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NJ Real Estate Exam > Chapter Four - Estates & Interests in Real Property > Flashcards

Chapter Four - Estates & Interests in Real Property Flashcards

1
Q

Property

Real Property (Real Estate, Realty)

A
  • Land and all attachments.
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2
Q

Personal Property

A
  • All things that do not meet the definition of real property.
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3
Q

Appurtenances

A
  • The real estate including all other things that would pass with the land to a new owner (improvements, air rights, gas, oil, water and mineral rights,
  • Excludes Personal Property
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4
Q

Navigable Waters

A
  • Congress controls all navigable waters under the constitution.
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5
Q

Littoral Land

A
  • Land that borders coastal waters.
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6
Q

Riparian and Littoral Land

A
  • Used interchangeably because the rules dealing with both are consistent.
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7
Q

Division of Water Resources

A
  • Presides over non-navigable waters and streams.
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8
Q

Bureau of Marine Lands Management

A
  • A division of the Department of Environmental Protection. - Oversees ownership of riparian rights.
  • May sell or lease riparian rights if owner of adjacent land has not done so already. - Typical lease is 15 years.
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9
Q

Wetlands Act of 1970

A
  • Allowed the Department of Environmental Protection to regulate certain activities in designated wetland areas.
  • Commissioner of Environmental Protection issues permits.
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10
Q

Accretion

A

The gaining of additional land through the process of either Alluvion or Reliction.

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11
Q

Accession

A

Describes how title is acquired by the new owner whenever additional land is acquired through natural causes.

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12
Q

Alluvion

A

Deposits of additional soil attaching itself to existing property through natural caused.

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13
Q

Reliction

A

Where water recedes gradually from an area and new land is exposed.

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14
Q

Avulsion

A
  • Refers to the sudden change in the course of a stream due to earthquake or flood.
  • Unless avulsion is due to erosion, the boundry line between properties doesnt change.
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15
Q

Beach Rights

A
  • States hold title to waters and other public lands as a trustee fir the benefit of the people (Public Trust Doctrine).
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16
Q

Personal Property

A
  • Consists of every kind of property that is not real property,
  • Sale of personal property is accomplished with a Bill of Sale.
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17
Q

Chattel

A
  • Tangible personal property.
  • Financed by way of a Security Agreement (Chattel Mortgage).
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18
Q

Mobile Homes

A
  • A mobile home is not real property, but a Chattel, as long as it remains moveable.
  • A mobile home becomes a Fixture if it is attached to the land.
  • Real estate licensees are permitted to broker the resale of mobile homes.
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19
Q

Plantings

Emblement Rights

A
  • A tenants right to take the harvet of an annual crop, even after the tenancy has ended.
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20
Q

Fixtures

Fixture

A
  • Item of personal property that has become affixed to the land or building in such a manner that it has become and actual part of the rela property.
  • Fixtures pass with the property and dont need to be mentioned in the deed.
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21
Q

Trade Fixtures

A
  • Fixtures specifically used by a tenant in conducting business.
  • Considered personal property and are removable upon lease expiration.
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22
Q

Rights of Property Ownership

Bundle of Rights

A
  • Theory proposes that ownership in real estate implies a group of rights, the total of which establishes absolute ownership.
  • Since land cannot itself be physically transferred, a set of distinct rights can be transferred separately.
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23
Q

Governmental (involuntary) Limitations on Land Ownership

Police Power

A
  • Power vested in the government to restrict, regulate and control an individual’s free use of land without compensation.
  • Zoning, building and health codes, police regulation, etc…
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24
Q

Eminent Domain

A
  • The right of the government to take privately owned land for public purposes.
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25
Condemnation
- The **act** or **process** by which the government exercises the power of eminent domain.
26
Escheat
- Property that reverts to the state when a property owner dies intestate (without having a will).
27
**Contractual (voluntary) Limitations on Ownership of Land**
- Deed Restriction - Easements - Leases - Mortgages
28
**Estates and Interests** Estate
- An **ownership** or **possessory** interest that one has in land. - All estates consitute interests in land.
29
Interest
- Any **right** that one has in property and is less than an estate.
30
Two Categories of Interest
- Present Interest: holder takes possession of property such as **fee simpple** or **leasehold interest**. - Future Interest: postponed until some time in the future such as **remainder** or **revision**.
31
Corporeal
- Tangible property
32
Incorporeal
- Intangible property such as an **easement**.
33
Hereditaments
- Any form of property that is inheritable. - Passing property from one party to another is accomplished through the singing of a **conveyance**.
34
Estates In Land
- The term estate is used to express the **nature**, **extent and duration** of an ownership interest in land.
35
Freehold Estates: - Fee Simple - Life Estate
- Estates that last for an **indefinite** period of time. - Fee Simple Estate: lasts forever and the highest degree of ownership. - Life Estate: lasts a lifetime.
36
Alientation
- The right to convey or transfer the property or interest freely without limitation or restriction upon conveyance.
37
Qualified Fee Estate (**Base Fee, Conditional Fee, Determinable Fee**)
- Estate that ends upon the happening of a certain event. - Created by placement of a deed restriction in the deed. - Subject to defeat, or **Defeasible**.
38
Life Estate
- Estate in land that is limited to the life of a person. - Recipient is called a **life tenant**.
39
Life Estate Pur Autre Vie
- Life estate based on the life of another person other than the life tenant. - Is inhertiable. - Can be sold or leased but cannot be conveyed fee simple.
40
How are life estates created?
- Grant - Reservation - Will
41
Reversion
- **Possession** of the estate will revert back to the grantor upon the death of the life tenant. - Creates a **Future Interest** for the grantor called a **Reversion**.
42
Remainderman
- Grantor indicated that when the life tenancy ends, possession and title pass to a third party. - Creates a **Furture Interest** called a **Remainder**.
43
Devise
- A gift of real property by will.
44
Leasehold (nonfreehold) Estates
- Estates that last for a **definite** period of time. - Estate is the personal property of the tenant.
45
Estate In Reversion
- Upon expiration of the lease, the rented premises will automatically revert back to the landlord.
46
PROPERTY TYPES
- Real Property - immovable - included in sale - Personal Property - moveable - not included in sale
47
Real Property / Real Estate / Realty
- Land - Appurtenances - Improvements - Immovable Fixtures
48
Personal Property
- Chattel: large items such as mobile homes. - Plantings - Movable Fixtures - Trade Fixtures
49
Fixtures can be:
- Real Property - Chattel - Personal Property
50
Accretion (Accretive) - Alluvion - Reliction
- Accretiion: gaining additional land from natural causes **changing property boundries**. - Alluvion: deposits of soil. - Reliction: receeding water
51
Accession
- The process of acquiring title to new property created by Alluvion and Reliction.
52
Avulsion
- A change in a stream's flow due to earthquake or flood. - Property line doesnt change.
53
ESTATES AND INTERESTS **(Focus on how the estate ends)** Present Interest
- Fee Simple Interest - Leasehold Interest
54
Future Interest
- Remainder - Reversion
55
FREEHOLD ESTATES - Fee Simple Estate - Qualified Fee Estate - Life Estate
- Last for an indefinite period of time - no date of termination.
56
Fee Simple (Absolute) Estate
- Highest degree of ownership. - Lasts FOREVER - Indeasible: Final and absolute. - Alienation: right to convey without limitation.
57
Qualified (Conditional, Determinable) Fee Estate
- Ownership interest that ends upon the happening of a certain event. - Created by deed restrictions. - Defeasible: capabile of being defeated.
58
Life Estate
- Ownership is limited to the life of a person. - Cannot be passed to heirs because it terminates upon the death of the Life Tenant.
59
Life Estate Pur Autre Vie
- Ownership based on the life of a third person. - Is inheritable until the measuring life ends.
60
Life estate can be created by:
- Grant - Reservation - Will - Operation of Law (legal life estates)
61
Forms of Life Estates
- Reversion Interest: Grantor has a future interest. - Remainder Interest: Third party holds a future interest.
62
LEASHOLD ESTATES
- Always exist for a specified amount of time. - Landlord retains interest in the form of an Estate in Reversion. - Leasehold is personal property of the tenant.

NJ Real Estate Exam (8 decks)

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