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NJ Real Estate Exam EO > Mod 3 - Property Interests & Rights; Types of Ownership > Flashcards

Mod 3 - Property Interests & Rights; Types of Ownership Flashcards

1
Q

A system of land ownership from the 13th century and before in which all land was owned by the king who merely allowed people to use the land in exchange for their services

A

Feudal System

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2
Q

System of land ownership in which individuals were only tenants with limited rights of use and the king had title to all land

A

Feudal System

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3
Q

A system which recognizes the principle that land is owned by individuals, free of any proprietary control of the land

A

Allodial System

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4
Q

A system which recognizes the right of individuals to the free ownership of land

A

Allodial system

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5
Q

a system of land ownership that includes a package of rights for land owners known as the bundle of rights

A

Allodial system

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6
Q

An ownership theory which groups together all possible benefits and rights to ownership

A

Bundle of rights

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7
Q

What are the four broad categories of the Bundle of Rights

A

PoCoEnDi(e)

Possession, Control, Enjoyment, Disposition, Devise

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8
Q

What are the four government restrictions enforced for the mutual welfare of the community

A

PETE

Police Power, Eminent Domain, Taxation, Escheat

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9
Q

The government’s right to enact and enforce laws that may restrict the use of property, without compensation to the owner, for the health, morals, safety and general welfare of other citizens. Ex: zoning laws and building codes
Key words: laws, use

A

Police Power

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10
Q

The right the government has to take privately owned property with just compensation paid to the owner for some worthwhile public use. The owner must be paid the fair market value of the property in return for giving up ownership
Key words: right or power

A

Eminent Domain

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11
Q

T or F: Eminent Domain is without compensation to the owner

A

F
In Eminent Domain, The owner must be paid the fair market value of the property in return for giving up ownership. However, in Police power, there is no compensation.

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12
Q

The process of taking private property, with just compensation to the owner, for some public use by some branch of government under their power of eminent domain

A

Condemnation

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13
Q

What is the legal proceeding involved in eminent domain?

A

Condemnation proceeding

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14
Q

A charge of money imposed upon persons, property, or business for public purposes

A

Taxation

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15
Q

The reversion of property to the state when a person dies intestate and without heirs capable of inheriting the property. May also occur when property is abandoned

A

Escheat

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16
Q

What government right prevents a property from becoming ownerless

A

Escheat

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17
Q

Without a will

A

Intestate

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18
Q

The rights to any and all minerals laying beneath the surface.

A

mineral rights or subsurface rights

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19
Q

The right to use the air space over a parcel of land

A

air rights

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20
Q

Land, its improvements (including mineral rights and air rights) and bundle of rights

A

Realty
Real estate
Real property

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21
Q

The interest, degree, nature, quantity and extent of one’s legal interest and rights in real estate. Legal or possessory right

A

Estate

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22
Q

What are the two types of estates?

A

Freehold estate and leasehold estate (non freehold)

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23
Q

Any possessory interest a person has in a land, whether it be absolute or conditional ownership or temporary possession

A

Estate

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24
Q

An estate for an indefinite and uncertain period of time, and not less than for a lifetime

A

Freehold Estate

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25
Q

What is the difference between freehold and leasehold estate?

A

A freehold estate is indefinite and not less than a life time and a leasehold estate is definite and limited period of time

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26
Q

The largest and highest possible degree or right of ownership

A

Fee estate
Fee simple estate
fee simple absolute

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27
Q

Fee simple ownership that will terminate upon the happening or non-happening of a specified event

A

Fee simple determinable estate
conditional fee estate
defeasible fee estate

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28
Q

A fee estate that is capable of being defeated under certain conditions

A

Fee simple determinable estate
conditional fee estate
defeasible fee estate

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29
Q

What happens to a property in a conditional fee estate (fee simple determinable estate or defeasible estate) upon termination or defeat?

A

Property reverts back to the original grantor. The original grantor has a reversionary interest

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30
Q

An estate in land that continues only for the duration of someone’s life and terminates upon the death of that person. ownership for the duration of someone’s life

A

Life Estate

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31
Q

A person possessing a life estate

A

Life tenant

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32
Q

What rights are not included in a life estate?

A

A life estate carries with it all the rights of a fee simple ownership except the right to will it or waste it

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33
Q

A life estate, the duration of which, is based on the life of a person other than the life tenant

A

Life estate pur autre vie

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34
Q

What two things can happen to a life estate upon the death of the life tenant or designated 3rd party?

A

upon the death of the life tenant or designated 3rd party

1) The ownership of the life estate property can be passed on to another pre designated party, called a remainder man
2) property reverts back to the original owner, known as an estate in reversion

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35
Q

The party who receive the remnant of a terminated estate

A

remainderman

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36
Q

the right a person, other than the grantor has in land at the end of another person’s estate in the same property

A

estate in remainder

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37
Q

an estate that will revert back tot he grantor upon the termination of a life estate

A

estate in reversion

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38
Q

abuse of property; improper care of property by an occupant with less than fee simple title such as a tenant or life tenant

A

waste

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39
Q

The types of estate created by a leases

A

leasehold estate (non-free hold estates)

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40
Q

Estates for a definite, limited period of time

A

leasehold estate (non-free hold estates)

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41
Q

The owner of this type of estate owns certain rights in the property but does not own legal title.

A

leasehold estate (non-free hold estates)

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42
Q

The grantor’s right to future possession of real estate upon the termination of the current estate

A

reversionary interest

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43
Q

An estate for a definite, limited period of time with a definite beginning and a definite ending date.

A

Estate for years

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44
Q

T or F: An estate for years can be anywhere from one day to many years

A

T

An estate for years need not be for a year

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45
Q

T or F: At the end of an estate for years, the landlord must send a notice to the tenant

A

F

Since there is a definite ending dates, there’s no not required nor reminder sent to tenant to terminate

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46
Q

An estate in land that continues automatically renewing for successive periods

A

Estate from period to period
periodic estate
periodic tenancy

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47
Q

T or F: in a periodic estate (estate from period to period, periodic tenancy) the lease is terminated at the end of the period

A

F
In a periodic estate (or estate from period to period, or periodic tenancy) there is no specific termination date and the lease will continue automatically renewing until one of the parties gives proper notice of their desire to terminate

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48
Q

What is proper notice for termination in regards to a periodic estate?

A

Equal to a period of time that is equal to one period, except in the case of yr to yr tenancy, which requires 3 months

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49
Q

The right to occupy or use property as long as the owner permits or desires him to

A

Estate at will

Tenancy at will

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50
Q

T or F: if no action to terminate is taken, an estate at will (tenancy at will) terminates with the end of the lease period

A

F
if no action to terminate is taken, an estate at will continues indefinitely because the term of an estate at will (tenancy at will) is not specified. It only terminates upon the death of either party or when a 3 months notice is given

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51
Q

What are two ways to terminate an estate at will (tenancy at will)

A

The death of either party or by giving a 3 months notice

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52
Q

What is the only lease hold estate that is terminated by death?

A

Estate at will

tenancy at will

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53
Q

What is the only lease hold estate with a definite ending date?

A

Estate for years

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54
Q

An estate that arises when a person comes into possession of property lawfully and retains possession after his estate has terminated without consent, such as after the lease has expired

A

Estate at sufferance

tenancy at sufferance

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55
Q

A tenant that continues to occupy or use property after the expiration of the lease term

A

hold over tenant

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56
Q

The lowest and smallest possible form of an estate in which the tenant has no right to occupy the land

A

Estate at sufferance

tenancy at sufferance

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57
Q

During the hold over period of an estate at sufferance, What happens if the landlord decides to accept rent?

A

It changes from an estate at sufferance to an estate from period to period

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58
Q

The right to obtain legal title at some future time when title is presently held in another’s name

A

Equitable estate
equitable rights
Equitable title

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59
Q

The life estate rights that a wife has in her deceased husband’s real property that he owned anytime during their marriage, despite any will provisions stating otherwise

A

Dower estate

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60
Q

T or F: Dower/Curtesy estate can be created in NJ today

A

F
Dower and Curtesy rights were abolished as of May 28, 1980. so no new dower interest can be created but existing interests were not affected

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61
Q

incomplete, started but not finished. It is a wife’s dower right which her husband is still alive

A

inchoate interest or inchoate right

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62
Q

T or F: A wife can loose her dower rights if the husband sells the property before he dies

A

F
Dower rights are not canceled if the husband sells the property while still alive unless he gets a written release from his wife.

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63
Q

The interest a husband has in real estate owned by his wife upon her death.

A

Curtesy rights

Curtesy estate

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64
Q

A married individual is entitle to ___ ____ with his or her spouse of any real property which is they occupy jointly as their principal matrimonial residence and to which neither dower nor curtesy right applies

A

joint possession

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65
Q

what are 3 ways joint possession can be ended

A

DDS
Death - of either spouse
Divorce - or voluntary abandonment of principal matrimonial residence
Sale- by the consent of both parties

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66
Q

Joint possession applies to?

A

Married couples, civil unions and domestic partnerships

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67
Q

A privilege or right to use the land of another. includes the right of ingress and egress

A

Easement

Right of Way

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68
Q

a means of entering

A

Ingress

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69
Q

A means of exiting

A

Egress

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70
Q

What are the four types of easements

A

Easement Appurtenant
Easement by necessity
Easement in Gross
Easement by Prescription

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71
Q

Three characteristics of an easement

A

irrevocable
permanent
must be in writing

72
Q

An easement created to benefit a tract of land, rather than a person.

A

Easement Appurtenant

73
Q

An easement that runs with the land

A

Easement Appurtenant

74
Q

A right or obligation that passes with title to the property to all subsequent grantees

A

Running with the land

75
Q

In an easement appurtenant, the benefitting parcel of land is known as a __ __ or __ ___ and the parcel of land that is burdened is known as a ___ ___ or ___ ___

A

dominant estate or dominant tenement

servient estate or servient tenement

76
Q

T or F: and easement appurtenant can occur on one parcel of land owned by one person

A

F

There must be at least 2 parcel of land with separate owners

77
Q

An easement that is necessary is called an

A

Easement by necessity

78
Q

A personal privilege to use the land of another, which is not transferred with the conveyance of title

A

Easement in Gross

79
Q

Which easement is non-transferrable and terminates with the death of the person who acquired it?

A

Easement in Gross is non transferrable and terminates with the death of the person who acquired it, except for commercial easements

80
Q

What is unique about commercial easement in gross? For example, utility companies

A

Commercial easements in gross, such as utility companies do not terminate with the death of the easement holder, rather they permanently burden the property

81
Q

Acquisition of an easement by continued uninterrupted use for a period of time (20 years)

A

Easement by prescription

82
Q

Easement by prescription begins as an adverse possession which means that the title to real property was acquired through _, _, _, _ and _ use of the property for 20 years

A

COHEN

continuous, open, hostile, exclusive and notorious

83
Q

An oral privilege to enter the land of another for a specific purpose; permission or authority to engage in a particular business or other activity.

A

License

84
Q

What is the difference between a license and an easement?

A

A license can be revoked at any time by the licensor, is temporary and can be oral. An easement is irrevocable, permanent and must be in writing.

85
Q

The rights of an owner of a small, non navigable body of water to use and enjoy the water on or adjacent to that land

A

Riparian rights

86
Q

___ ____ are unable to accommodate a commercial vessel but ___ ___ are able to accommodate a commercial vehicle

A

non navigable water

navigable water

87
Q

ownership rights of land owners along the course of navigable waters

A

littoral rights

88
Q

what is The land below the mean high water mark and who is it owned by?

A

A tideland, and is owned by the public/the government via prior appropriation

89
Q

What are the two type of water rights, similarities and differences?

A

Riparian Rights and Littoral Rights.
Both give owners located on the banks of water unrestricted right to use the water as long as they do not alter the flow, contaminate it or impair the rights of other.

Riparian applies to non navigable waters and owners own the land under the water up to the center of the waterway.

Littoral applies to navigable waters and owners own the land only up the the tideland (mean high water mark)

90
Q

An estate in land is automatically absorbed because a greater estate is acquired by the same person.

A

Merger

91
Q

The combining of two or more organizations

A

merger

92
Q

Two or more people owning the same property

A

Co-ownership

Concurrent ownership

93
Q

What are the four main types of ownership or tenancies?

A

Severalty (tenancy in Severalty)
Tenancy in Common,
Joint tenancy
tenancy by the entirety

94
Q

The sole ownership of property by one individual or single legal entity such as a corporation

A

Severalty

Tenancy in severalty

95
Q

Co-ownership by 2 or more parties, each having no rights of survivorship, so the interest of the owner will pass to his heirs or devisees

A

Tenancy in Common

96
Q

out-living someone else or a group of others

A

survivorship

97
Q

What type of interest do owners have in a tenancy in common?

A

can have different fractional undivided interest in the whole

98
Q

T or F: Dower/curtesy rights cannot apply to tenancy in common

A

F

Dower and curtesy rights can apply to tenancy in Common because owners do not have right of survivorship

99
Q

fractional interest in the whole without physically dividing the property into shares

A

undivided interest in the whole

100
Q

What are the similarities in the consequences faced by an owner in a tenancy in common or joint tenancy if they sell their share without consent of the others? Any differences?

A

There are no consequences for both tenancy in common and joint tenancy, each owner can sell at anytime without the consent of others. In a tenancy in common, the new owner will become another tenant in common, but in a joint tenancy, the new owner becomes tenancy in common and the pre existing owners remain as joint tenants

101
Q

ownership by 2 or more person each having a distinct right of survivorship; meaning upon the death of one joint tenant, his interest will automatically pass to the surviving coowner

A

Joint tenancy

102
Q

Joint tenancy or tenancy in common, which one must be specifically mentioned in the deed?

A

Joint tenancy must be specifically mentioned in the deed, otherwise it will be assumed to be tenancy in common

103
Q

What type of interest do owners have in joint tenancy

A

same fractional undivided interest in the whole

104
Q

What are the 4 unities of joint tenancy

A

PITT
Unity of Possession - each owner has undivided interest in the whole
Unity of Interest - each owner has same fractional and same degree of ownership
Unity of Time - each owner must acquire ownership at same time
Unity of Title - each owner must acquire ownership from same source, i.e. deed or a will

105
Q

What is the Unity of Possession

A

Unity of Possession - each owner has undivided interest in the whole

106
Q

What is the Unity of Interest

A

Unity of Interest - each owner has same fractional and same degree of ownership

107
Q

What is the Unity of Time

A

Unity of Time - each owner must acquire ownership at same time

108
Q

What is the Unity of Title

A

Unity of Title - each owner must acquire ownership from same source, i.e. deed or a will

109
Q

Property ownership by husband and wife that views the marriage as the owner and not the individuals

A

Tenancy by the entirety

110
Q

a joint tenancy between ONLY 2 individuals that are married, in a civil union or domestic partners

A

Tenancy by the entirety

111
Q

What type of ownership or tenancy is automatically created when property is conveyed to a couple that is married, in a civil union or domestic partnership at the time of the conveyance, unless otherwise indicated in the deed?

A

Tenancy by entirety

112
Q

How is a tenancy by entirety terminated

A

DDS
Death - of either spouse
Divorce - or voluntary abandonment of principal matrimonial residence
Sale- by the consent of both part

113
Q

compare tenancy in common, joint tenancy and tenancy by the entirety in regards to how owners can sell their shares

A

In tenancy in common and joint tenancy, each owner can sell at anytime without the consent of others HOWEVER in tenancy by the entirety, neither party may sever or sell their interest without the other’s consent

114
Q

A form of ownership in which the party has absolute ownership of a single unit in a multi unit structure as well as an undivided interest in the common elements of the property, with all other unit owners

A

Condominium

Condo

115
Q

A common interest property

A

Condominium

Condo

116
Q

Owners own a single unit and share an undivided interest in common in all of the common elements

A

Condominium

Condo

117
Q

In a planned unit development (PUD) condominium, cooperative or other common interest property, the parts that are owned and used by all unit owners.

A

common element

118
Q

all unit owners in a condominium share in the cost of maintaining common elements or common areas through ___

A

Homeowners association (HOA)

119
Q

A type of development that maximized the use of land by allowing certain areas for housing, recreation, shopping, etc

A

Planned Unit Development (PUD)

120
Q

An organization of owners in a condominium or PUD whose responsibility is to manage the common areas and common interest of all property owners in the development

A

Homeowners Association (HOA)

121
Q

What are included in the bylaws of the HOA (3)

A

Covenant, Conditions and restrictions

122
Q

The title and conveyance document used in a condominium project. It is a condominium declaration recorded in the county clerks office that describes each individual unit, common areas and individual percentage interest allocated to each unit

A

master deed

123
Q

a deed that conveys title to a condominium unit. the owner is granted individual title to his unit and undivided interest in the common elements

A

unit deed

124
Q

A form of ownership in which stock holders own shares of stock in a corporation that owns the building and leases the units to the stock holders through a proprietary lease

A

Cooperative (co-op)

125
Q

the instrument that grants the stockholders of a cooperative the right to possession and occupancy of one of the units

A

proprietary lease

126
Q

what are three characteristics of a coop

A

longer ownership, much higher reserves, qualify

127
Q

T or F: You can always deduct mortgage interest and property taxes with a Co-Op

A

F

If you qualify, you can educt mortgage interest and property taxes with a Co-Op

128
Q

A plan in which a group of purchasers buy property and each has the exclusive use of the property for a specified time or number of days each year.

A

Time sharing

129
Q

interval ownership

A

time sharing

130
Q

The system under which individuals have ownership rights in land in the United States

A

Allodial system

131
Q

All of the legal ownership rights a person has in real property

A

Bundle of rights

132
Q

The governments right to take privately owned property with just compensation to the owner when that property is needed for a worthwhile public use

A

Eminent Domain

133
Q

The proceeding whereby the government exercises its right to take privately owned property

A

Condemnation

134
Q

The power of the government to restrict the use of real property when necessary for the health, morals, safety and general welfare of all citizens

A

police power

135
Q

The reversion of property to the state when its owner dies intestate and without heirs

A

escheat

136
Q

A lesser interest in real property is absorbed when the holder acquires a greater interest in the same property

A

merger

137
Q

Water rights belonging to the owner of property bordering non-navigable water

A

Riparian rights

138
Q

water rights belonging to the owner of property bordering navigable water

A

littoral rights

139
Q

temporary, revocable permission to use someone else’s property for a specific purpose

A

license

140
Q

An irrevocable, limited right of enjoyment in the property of another; a right of way

A

easement

141
Q

an easement that “runs with the land” and involves two parcels of real estate. One created to benefit the land as opposed to the individual owner.

A

easement appurtenant

142
Q

the parcel of land that benefits from an easement in an easement appurtenant

A

dominant estate

143
Q

the parcel of land that is burdened with an easement

A

servient estate

144
Q

An easement that benefits a person or a company such as a utility rather than benefiting another parcel of land

A

Easement in gross

145
Q

the degree or nature of interest that a person has in real property

A

estate

146
Q

a classification of estate that involves possession but not ownership for a fixed period of time

A

Leasehold

147
Q

A type of estate created by a typical lease. One that has a definite beginning date and a definite ending date

A

Estate for years

148
Q

An estate that continues from period to period. A typical month-to-month lease. requires proper notice to terminate

A

estate for period to period
periodic estate
periodic tenancy

149
Q

An estate without a fixed term that will continue at the will of the parties

A

estate at will

150
Q

the type of estate that develops when someone comes into possession lawfully and does not leave when their right to occupy ends

A

estate at sufferance

151
Q

a tenant that does not surrender possession at the conclusion of a lease

A

holdover tenant

152
Q

the lowest possible form of estate

A

estate at suffereance

153
Q

the highest or largest possible form of estate

A

fee
fee simple
fee simple absolute

154
Q

The right to obtain legal title to a property in the future when title is presently held by another

A

Equitable title

155
Q

the interest that a wife may automatically have in the property of her deceased husband

A

dower rights

156
Q

the interest that a husband may automatically have in the property of his deceased wife

A

curtesy rights

157
Q

a classification of estate that involves ownership for an unpredictable duration

A

freehold

158
Q

a type of freehold estate that is capable of being defeated if certain conditions are not met

A

fee simple determinable
conditional estate
defeasible estate

159
Q

an estate that will continue for the duration of someone’s life

A

life estate

160
Q

a predesignated third party who will receive the property at the conclusion of a life estate

A

remainderman

161
Q

the owner of an estate that will continue for the duration of someone’s life

A

life tenant

162
Q

for the life of another. a life estate based on the life of someone other than the life tenant

A

life estate pur autre vie

163
Q

property rights that revert back to the grantor of those same rights to another

A

reversionary right

164
Q

an abuse of property which one has control of but does not have fee simple ownership. The abuse impairs the rights or value of the property for the one holding a reversionary interest

A

waste

165
Q

Sole ownership of property by one person. ownership severed and apart from all others

A

severalty

166
Q

co-ownership of property by two or more people with no rights of survivorship

A

tenancy in common

167
Q

co-ownership of property by two or more people with rights of survivorship

A

joint tenancy

168
Q

co-ownership of property by two or more people where ownership interest must be in equal shares

A

joint tenancy

169
Q

a type of co-ownership that includes rights of survivorship and can be used only by a husband and wife

A

tenancy by the entirety

170
Q

the type of ownership automatically created when a husband and wife acquire title and do not specify a particular type of ownership in the deed

A

tenancy by the entirety

171
Q

the four unities of a joint tenancy

A

unity of Possession
Unity of Interest
Unity of Time
Unity of Title

172
Q

a form of ownership that involves separating the property into two categories; that which the individual owns and that which is co owned with other unit owners

A

condominium

173
Q

where the tenants of a building are stockholders in a corporation that owns the building

A

cooperative

174
Q

the document used to convey the right of occupancy of a unit in a cooperative

A

proprietary lease

175
Q

a form of co-ownership used in vacation resorts where each owner is given the right to use the property a specific time each year

A

time sharing

NJ Real Estate Exam EO (9 decks)

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