Appurtenance
A legal term denoting the attachment of a right or property to a more worthy principal.
Yes
Is a furnace or air conditioning unit an example of Appurtenance?
Prescription
The method of acquiring another's real estate property by continued and regular use without permission of the property owner for a period of years
Improvement
Developments of land of structures on property that do more than merely replace, repair or restore the original condition
Real Estate
Land plus anything permanently fixed to it, including buildings, sheds, and other items attached to the structure.
Air rights
Type of development right in real estate, referring to the empty space above a property.
Mineral rights
Rights to all or specific minerals on or under the land.
Water rights
Pertain to the rights to use adjacent bodies of water.
Littoral rights
Refers to rights concerning properties that abut an ocean, sea, or lake, rather than a river or stream.
Riparian Rights
If you purchase land or property on a stream, then you have rights to the stream known as?
Sea-Lake-Ocean-Pond
SLOP
Navigable waters
Waters that provide a channel for commerce and transportation of people and goods.
Accretion
An increase in land that results from the deposit of soil by a river or ocean.
Accession
Acquiring property that involves the addition of value to property through labor or the addition of new materials
Alluvion
The gradual increase of the earth on the shore of an ocean or stream bank resulting from the soil deposited by the action of water.
Reliction
Gradual change of water line on real property which gives the owner more dry land.
Avulsion
A sudden lost or additional to land, which results from the action of water
Erosion
Process of eroding of being eroded by wind, water, other natural agents.
Department of Environmental Protection
DEP
Real property
Any property that is attached directly to land, as well as the land itself
Personal Property
Consists of every kind of property that is not real property and would include most man-made property, money, and movable goods or chattels.
Tangible Property
Anything which can be touched, and includes both real property and personal property
Security agreement
Contract that governs the relationship between the parties to a kind of financial transaction known as a secured transaction.
Chattel mortage
Loan arrangement in which an item of movable personal property is used as security for the loan. A chattel mortgage is a loan that is secured by chattel rather than by real property.
No
Is a "barn" considered chattel?
The seller's signature
A valid bill of sale must contain...?
Emblements
Annual crops cultivated by a tenant which are treated as the tenant's property rather than the landowner's.
Bundle of rights
Set of legal rights afforded to the real estate title holder, can include the right of possession, control, exclusion, enjoyment, and deposition.
Police power
The capacity of the states to regulate behavior and enforce order within their territory for the betterment of the health, safety, morals, and general welfare of their inhabitants.
Eminent Domain
The right of a government or its agent to expropriate private property for public use, with payment of compensation.
Condemnation
The term used to describe the formal act of the exercise of the power of eminent domain to transfer title to the property from its private owner to the government.
Property Tax
A tax assessed on real estate by the local government. The tax is usually based on the value of the property.
Escheat
Common law doctrine which transfers the property of a person who dies without heirs to the crown or state.
Dead Restrictions
A private limitation in a deed, placed by a grantor limiting the use of land by future owners
True
Deed restrictions could only be established by the "Grantor". (True/False)
Easements
A right, privilege or interest which one party has in the land of another.
Regulation Z
requires debt lenders to disclose all the specifics of a given loan. This was done to promote a level of credit protection for the underlying consumer.
Lease
Contractual arrangement calling for the lessee (user) to pay the lessor (owner) for use of an asset
Mortgage
A debt instrument, secured by the collateral of specified real estate property, that the borrower is obliged to pay back with a predetermined set of payments.
Voluntary Lien
A type of lien that exists because of an action taken by a debtor. This is the opposite of an involuntary lien that occurs by law.
When a person dies testate
When is a person's real property transferred by devise?
$5,500
How much cash MUST a buyer furnish in addition to a $2,500 deposit if the lending institution grants a 90% loan on an $80,000 property?
Place it in his escrow account immediately
John is a broker and he accepts a $4,000 depost. What should he do with it?
ARM (Adjustable Rate Mortage)
The type of mortgage loan that has an interest rate that may increase or decrease at different times in accordance to an economic indicator
Incorporeal hereditament
An intangible right, which is not visible but is derived from real or Personal Property.
Convey
The act of transferring an ownership interest in real property from one party to another.
Freehold estate
Exclusive right to enjoy the possession and use of a parcel of land or other asset for an indefinite period.
Fee simple
Highest form of legal estate in freehold land denoting complete ownership.
Allenation
A clause in the mortgage that allows the lender to demands loan repayment if a borrower sells the property.
A life estate
Which interests in property is held by a person who is granted a lifetime use of a property that will be transferred to a third party upon the death of the lifetime user?
General warranty deed
What type deed provides the most protection for the grantee?
Life tenant
The owner of a life estate is called.
Dower
A common law that entitles a widow to a portion of her husband's estate in absence of a will.
Curtesy
Common law right of a husband to the estate and property of his deceased wife.
Remainderman or reversioner
The person who receives the life estate after the passing of the life tenant is called the...
Future estate
Future interest in real property.
A leasehold estate
An estate which is not full ownership and is sometimes referred to as non-freehold is called...
Attorney General's Memorandum
A summary of the New Jersey Law Against Discrimination.
Backup Offer
An additional offer on a home for sale where the sellers already accepted an offer.
8.00%
A home sold for $400,000. The Broker received $32,000. What rate of Commission did this broker charge?
Principal associate broker
Officer, owner, member, or manager of the company.
Non-principal broker
Neither an officer, member, owner, or manager of the company.
Commingling
The illegal act of a broker combining clients' funds with personal funds.
Cul-de-sac
A passageway or street with only one outlet
Dual agent
An agent who represents both buyer and seller in the same transaction.
No
Can a broker disburse trust funds with written consent of the buyer only to pay for a termite inspection?
Yes
Must a licensee disclose their license status when advertising their own property?
Immediately
When does a broker need to sign a release form requested by the salesperson?
Blind advertising
A type of advertisement that does not include the identity of the individual who placed the ad.
Yes
Can a broker deposit security deposits and earnset money into an interest bearing trust account?
False
A salesperson can be licensed under more than one broker? (True/False)
Designated agency
is a concept designed to enable the buyer who is represented by a buyer agent, and the seller who is represented by a seller agent in the same brokerage?
Yes
On a closing statement, would a transfer tax be a debit to the seller.
No
Can a unlicensed assistant make a listing presentation?
Yes
Can a salesperson accept compensation from their sponsoring broker?
Remained with 123 Realty
When salesperson Henry Forbes left 123 Realty and went to work with ABC REALTORS, What happened to his listings?
Open listing
A listing whereby an owner lists the property for sale with a number of brokers.
No commission
John Banks gave Star Realty an exclusive agency listing on her property. If he sells the property himself without involving Star Realty, he will owe Star Realty how much?
Fiduciary
The relationship between an agent and his or her client.
An historic property
What kind of single-family residences would get the MOST accurate appraisal by applying the reproduction cost approach to value?
$250
A business property is valued at $30,000. To earn 10% on the total investment, the property should return a monthly income of...
FHA (Federal Housing Administration)
Insures loans and protect lenders against financial loss.
Full amortized loan
A loan to be completely repaid, principal and interest, by a series of regular equal installment payments.
Real Estate Investment Trust
What is "REIT"?
Department of Housing and Urban Development
What is "HUD"?
Assumable Mortgage
Financing arrangement in which the outstanding mortgage and its terms can be transferred from the current owner to a buyer.
Bequest
The act of giving personal property through the provisions of a will or estate plan.
Bilateral contract
Reciprocal arrangement between two parties where each promises to perform an act in exchange for the other party's act.
Co-ownership
A concept in property law which describes the various ways in which property is owned by more than one person at a time. If more than one person own the same property, they are referred to as co-owners, co-tenants or joint tenants.
Tenancy in Common
When two or more persons are owners of undivided interests in the title to real property.
Cloud on title
Any document, claim, unreleased lien or encumbrance that might invalidate or impair the title to real property or make the title doubtful.
Blockbusting
Panic selling based on fear of the entry of persons of another race, color, religion, or ancestry into the area.
Breach of contract
Failure to comply with a material term or provision of a contract
Constructive notice
A recorded judgement provides...
Real property
Is natural growing vegetation normally considered real or personal property?
No, you can skip that portion of the application
When applying for a real estate loan, by law are you required to disclose your race and marital status?
Correlate the adjusted sales price with comparables
Once the appraiser finish collecting all the data on a property, what is the next step in the appraisal process?
Residential property
Gross leases are most commonly used with...
Price Fixing
Agreement between competing sellers. Illegal