersey that
provides tax incentives for
landowners who preserve
farmland for agricultural use.
Uniform
Construction
Code
Building code adopted by
municipalities to ensure
uniform standards for
construction and safety
accretion
Gradual buildup of land
through natural processes
such as sediment deposition
along a shoreline or riverbank.
reliction
The gradual emergence of land
previously submerged under
water due to a decrease in
water levels.
avulsion
Sudden removal or
displacement of land by a
natural force such as flooding
or erosion.
Under a 10-year limited warranty on a newly constructed home, what is the builder responsible for after the first 2 years?
Major structural defects
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
Military service members
Which of the following acts was created to regulate development in tidal wetlands in New Jersey?
The Wetlands Act of 1970
What type of property is regulated by the Horizontal Property Regime Act?
Condominiums
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
60 days
The New Jersey Law Against Discrimination does not include __________ as a protected class in housing
Age
What happens if a landlord fails to return a security deposit within 30 days of the lease expiration date when the tenant moves out?
The landlord must pay the tenant double the amount of deposit
The process of making sure each property carries its fair share of the tax district’s tax burden is called
equalization
_________ requires licensees to display an approved fair housing poster in their brokerage
HUD
Who has jurisdiction for regulating the sale and marketing of all types of timeshares in New Jersey?
NJ Real Estate Commission
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?
Neither woman will pay a realty transfer fee
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
18 years old
Which of the following takes priority over the others?
A mechanics lien
A mortgage lien
A tax lien
A judgement lien
A tax lien
New Jersey Legislature passed the Fair Housing Act of 1985 as a result of
Mount Laurel I and II decisions
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
subdivided property with fewer than 100 lots
The purpose of the Council on Affordable Housing is to
oversee efforts to provide affordable housing
Which of the following is NOT exempt or partially exempt from paying property taxes in New Jersey?
Military service members
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
$25,000
When a manufactured home is purchased, it must be titled within _____ of purchase
10 days
A standard lease provision guarantees a 5-day grace period on rental payments to
seniors on Social Security
In New Jersey, the general tax rate for property taxes is
the budget costs divided by the total assessed value of all taxable homes
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
an acknowledgement
Anyone who violates a cease and desist order can have the following penalty imposed
Fine and imprisonment
