Any lease with a beginning and end date

Tenancy for years / estate for years

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Real estate prep nj

Nj real estate prep

Question	Answer
rights that go along with land to new owner unless stated otherwise	Appurtenances
Rights to minerals under the land	Mineral rights
Right to sell air space over his or her land	Air rights
Adding to the property that increases value	Improvements
Land with no man made improvements	Raw land
The land and the rights that go along with the land	Real estate
Extends from the earths surface to the center of the earth to the air above	Land
Moveable property	Personal property
Limitations put on the use of land by a grantor unless a grantee agrees to take it off it will be there forever	Deed restrictions
If you don't keep building up to code bank can force you to fix it or	Forclose
Property owner offering real estate as collateral for debt	Mortgage
The owner conveys to tenant the right to use his property	Lease
The borrower in mortgage	Mortgagors
The lender in a mortgage	Mortgagee
Rights of water that can be bought or leased from the bureau of marine lands management	Riparian rights
Regulated activities in designated wetlands	The wetlands act of 1970
Water that is Owned by state that is managed by government	Navigable waters
Personal property (water)	Non navigable waters
Legal right that one has to use land of another for a special purpose	Easement
Right to drive in and out	Deed reservation
90% of railroads are	Easements
When continuous action is done	Implied easement
Easement attached to land (real estate)	Easement appertance
Easement attached to a person (individual or LLC)	Easement in gross
Dominate interest right (Person A)	Owner of easement
Survivor interest right (Person B)	Owner of land
Things that affect quality of ownership	Incombrences
An easement where you cannot do an action	Negative easement
And easement where you can do something	Affirmative easement
An easement where someone uses another land for 30 years or more	Prescription
Taking of public property for public use	Condemnation
A map on file at the records office showing boundaries and locations	Plat
When a land owner subdivides his land into lots blocks streets and alleys	Sale by subdivision plat
Gift of real estate to the community	Dedication
And road or parking lot needs to have a	Catch basin to catch rain fall
To get rid of an easement	Termination of easement
One can't have an easement of own property	Merger
What is true of any contract	Anything that is says
When an easement is created for a specific purpose and that purpose is no longer needed	Termination of purpose
Privlage that can be taken back	License
Encroachment can only be figured out with a	Survey
Both ones are equally responsible for the cost of its building	Party wall
Ownership and intest	Estate
An right that one has in property and is less than an estate	Intrest
Having enough quantity to move in for at least the rest of your life (an indefinite period of time)	Freehold estate
To move in for less than a life time / for a fixed period of time	Leasehold estate
Tangible property may be seen or touched (building,tree)	Corporeal property
Property that is intangible (easement)	Incorporeal
Any lease with a beginning and end date	Tenancy for years / estate for years
Beginning date with protected period of time but no end date (monthly to monthly)	Period tendency
No beginning or end date (day to day)	Tenancy at will
Need a court date to get someone out	Tenancy at sufferance
To Have ownership with a deed that was written by attorney (highest quantity of real estate )	Fee simple absolute
Ownership that has consigns that Stays with the house ( example:can't marry)	Fee simple on condition
Contract was broken don't have to go to court	Fee simple determinable
Has the ability to live there as long as long as they are alive	Life tenant
When someone dies the property goes to the children	Reversion
When someone dies the property will go to someone else named	Remainder
When property is left "on the life of another"	Put autre ve
No new dower and curtesy can be created in New Jersey since	May 28th 1980
Wife receives half part of all lands during time of marriage	Dower
Husband receives half part of all lands during time of marriage	Curtesy
If there is no will property will pass to the decendent heirs by the state	Law of descent
Replaced dower and curtesy	Right of possession
Tendency by entirety are	Married
Joint tendency are	Not married
Only your name of the deed (severalty)	Fee simple absolute
Identical rights in married couples with survivorship	Tendency in entirety
Both own their own part with no survivorship	Tendency in common
The business owner owns all business priorities and carries all business using his or her legal name	Sole propertorships
Limited liability companies	LLC
These allow investors to invest in real estate	Real estate investment trusts
Investment to big for 1 company	Joint venture
Developer created non profit organization	Co Op
Voluntary agreement between two or more legally competent parties inforced by the law	Contract
What makes a contract valid	Offer and acceptance , consideration, competent parties(both 18) , reality of consent (both signed and agree) legal object
Contact needs to be in writing (used to protect from fraud and perjury )	Statue of frauds
Time frame contract is inforced	Statue of limitations
Ungrossly unfair or unjust contract to one side	Unconscionable
What contract always needs to be in writing	Listing contract , contracts for sale of business , deed
Contracts where only 1 person could be sued and follows contract (example: deed)	Unilateral
Both parties are making a promise / both sign / both could be sued in contract	Bilateral
A contract that satisfies all legal requirement	Valid contract
A contract that not can be enforced	Unenforceable contract
A contract that puts parties to work	Executory contract
A contract created with words (written or verbal)	Expressed
Contract with actions not words	Implied contracts
The absense of an element in a contract makes it	Voidable
Contracts of sale need ___ day attorney review	3
Contract of sale signed by 1 party	Offer
If an offer is not accepted 100% it is	Terminated
signed by 2 parties	Contract
Person making an offer	Offeror
Person accepting an offer	Offeree
Knowingly and willingly signed contract	Reality of consent
Both parties are wrong (void contract)	Mutual mistake
One person is wrong (voidable)	Unilateral mistake
Unintentional mistake	Misrepresentation
Intentional mistake	Fraud
One party takes atvantage of another	Undue influence
Compelling person by fear	Duress
Contract with legal purpose is	Void
What is property	Survey and boundary lines
Giving rights	Assignor
Receiving rights	Assignee
Written contract support by consideration (money)	Options
In a real estate sales contract the seller is the	Vendor
In a real estate contract the buyer is the	Vendee
The iris rules require all business organizations to report the receipt of more than	$10,000
Deposit apron signing of contract of sale	Ernst money deposit
Signed contract of sale is not valid until after	Attorney 3, day review
Recision of contract	Buyer and seller walk away. Everyone actually contract didn't exist
Compensatory damages	Showing how much was loss (money)
Specific purpose	Judge forcing one side to comply with the contract
Real estate agents can write up contracts for	1 to 4 family dwellings and vacant one family lots involving transactions in which broker has fee or commission leases for residential dwellings of a term of one year or more
Leases with a term of less than a year don't need	Attorney review
Penalties for not complying with attorney review requirements	Jail up to 6 months / fined 1000 / loss of license
Law that tells who works for who	Law of agency
Difference between agent and employee	Agent has fiduciary duties
Buyer to seller contract	Listing contract
Seller to buyer contract	Buyer agency
Landlord to tenant contract	Contract
Tenant to landlord contract	Mgmt
Real estate broker to salesperson contract	Employment contract
Principal to attorney in fact contract	POA
Legal relationship between 2 parties who agrees one party will act on behalf of the other party	Agency
Relationship between agent and broker	Broker is principal salesperson is agent
Agent who acts with limited authority	Special agent
Representing both buyer and seller (disclosed is illegal)	Duel agency
Real estate agents can be liable for treble damages for repeating to a buyer misinformation	Consumer fraud act
5 buisness relationships	Seller's agent. Buyers agent. Disclosed dual agent. Transaction broker. Seller's agent and transaction broker on others.
Principal or grantor gives authority to person called	Attorney In fact
You receive brokers compensation when you	Find a willing and able buyer
Real estate agents can not give legal advice only tell them to consult with an	Attorney
Written agreement with property owner where owner lists his property for sale with the broker	Listing contract
Seller gives listing to multiple brokerages also has right to sell property themselves and pay no brokerage	Open listing
One broker / only the right to sell a property for a specific time but gives owner right to tell property themselves - may not get commission	Exclusive agency listing
Contract which makes the broker the sole and exclusive agent for the seller for a definitive time - definitely get commission	Exclusive right to sell
Owners orally authorizes a broker to sell or rent his property	Oral listing
Owner specifies a net price he wants for his property and any amount over agent keeps for commission / ILLEGAL	Net listing
each broker pools his listings bring them to th attention of other member brokers - within 48 hours	Mls
Only way to get out of putting a listing into MLS is to have the seller sign a	Waiver of broker cooperation
Written instrument which transfers real property from a grantor to grantee	Deed
Deeds can be transferred in what 4 ways	Decent , will, involuntary alienation, voluntary alienation
Deed passed on without will	Intestate
Transfer of deed with will	Testste
Transfer of deed without owners consent	Involentary alienation
Transfer of deed with owners consent	Voluntary alienation
Deed received by will	Divisie
Deed received by laws of decent	Distribute
Debts against property	Leins
Deed where seller takes responsibility for everything that happened while they owned	Bargain and sale deed
Deed where if I open the property I convey it to you	Quit claim deed
Deed with covent of seison	Warranty deed
Recording the deed puts it in the	Register of deeds office
Matching of grantors to grantees	Chain of ownership
Summery or report of findings	Abstract of title
Good title is	Clean
A bad title is	Cloudy
In a promissory note the lender	Obligee
	Obligor
Tangible property that is not real property	Personal property
Limitations on property rights can be	Government (involuntary) or contractual (voluntarily)
Government limitations on property	Police power , eminent domain , taxation,escheat
Limitation on property rights	Taxation
Zoning laws are what form of limitation on property	Police power
If you die with no will your property goes to state is what	Escheat
4 contractual limitations on properties	Restrictions on deed,easements ,leases , mortgage
Easement vs license	Easement can go on forever license can be revoked
Only need both signatures of couple to sell if property is the marital home	Right of possession
Judge forcing someone to do something to prevent breach of contract	Specific performance
Remedy for breach	Compensatory damages ,recession of contract ,specific performance
How can you avoid the three-day attorney review	Have an attorney draw up your contract of sale
Owner gives deed to lender	deed in lieu
Foreclosure without the sale deed in Lou; abandonment	Strict foreclosure
Anytime the net proceeds aren't sufficient funds enough owner still owed on the mortgage	Short sale
Tendency for years were parcel of real property is leased for a long time (they are normally 45 55 70 or 90 years )	Ground leases
Any lease with a start date and end date	Estate for years
Elise were a tenant pays in addition to the fixed-rate all of the property expenses which normally would be paid by owner	Net lease
Tenant only pays rent landlord pays all expenses	Gross lease
Pay a monthly rent but no landlord a percentage of the gross	Percentage lease
Allows landlord to cancel lease if the volume of business falls below a stated fixed minimum	Recapture clause
Give surface lease to company or person that can extract oil and or gas from land	Oil and gas lease
If landlord expenses go up substantially landlord has the right to make tenants expenses go up	Escalator clause
In residential leases you can't ask for more than this much for a security deposit	A month and a half other than the first month
Estimate or opinion of a value of real estate	Appraisal
What did the property sell for	Market price
What should a property sell for	Market value
Putting properties together is called	Assemblage
An exact duplicate of the property with the same materials	Reproduction
A duplicate of the property with new materials	Replacement
Four things that determine the value of a property	Demand, utility, limitation, transferability
The mortgagee or the lender has the right to obtain his or her debt through	Foreclosure
This clause allows a lender to demand immediate payment of the entire loan if the borrower defaults	Acceleration clause
This clause provides the right of the mortgage will come to an end if and when the debt is repaid in full	Defeasance clause
Clause stating that the mortgage your keep the property insured to protect against windstorm fire etc. on an amount at least equal to its value	Insurance clause
A tax paid by the buyer on a property that is more than $1 million	Luxury tax
To pledge property as collateral for maintaining possession of the property	Hypothecate
Lack of honesty and good character	Civil fraud
Law that says if you are convicted of a crime within five years you cannot get a real estate license	License law
Someone taking estate by the court	Administrators
Someone taking a state by will	Executor
Licenses expire	Every 2 years on June 30th
If a broker fires a sales person for a cause the broker must notify the real estate commissioner in writing by how much time	Immediately
When I broke a receives an advance fee for advertising a listed property he must	He must put the money in his client trust account
How long must a broker keep documents	Six years or if a lease was not go through the terminator only six months
If a real estate sales person leaves a brokerage all of the listings do sales person leaves a brokerage all of the listings do it what	Stay with the brokerage
Normally the amount of commission to be paid is decided by	The seller and broker
Does lead paint need to be disclosed to the buyer if yes when	Yes , always
Who can a sales person to receive compensation from	His or her employing broker
Compensation in the event of a certain event	indurance
The brokers desk cost is based upon	Total operating expense of the office divided by the number of sales persons
Who is never a solution to a commission dispute	The real estate commissioner
What Law would a real estate license be violating if they set fix commission rates	Anti-trust laws
When does a judgment become a judgment lien	When the abstract of judgment is recorded
And mortgage loan broker needs what	A real estate license
[T]he fiduciary relation which results from the manifestation of consent by one person to another that the other person shall act in his behalf and is subject to his control; and consent by the other so to act.	agent
An agency relationship based on an express or implied agreement that the agent will act for the principal.	Agency by Agreement/Contract
A confirmation by the principal of an act or contract performed or entered into on his or her behalf by another, who assumed, without authority, to act as his or her agent.	Agency by Ratification
If a principal (NOT THE AGENT) holds out to a third party that another is authorized to act on the principal's behalf, and the third party deals with the other person accordingly	Agency by Estoppel
A written document, usually notarized, authorizing an agent to act for a principal	Power of Attorney
When a principal requests certain services from an agent, the principal has a duty to pay the agent, in a timely manner, for those services rendered	Compensation
Whenever an agent disburses sums of money to fulfill the principal's request or to pay for necessary expenses incurred in the reasonable performance of his or her duties, the principal has the duty to reimburse the agent	Reimbursement
A principal has the duty to cooperate with the agent and to assist the agent in performing his or her duties	Cooperation
A principal whose identity is known to the third party at the time the agent makes a contract for the principal with the third party. For example, I go in and say I am representing my client, Mr. X, on his behalf.	Disclosed Principal
A principal whose identity is not known to the third party, but the third party does know that the agent is representing some principal at the time the agent makes a contract with the third party	Partially Disclosed Principal
When neither the fact of agency nor the identity of the principal is disclosed by an agent to the third party at the time a contract is made, the agent is presumed to be acting on his or her own behalf, and will be liable as a party to the contract.	Undisclosed Principal
and agency can be terminated by which to things	act of the parties or operation of law
an agent is someone employed by a	master
plants that last more than 2 years such as trees and shrubs	perennial plants
perennial plans are considered what property	real property
a contract that gives you the right to buy for a period of time but no obligation to buy is an	option contract
An offer that, by its expressed or implied terms, is to remain open for a certain period of time.	firm offer
An offeree’s new offer that varies the terms of the original offer and that therefore rejects the original offer.	counteroffer
trespassing on the land of another	encroachment
concurrently helf property can be divided among the tenants by	partition
expressed unilateral contract	deed
in a normal listing contract signed by the seller who represents the buyer	the listing broker
type of loan in which the borrower uses the equity of his or her home as collateral	A home equity loan
ownership of real property (land, buildings and fixtures) that is independent of any superior landlord.	Allodial
the owner of the land is and easement is	serviant
the owner of the easemement is	dominante
the governments right to take private property for public use WITH compensation this act is	eminent domain
when a single person owns a complete interest in a property or asset	sole ownership or ownership in severalty or tenancy in severalty
when two or more persons share equal, undivided interests in property.When an asset is owned by spouses, the value of the deceased spouse’s property passes to the surviving spouse with no probate and no tax consequences	joint tenancy
own an undivided interest in property between two or more people., these interests can be owned in different percentages.	tenancy in common
any assets or income obtained during a marriage are not owned solely by either spouse	community property
cant sell without the consent both parties and has survivorship	joint tenancy
undived intrest , can only have 2 owners , owners must be married, ownership cant be conveyed without the consent of both parties	tenancy by entirety
death of a spouse in tenancy in entirety the property goes to	remaining spouce they become tenant in severalty
divorce or separation of spouces in tenancy in entirety they become	tenancy in common
the rules and regulations of someone that acts of behalf of another	fudiciary duties
the greatest interest in a parcel of land that one can possibly own	fee simple absolute
A life estate is an interest in real property, which is held for the duration of the life of a designated person	life estate
easement in can be created in	necessity, reservation, and prescription
every contract of sale must have	offer and acceptance
gives the borrower instant cash flow to finance a project’s immediate needs. Bridge loans are temporary, with a term of one year or so, and are normally obtained while the borrower is waiting for long-term financing to come through	bridge loan
a loan where the owner must list the commercial property as collateral, even though the loan may be used to save it	hard money loan
loan insurance for low income housing	FHA
seller retains title but the buyer has equitable title allowing possession while making payments to the seller under contract	contract for deed sale
a loan where only the interest is paid during the term and the principle is paid at the end of the term	straight loan
mortgages where the interest can be adjusted periodically over time of the term	adjusted-rate mortgage (ARM)
lower payments in the first few years of the term for buyers who expect their incomes to increase in later years	graduated payment mortages (GPM)
a mortgage in which a large portion of the borrowed principal is repaid in a single payment at the end of the loan period.	balloon mortgage
a monetary loan that is repaid in regular payments over a set period of time.	term loan
loan where The debtor pays extra money for insurance, real-estate taxes, or other fees beyond the basic payments - principal and interest.	budget loan
a written notice that a lawsuit has been filed concerning real estate, involving either the title to the property or a claimed ownership interest in it.	lis pendens
a document used in mortgage negotiations to establish facts and financial obligations, such as outstanding amounts due that can affect the settlement of a loan	Estoppel Certificate
a multiple-unit dwelling in which there is separate and distinct ownership of individual units and joint ownership of common areas. NOT LEASESED OWNED	Condominiums
you become a shareholder in a corporation that owns the property. As a shareholder, you are entitled to exclusive use of a housing unit in the property in this	Co-Op
a type of building development and also a regulatory process. As a building development, it is a designed grouping of both varied and compatible land uses, such as housing, recreation, all within one contained development or subdivision.	planned unit development (PUD)
a room or a set of rooms forming a separate residence within a house or block of apartments. (a house divided into and rented out as separate residences)	tenement
the wrongful dispossession (putting out) of a rightful owner or tenant of real property, forcing the party pushed out of the premises to bring a lawsuit to regain possession.	ouster

Created by: Ashleejenae

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