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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
Q

Condemnation

A
  • The act or process by which the government exercises the power of eminent domain.
26
Q

Escheat

A
  • Property that reverts to the state when a property owner dies intestate (without having a will).
27
Q

Contractual (voluntary) Limitations on Ownership of Land

A
  • Deed Restriction
  • Easements
  • Leases
  • Mortgages
28
Q

Estates and Interests

Estate

A
  • An ownership or possessory interest that one has in land.
  • All estates consitute interests in land.
29
Q

Interest

A
  • Any right that one has in property and is less than an estate.
30
Q

Two Categories of Interest

A
  • 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
Q

Corporeal

A
  • Tangible property
32
Q

Incorporeal

A
  • Intangible property such as an easement.
33
Q

Hereditaments

A
  • Any form of property that is inheritable.
  • Passing property from one party to another is accomplished through the singing of a conveyance.
34
Q

Estates In Land

A
  • The term estate is used to express the nature, extent and duration of an ownership interest in land.
35
Q

Freehold Estates:

  • Fee Simple
  • Life Estate
A
  • 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
Q

Alientation

A
  • The right to convey or transfer the property or interest freely without limitation or restriction upon conveyance.
37
Q

Qualified Fee Estate

(Base Fee, Conditional Fee, Determinable Fee)

A
  • 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
Q

Life Estate

A
  • Estate in land that is limited to the life of a person.
  • Recipient is called a life tenant.
39
Q

Life Estate Pur Autre Vie

A
  • 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
Q

How are life estates created?

A
  • Grant
  • Reservation
  • Will
41
Q

Reversion

A
  • 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
Q

Remainderman

A
  • Grantor indicated that when the life tenancy ends, possession and title pass to a third party.
  • Creates a Furture Interest called a Remainder.
43
Q

Devise

A
  • A gift of real property by will.
44
Q

Leasehold (nonfreehold) Estates

A
  • Estates that last for a definite period of time.
  • Estate is the personal property of the tenant.
45
Q

Estate In Reversion

A
  • Upon expiration of the lease, the rented premises will automatically revert back to the landlord.
46
Q

PROPERTY TYPES

A
  • Real Property - immovable - included in sale
  • Personal Property - moveable - not included in sale
47
Q

Real Property / Real Estate / Realty

A
  • Land
  • Appurtenances
  • Improvements
  • Immovable Fixtures
48
Q

Personal Property

A
  • Chattel: large items such as mobile homes.
  • Plantings
  • Movable Fixtures
  • Trade Fixtures
49
Q

Fixtures can be:

A
  • Real Property
  • Chattel
  • Personal Property
50
Q

Accretion (Accretive)

  • Alluvion
  • Reliction
A
  • Accretiion: gaining additional land from natural causes changing property boundries.
  • Alluvion: deposits of soil.
  • Reliction: receeding water
51
Q

Accession

A
  • The process of acquiring title to new property created by Alluvion and Reliction.
52
Q

Avulsion

A
  • A change in a stream’s flow due to earthquake or flood.
  • Property line doesnt change.
53
Q

ESTATES AND INTERESTS

(Focus on how the estate ends)

Present Interest

A
  • Fee Simple Interest
  • Leasehold Interest
54
Q

Future Interest

A
  • Remainder
  • Reversion
55
Q

FREEHOLD ESTATES

  • Fee Simple Estate
  • Qualified Fee Estate
  • Life Estate
A
  • Last for an indefinite period of time - no date of termination.
56
Q

Fee Simple (Absolute) Estate

A
  • Highest degree of ownership.
  • Lasts FOREVER
  • Indeasible: Final and absolute.
  • Alienation: right to convey without limitation.
57
Q

Qualified (Conditional, Determinable) Fee Estate

A
  • Ownership interest that ends upon the happening of a certain event.
  • Created by deed restrictions.
  • Defeasible: capabile of being defeated.
58
Q

Life Estate

A
  • 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
Q

Life Estate Pur Autre Vie

A
  • Ownership based on the life of a third person.
  • Is inheritable until the measuring life ends.
60
Q

Life estate can be created by:

A
  • Grant
  • Reservation
  • Will
  • Operation of Law (legal life estates)
61
Q

Forms of Life Estates

A
  • Reversion Interest: Grantor has a future interest.
  • Remainder Interest: Third party holds a future interest.
62
Q

LEASHOLD ESTATES

A
  • 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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