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Real Estate Vocabulary > NJ Real Estate > Flashcards

NJ Real Estate Flashcards

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1
Q

Property

A

anything you can legally own

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2
Q

Law

A

Federal Law

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3
Q

State Law

A

Statute

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4
Q

Municipality Law

A

Ordinances (not covered by the state or included with exam)

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5
Q

Right

A

A privilege granted that cannot be taken back

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6
Q

License

A

A privilege granted that can be revoked

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7
Q

Personal Property

A 
Man-Made and Destructible
Moveable
Interest in Real Estate for less than a lifetime (a lease or mortgage)
Washer/Dryer, Car, Pool Table
Annual Plants
Any property that is not real property
Personalty or Chattle
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8
Q

Real Property

A

Land
boundary lines - Down to the center of the earth, up into the sky to infinity
including natural things which are attached such as trees, shrubs, water, minerals below the surface and air right above it
Perennial Plants

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9
Q

Appurtenances

A

rights, privileges and improvements which pass to the new owner upon conveyance of the land.
Air Rights
Gas, Oil and Mineral Rights
Water Rights

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10
Q

Improvements

A

Additions to the land that increase it value or improve its usefulness
“on the land” - Buildings, Fences, Driveways, water systems
“to the land” - school system, location, parks, location to interstate, real estate taxes

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11
Q

Air Rights

A

Rights to the air space over land

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12
Q

Appraisal

A

an estimate or an opinion of real estate value

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13
Q

Security Agreement

A

(formerly a Chattel Mortgage)

A contract pledging personal property as collateral for a loan or debt

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14
Q

Mineral Rights

A

rights to all or specific minerals on or under the land

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15
Q

Water Rights

A

water is considered part of Real Property, whether above or below ground

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16
Q

Navigable Waters

A

bodies of water which are capable of being used for public transportation.
Controlled by Congress

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17
Q

Riparian

A

Having to do with Water
The right of the landowner to use water on or adjacent to his land
bank of a river

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18
Q

Littoral

A

Property that borders a lake, ocean or sea

Especially land washed by waves and coastal currents

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19
Q

Accretion

A

gradual additions to land by deposits of sand or soil by bordering waters through natural causes

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20
Q

Accession

A

Acquisition of property buy its joining or union with other property

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21
Q

Alluvion

A

The increase of soil on a shore or bank of a river as the result of accretion

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22
Q

Bill of Sale

A

a written instrument which passes title o personal property from seller to buyer
receipt

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23
Q

Bundle of Property Ownership Rights

A

ownership concept which embraces the rights of:
Possession
Control - use it in any legal way
Enjoyment - quiet enjoyment of title, keeping it for yourself
Disposition - dispose of it in any legal way

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24
Q

Chattel

A

personal property which is tangible and movable

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25
Q

Chattel Mortgage

A

a personal property mortgage

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26
Q

Condemnation

A

the process by which property of a privet owner is taken for public use, with just compensation to the owner
Eminent Domain

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27
Q

Conventional Life Estate

A

a life estate created by grant, by reservation or will

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28
Q

Devise

A

a gift or real or personal property by will

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29
Q

Emblements

A

Trees or crops that are cultivated annually

The rights of a tenant to harvest the annual crop even after his tenancy has ended.

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30
Q

Eminent Domain

A

the right of a government to take private property for public use upon the payment of just compensation

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31
Q

Erosion

A

the gradual wearing away of land due to natural causes of wind and water.

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32
Q

Escheat

A

the reverting of property to the state when heirs capable of inheriting are lacing or the property is abandoned.

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33
Q

Estate

A

the degree, quantity, nature and extent of interest a person has in Real Property

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34
Q

Fee Simple

A

An estate in real property, by which the owner has the greatest power over the title which it is possible to have, being an absolute estate.
An estate of inheritance belonging to the owner, that he may dispose of, trade or will as he chooses.

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35
Q

Fixture

A

An article or item of personal property that has become affixed to land or a building so that it is real property.

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36
Q

Freehold Estate

A

An estate in real property for an indefinite and uncertain time
(fee simple or life estate)

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37
Q

Land

A

The surface of the earth, the area above and below the surface, and everything permanently attached thereto

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38
Q

Leasehold Estate

A

an estate or right in real property that involves possession but not ownership

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39
Q

Life Estate

A

an estate or interest in real property held for the duration of the life of a certain person. Upon expiration, the estate will automatically be vested in remainderman or reversioner.

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40
Q

Less-than-Freehold

A

a lease

a non-freehold

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41
Q

Legal Life Estate

A

a life estate created by law such as a dower or curtesy

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42
Q

Life Tenant

A

the holder or grantee of a life estate

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43
Q

Mobile Home

A

three-dimensional single family units, built to be towed on their own chassis, not required to satisfy local building codes
Personal Property

44
Q

Police Power

A

the inherent right of government to enact such legislation as may be deemed necessary to protect and promote the health, safety and general welfare of the public

45
Q

Pur Autre Vie

A

A life estate

based on the life of another other than the life tenant and is inheritable

46
Q

Qualified Fee

A

an estate in fee simple bound by limitations imposed by the grantor

47
Q

Reliction

A

gradual recession of water from the usual watermark

48
Q

Remainder

A

an estate created by a single grant simultaneously with another which vests with a third party upon termination of the prior estate, such as a life estate

49
Q

Remainderman

A

third party - he gets what remains after the life tenant’s use of the property.
the one in whom an estate vests after termination of a prior estate

50
Q

Reservation

A

a right retained by a grantor in conveying property

51
Q

Reversion

A

the residue of an estate left to the grantor or his heirs after termination of all prior estates and interests
the right of the lessor to recover possession of leased property upon the termination of the lease, with all subsequent rights to use and enjoy the property.

52
Q

Trade Fix

A

articles of personal property annexed to real property, but which are necessary to the carrying on of a trade and are removable by the owner or tenant when he leaves

53
Q

Waste

A

willful destruction of any part of the land which would injure or prejudice the landlord’s or remainderman’s reversionary right

54
Q

Common Element

A

in a condominium, land and all parts of a building usually used by all the owners for their mutual convenience or safety
Common Area

55
Q

Common Expense

A

in a condominium, the expenses of operation

all sums designated as such by the declaration or bylaws

56
Q

Condominium

A

the individual outright ownership of a single unit in a multi-unit property, together with an interest in the common elements of that property

57
Q

Cooperative Apartment (Co-Op)

A

ownership that usually takes the form of shares of stock in a corporation owning the entire building and a proprietary lease giving the stockholder/tenant the right to occupy a unit for which he pays a proportionate share of the maintenance and operating expenses.

58
Q

Corporation

A

a vehicle use to carry on business, its owners having liability only to the extent of their stock ownership

59
Q

General Partnership

A

a partnership in which all partners are personally liable for partnership debts that exceed partnership assets

60
Q

Horizontal Property Act

A

the name given to the laws that recognize condominium ownership in NJ
horizontal layers of ownership

61
Q

Joint Tenancy

A

ownership by two or more persons with rights of survivorship
own equal interests in the property
have equal rights in the property
Each owner is possessed of an undivided part of the whole

62
Q

Joint Venture

A

a joining of two or more people in a specific business enterprise.
similar to a partnership
no intention of a continued relationship beyond the original purpose

63
Q

Limited Partnership

A

partnership composed of general and limited partners who’s contribution and liability are limited and specifically defined

64
Q

Master Deed

A

legally establishes a condominium

65
Q

Partition

A

court proceedings by which co-owners seek to sever their common ownership

66
Q

Partnership

A

contract between two or more persons as co-owners of a business and to share the profits

67
Q

Proprietary Lease

A

a lease in a co-op between the owner-corporation and the tenant stockholder

68
Q

Right of Survivorship

A

the right of a co-owner to automatically receive the title of a deceased co-owner
immediately, without probate

69
Q

Tenancy by the Entirety

A

a tenancy held by husband and wife giving each the equal right to possession and enjoyment during their joint lives, along with the right to sole ownership upon death

70
Q

Tenancy in Common

A

ownership by two or more persons who hold undivided interest, without the right to survivorship.
Upon death of one tenant, his interest goes to the heirs.
Interest does not need to be equal

71
Q

Unities of Title

A 
necessities usually required in the formation of a joint tenancy or tenancy by the entirety
Time
Title
Interest
Possession
72
Q

Undivided Interest

A

title to property owned by two or more persons, with no one co-owner having exclusive rights to any specific part.

73
Q

Administrator

A

when there is an intestacy, this person is appointed to administer the decedent’s affairs.

74
Q

Alienation

A

transfer of property and possessions of lands from one person to another

75
Q

Cloud on Title

A

any conditions revealed by a title search which may affect of impair the owner’s title to property because of they apparent or probable validity

76
Q

Codicil

A

a supplement or addition to a will which ads to, subtracts from, alters, revokes or qualifies to provisions of the will

77
Q

Consummate

A

to bring to completion, perfection of fulfillment

78
Q

Curtesy

A

the right that a husband has in his wife’s estate at her death

79
Q

Descent

A

ownership transferred by means of inheritance

80
Q

Devise

A

a gift of real or personal property by means of inheritance

81
Q

Dower

A

the 1/2 interest a wife has in the property of her husband

a life estate in 1/2 of the land the husband owns during marriage

82
Q

Executor

A

the person named in the will to administer the decedent’s estate

83
Q

Inchoate

A

incomplete, not perfected

84
Q

Intestate

A

when the deceased person dies leaving no will

85
Q

Probate

A

the legal process of determining the validity of a will, paying off the debts of the estate and determining who gets the remainder of the estate.

86
Q

Testate

A

when the deceased person dies leaving a will

87
Q

Testator

A

the party making the will

88
Q

abandonment

A

when the owner of an easement, with intention to do so, permanently abandons the easement and it will no longer exist.

89
Q

adjoining owner

A

one whose property is contiguous or next to

90
Q

affirmative easement

A

an easement in which the owner of the dominant premises can use the servant premise

91
Q

dedication

A

when an owner transfers complete ownership of the streets to a community as a gift

92
Q

dominant premises

A

the land receiving the benefit of the easement

93
Q

easement

A

the right one has in the land of another

gives the holder of the easement the right to do certain things on the owner’s land.

94
Q

easement appurtenant

A

a right acquired by the owner of one parcel of land to use an adjacent parcel of land for a special purpose
“runs with the land”

95
Q

easement in gross

A

does not benefit one particular parcel

no dominant premises, only a servant one

96
Q

encroachment

A

exists when a part of one property (house, building, fence, wall, garage or tree branches) encroaches on or extends over a neighboring property

97
Q

encumbrance

A

a claim, lien, charge or liability attached to and binding upon real property which affects or limits the title

98
Q

negative easement

A

the owner of the servant premises is prohibited from doing something that is otherwise lawful because it will affect the dominant premises (erecting a fence that will block a view)
The negative easement operates as a land control

99
Q

party driveway

A

a common driveway used by two adjoining owners, creating an easement in favor of both

100
Q

party wall

A

wall erected on the line between adjoining properties, which are under separate ownership
for use by both owners

101
Q

plat

A

a plan or map of a certain piece or pieces of land

102
Q

prescription

A

title obtained by possession for a prescribed period

prescriptive rights

103
Q

reservation

A

a right retained by a grantor in conveying property

104
Q

restriction

A

clause in a deed or other written instrument limiting use to which the property may be put

105
Q

run with the land

A

means an easement is not revocable and will be automatically transferred to any subsequent purchaser even though it may not be stated in the deed

106
Q

servient premises

A

the tract which is burdened by the easement

107
Q

subsidence

A

the lowering of the land-surface elevation from changes that take place underground
can be cause by pumping water, oil and gas

Real Estate Vocabulary (1 decks)

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