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24 Cards in this Set
- Front
- Back
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A summary of the NJ Law Against Discrimination. REC requires that every licensed salesperson/broker to give a copy of the memorandum when listing a property
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Attorney General's Memorandum
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A clause that must appear in all prchase and sale agreements and all leases prepares by real wstate licensees allowing buyers and sellers a period of 3 days to consult and attorney who can review and cancel the contract ro lease
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Attorney Review
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Bureau within the NJREC that administers the Real Estate Full Disclosures Act. The act is intended to discourage fraud and misrepresentation in the sales of properties located in otehr states
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Bureau Of Subdivded Land Sales Control
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Court appointed custodianwho holds the property for the court pending final disposition of the matter before the court
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Reciever
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Acquisition of property by its joining or union with other property
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Accesion
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Gradual additions to land BY DEPOSITS OF SAND OR SOIL BY BORdering watres throug natural causes
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Accretion
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That increase of soil on a shore or bank of a river as the result of accretion
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Alluvion
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The sudden removal of land of one owner and depositing ot on the land of another when a steam changes its channel
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Avulsion
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that which has been added to a property which becomes an inherent part of the property and will pass with it when conveyed
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Appurtenance
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Personal Proerty which is tangible and moveable
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Chattel
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Personal Property Mortgage
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Chattel Mortgage
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Any property real or personal tangible or intangible that may be inherited
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herediments
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Trees or crops that are cultivated annually; the rights of a tenant to harvest the annual crop even after his tenency is over
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Emblement
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Transferring of property from one person to another
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Alienation
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An estate in property for an indefinite and uertain time
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Freehold Estate
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An estate or right in real property that involves possession but not ownership
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Leasehold Estate
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estate or interest in real property held for the duration of the life of a certain person - Upon the expiation of that life the etate will automatically be vested in a remainderman or reversioner
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Life Estate
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The holder or grantee of a life estate
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Life Tenant
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1. Method of Attachment
2. Adaptation to property 3. Relationship to parties 4. Intention |
Fixture Test
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+estate created by a single gramt simultaneously with another which vests with a third party upon termination of the prior estate - such as life estate
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Remainder Estate
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one whom an estate vests after termination of a prior estate
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Remainderman
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The residue of an estate left to the grantor or his heirs after the temination of all prior estates and interests
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Reversion
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the right of a land owner ti the use of water on or adjacent to his land
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Riparian Rights
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owner has the greatest power over the title which it is possible to have
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Fee Simple
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