State Exam Ch 5, 6, 7, 8

Front 1

Chapter 5

Accretion

Back 1

An increase of land, caused by the gradual depositing of solid material, by the action of water.

Front 2

Air rights

Back 2

The right to use, the open space above a property, generally allowing the surface, to be used for another purpose

Front 3

Avulsion

Back 3

Sudden Change, of the course, of a stream

Front 4

Alluvion

Back 4

Solid material, deposited by, a body of water

Front 5

Bundle of Rights

Back 5

Possession.

Enjoyment.

Exclusion.

The right to use property in a legal manner.

The right of disposition. or alienation.

Front 6

Devise

Back 6

To leave real estate, to someone, by will

Front 7

Corporeal

Back 7

Tangible personal property

Front 8

Chattels

Back 8

Tangible personal property (movable) examples: Furniture, clothing, refrigerators

Front 9

Emblements

Back 9

Annual crops, such as wheat, & corn

Front 10

Erosion

Back 10

The wearing away of land, due to wind, or water.

Front 11

Fixture

Back 11

Item of personal property, converted to real estate, by attaching it to the real estate, with the intention, that it becomes permanently apart of the real estate.

Front 12

Hereditament

Back 12

Anything, that can be inherited.

Front 13

Improvement

Back 13

Manufactured attachments, to land, to enhance the value of the property, examples, building, fences, driveways, curves, sidewalks, or sewers.

Front 14

Incorporeal

Back 14

Intangible. Example:, views or rights

Front 15

Land (earth)

Back 15

The Earth's surface, extending downwards to the Center of the Earth, and upward infinitely into space

Front 16

Littoral Rights

Back 16

Landowners claim, to use water, in large navigable lakes, and oceans adjacent to, his or her property. The ownership rights, to land bordering these bodies, of waters up to, the Mean high-water Mark.

Front 17

Mineral rights

Back 17

Subsurface rights, which can be sold, or retained, separately.

Front 18

Parcel

Back 18

A specific tract of land, or real estate.

Front 19

Personal property, personalty

Back 19

Everything, that is not real property.

Front 20

Real estate

Back 20

A portion of the Earth's surface, extended downward to the Center of the Earth, and upward infinitely, into space including all things permanently attached, thereto. whether by nature or by a person.

Front 21

Real Property Realty

Back 21

Synonyms, for Real Estate

Front 22

Reliction

Back 22

Creation of dry land, by the gradual withdrawal of water.

Front 23

Riparian rights

Back 23

And owners rights, in land that borders on, or includes, a stream, River, or, in New Jersey, any tidal waters. These rights include, access to, and use of the water.

Front 24

Surface rights.

Back 24

Ownership rights, in a parcel of real estate, limited to, surface of the property and do not include the air above it for the minerals below the surface.

Front 25

Trade fixture

Back 25

Item of personal property, attached to real estate, that is owned by a tenant, and use in a business, legally removable by the tenant.

Front 26

One would have to, look at a federal map, to identify?

Back 26

Navigable waterways.

Front 27

Molly, owns land along the Passaic River. As a result Molly may possess certain?

Back 27

riparian rights

Front 28

Without consulting his landlord Steven Jackson installs awnings, over the buildings front window.

Back 28

The awnings have now become part of the real estate, and cannot be removed.

Front 29

Personal property, differs from real property, because of its?

Back 29

Mobility

Front 30

A functioning furnace, in the basement of a home, would be considered a?

Back 30

Fixture

Front 31

After a railroad sells, air rights for construction, of a building over its tracks, trains usually can?

Back 31

Operate normally

Front 32

The rights of the owner, of property along the ocean, are known as?

Back 32

Littoral rights. Landowners claim, to use water, in large navigable lakes, and oceans adjacent to, his or her property. The ownership rights, to land bordering these bodies of waters up to, the Mean high-water Mark.

Front 33

Chapter 6

Construction lien

Back 33

Place against Real Estate by workers, who have contributed labor or material, to a specific property, but have not been paid.

Front 34

Convey

Back 34

Transfer, Buy sale, or gift

Front 35

Curtesy

Back 35

Husbands right, to wifes property.

Front 36

Dominant estate

Back 36

Property, that benefits, from an easement.

Front 37

Dower

Back 37

Wifes rights, to husbands property.

Front 38

Easement

Back 38

a right, to use another's land, for a specific purpose.

Front 39

Easement, appurtenant

Back 39

Rights, that runs with, the land. There must, be two adjacent tracks of land, owned by different parties.

Front 40

Easement by prescription

Back 40

When someone, has to use another person's land or property, for a certain period of time, as prescribed by state law.

Front 41

Easement in Gross

Back 41

The right, to use the land of another. Right used for utility lines, and Power Company's.

Front 42

Encroachment

Back 42

Extension of an improvement, beyond the land, of an owner. Illegal intruding, on land, of an adjoining owner.

Front 43

Encumbrance

Back 43

A claim, lien, charge, or liability attached to, and binding real property. It affects or limits, its use, values, or title.

Encumbrances may be divided into, two general classifications: Liens, or physical, or usage, encumbrances.

Front 44

Estate, in land

Back 44

The amount, and kind of ownership interest, that a person has, in real property.

Front 45

Fee determinable

Back 45

Ownership "as long as". An estate in land, that can terminate, on the occurrence, or non-occurrence, of a specific event. Also known, as conditional fee, or defeasible fee.

Front 46

Defeasible

Back 46

Description of a right or interest that is capable of being terminated, or which will terminate upon occurrence of a condition subsequent.

Front 47

General lien

Back 47

Financial claim, placed against all property owned, by the debtor.

Front 48

Freehold estate

Back 48

Ownership, lasting indefinitely. Ownership is for, and indeterminable length of time.

Front 49

Involuntary lien

Back 49

Financial claims, against the property, that is imposed without the owner's consent. Example, property taxes.

Front 50

License

Back 50

Temporary, permission

Front 51

Life estate

Back 51

Complete ownership, until someone's death. Limited to the life, of a specific person.

Front 52

Lis pendens (be aware)

Back 52

Notice, that a lien may be filed.

Front 53

Mortgage lien

Back 53

Voluntary lien, on real estate, given to a lender, by a borrower, as security, for a mortgage loan.

Front 54

Party wall

Back 54

A building wall, that is located on, or, at a boundary line, between two adjoining Parcels of land, and is used by, the owners of both properties.

Front 55

Lien

Back 55

A financial claim, against property, that provides security for a debt, or obligation, of the property owner.

Front 56

Leasehold estate

Back 56

Tenant's Right to use, and possess, real estate, for a limited time.

Front 57

Remainderman

Back 57

Third party, who will, game eventual ownership, after the death of a life tenant.

Front 58

Servient estate

Back 58

The track, over which an easement, runs.

Front 59

Specific lien

Back 59

Claim against, one parcel of real estate.

Front 60

Tacking

Back 60

Successive periods of continuous, uninterrupted occupation, by different parties, maybe combine, to reach the prescriptive period.

Front 61

Landlocked

Back 61

Shut in completely, or almost completely, by land

Front 62

At the end of a life estate

Back 62

Ownership can go back, to the original owner, (reverter) or, pass to a designated party (remainder)

Front 63

Voluntary lien

Back 63

Mortgage or equity loan, for example

Front 64

Reversionary interest

Back 64

And owner's, right to regain possession of leased property, upon termination, of the lease agreement.

Front 65

An easement, may be terminated when?

Back 65

1. The purpose for the easement no longer exist.

2. The owner of the dominant or subservient estate becomes the owner of both, (this is called a merger)

3. By release of the right of easement, the owner of the servient tenement.

4. Abandonment of the easement.

Front 66

For Real Estate owned, during their marriage, a surviving spouse before May 28th, 1980, a surviving spouse has rights of dower or curtesy.

Back 66

Any documents relating to, the property, should be sign, by both spouses, no matter which one is the owner

Front 67

Kramer devises a parcel of land to Quincy University, so long as it is, used for an experimental farm. 2 years after Kramers death, the university begins, to build a cafeteria, on the land. In this CASE?

Back 67

Kramer's heirs, automatically become the owners.

Front 68

In certain circumstances, the owner of Lockland properties, can go to court, and request a permanent right, to go over Neighbors land, for access, in the form of an?

Back 68

Easement by necessity. Allowed by law.

Ingress = Enter

Egress = Exit

Front 69

Mary buys a house, and automatically receives, the same rights, the seller had, to use a party wall. Mary owns an?

Back 69

Easement

Front 70

The right to run a power line, across the back of someone's property, is an example of?

Back 70

Easement in gross

Front 71

The most complete ownership, recognized by law, is?

Back 71

Fee Simple estate

Front 72

Ingress, Entrance.

Back 72

Egress, Exit.

Front 73

A license, is an example of a?

Back 73

Encumbrance. (limited view)

Front 74

Which of the following, correctly defines, lis pendens?

Back 74

A recorded notice, of possible legal action, against a property.

Front 75

To acquire an easement, in New Jersey, a person must, use the land owned, by another person?

Back 75

Openly and without, the owner's permission.

Front 76

A license, differs from in Easement, in that it?

A. Runs with the land.

B. Requires a court order.

C. May be withdrawn.

D. Allows use, of someone else's land.

Back 76

Answer.

C. Maybe withdrawn

Front 77

Devisee

Back 77

Person named in a will, to inherit real estate

Front 78

General partnership

Back 78

Group with each partner, completely liable.

Front 79

Chapter 7

Corporation

Back 79

Legal entity, considered to be, an artificial person. Rights of doing business, are essentially, the same as, those, of an individual.

Front 80

Which of the following, is considered, a lien on real estate?

A. An easement running with the land.

B. An unpaid mortgage loan.

C. Public footpath.

D. A license to erect a billboard.

Back 80

Answer.

B. An unpaid mortgage loan.

Front 81

Joint tenancy

Back 81

Nonmarried persons, with the right of survivorship. Upon the death of a joint tenant, his or her interest, passed to the surviving joint tenant, or tenant.

Front 82

Partition

Back 82

Court-ordered, sale and Division.

Front 83

Right of survivorship

Back 83

Process, by which, co-owner automatically receives, share of co-owner who died.

Front 84

Sole proprietorship

Back 84

Business owned, by one person, or entity.

Front 85

Tenancy, by the entirety

Back 85

Special ownership, by a married couple. Upon the death of one spouse, the Survivor become the owner, of the property.

Front 86

Tenancy by severalty

Back 86

ownership of property, by one person only.

Front 87

Partnership

Back 87

Co-owners, joined together, to carry on a business.

Front 88

Limited partner

Back 88

Group, with only General partners, fully liable. Limited partners, can be held liable, for the business losses, only to the extent of, his or her investment.

Front 89

Title

Back 89

Evidence of Ownership.

(FBA BELT)

Front 90

Common elements

Back 90

Parts of a property, that are necessary to the existence, Maintenance, and safety of a condominium. Normally used by all of the Condominiums residents. Such as stairwells, roofs, elevators, swimming pools, foyers.

Front 91

Condominium

Back 91

Absolute ownership, of an apartment or unit.

Front 92

Cooperative

Back 92

Apartment, who's buyers, receives a proprietary lease, and stocks Incorporation.

Front 93

Homeowners association

Back 93

Nonprofit group, of homeowners, in a condominium, Cooperative, or, PUD, that administers, common elements, and enforces, covenants, conditions, and restrictions.

Front 94

P. U. D.

Back 94

Planned, unit development

Front 95

Conversion

Back 95

Apartment house, change to, condos

Front 96

Board of directors

Back 96

Group elected, to manage, a cooperative.

Front 97

Horizontal properties Act

Back 97

Law regulating, the creation of Condominiums

Front 98

Reserves

Back 98

Money set aside, for future repairs.

Front 99

Townhouse

Back 99

Architectural term.

Front 100

Timeshare

Back 100

Ownership, for part of, a year

Front 101

Upon the death, of a tenant-in-common. (T. I. C.)

Back 101

The interest, passes, to his, or her, heirs or devisees.

Front 102

With both, joint tenants, and tenancy by the entirety?

Back 102

The Survivor, becomes complete owner. Right of survivorship.

Front 103

When two, or more people, own property, they do so, as tenants in common.

Back 103

In a tenancy in common, each owner, has an undivided interest, in the whole property.

Front 104

Proprietary lease

Back 104

A Co-op owners, rights to an apartment.

Front 105

Tea and Joe, own an apartment building, as Joint tenants. If Tea sells, his interest to Clint?

Back 105

Clint and Joe, become tenants in common.

Front 106

Sandy and Neva, bought a store together, as joint tenants. Neva dies, leaving everything she owns to her daughter. Sandy, now owns the store?

Back 106

In severalty.

Front 107

The four unities, required, to create a joint tenancy are?

Back 107

1. Time

2. Title

3. Interest

4. Possession

Front 108

An artificial person, created by legal means, is known as a?

Back 108

Corporation

Front 109

The owner, of a Cooperative apartment, receives?

Back 109

Shares, in a corporation

Front 110

The right to reject, prospective new owners, is held by, the board of directors, of a?

Back 110

Cooperative

Front 111

The term CC&R in refers to?

Back 111

Covenants, conditions and restrictions.

Front 112

Rita, and her friend Larry, want to buy a house together, and ensure that, if one dies, the other inherits automatically. They should, take the title as?

Back 112

Joint tenants.

Front 113

Stock, in a Cooperative apartment, is usually considered?

Back 113

Personal property

Front 114

Entity

Back 114

Independence or separate, self-contained

Front 115

Severalty

Back 115

Sole, separate, or exclusive possession

Front 116

Distinguishing characteristics, of Tenancy by the Entirety are?

Back 116

1. The owner's, must be husband & Wife when they receive the property.

2. The owners, have right of survivorship.

3. There is no right to Partition.

Front 117

Business organizations, may be categorized as?

Back 117

Partnerships, or corporations

Front 118

Partnership

Back 118

Two or more people, carry on a business as co-owners, and share in the business, profits and losses.

Front 119

When a couple gets divorced?

Back 119

Tenancy by entirety, is broken, and they become, tenants in common.

Front 120

Long-term stability, of Residence, is most characteristic of?

Back 120

A corporation.

Front 121

Partnerships, are classified as?

Back 121

General, and limited

Front 122

Real Estate Investment Trust (REIT)

Back 122

Organization, that is useful, for taking advantage, of certain tax benefits.

Front 123

A landlord, who desires, to convert a rental apartment building, into a condominium, must?

Back 123

Obtain approval, of the plans conversion, by the state of New Jersey, at least, three years, and two months, before, the conversion, may start.

Front 124

A condominium, is usually, managed by?

Back 124

Elected, Board of managers. A board often hires a Professional Management team, with more than 25 units.

Front 125

Assessed Value

Back 125

Value used, for tax purposes

Front 126

Assessment roll

Back 126

List of all taxable property

Front 127

Chapter 8

Ad Valorem Tax

Back 127

Tax set according to value.

Front 128

Joint venture

Back 128

The joining of two or more people, who conduct, a specific, business Enterprise. Joint venues, lasts for a limited period, and do not establish, a continuing relationship.

Front 129

Mill

Back 129

One - thousandth, of a dollar.

Front 130

Redemption Period

Back 130

The time, in which, a foreclosed owner, can we gain property.

Front 131

Tax foreclosure

Back 131

Seizing of property, for unpaid taxes.

Front 132

Tax Lein,

Back 132

Municipality's, Financial claim, against Real Property

Front 133

Tax sale

Back 133

Collection, of overdue, taxes, through public auction, of property.

Front 134

The figure, 360 Mills, is equal to?

Back 134

$0.36

Front 135

Rate able.

Back 135

A taxable property.

Front 136

Special assessment

Back 136

A tax, imposed against, only those specific Parcels, of real estate, that benefit from public Improvement, like a street, or sewer.

Front 137

Real estate, is evaluated, for property taxes, by, an?

Back 137

Assessor.

Front 138

Taxes, to pay for, New Street lamps, in the area, would take the form, of?

Back 138

A special assessment

Front 139

The chance, to take, at least $250,000, profit free of federal tax, on the sale of, ones home, is available, to any seller who?

Back 139

Owned, and occupied the home, for two of the five years, prior to the sale.

Front 140

During the statutory, of redemption, New Jersey property soul, for delinquent taxes, may be?

Back 140

Redeemed by, payment of, back taxes, penalties, and interest.

Front 141

What is, the Federal capital gains tax Exclusion, available to homeowners, who file their, income taxes, singly?

Back 141

$250,000

Front 142

For purposes of determining, capital gains tax liability, all of the following, factors, are relevant considerations, except?

A. The marital status, or filing status of the taxpayer.

B. The Profit, realized on the sale of the home.

C. How long the taxpayer, has lived in the home.

D. Whether or not, the taxpayer, is over 55 years old.

Back 142

Answer. Whether or not, the taxpayer, is over 55 years old.

Front 143

Some exemptions, from real estate taxes, may be granted, to certain?

A. Veterans.

B. Senior citizens.

C. Religious Organizations

D. All of the above.

Back 143

Answer. All of the above.