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24 Cards in this Set

  • Front
  • Back
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
Attorney General's Memorandum
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
Attorney Review
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
Bureau Of Subdivded Land Sales Control
Court appointed custodianwho holds the property for the court pending final disposition of the matter before the court
Acquisition of property by its joining or union with other property
Gradual additions to land BY DEPOSITS OF SAND OR SOIL BY BORdering watres throug natural causes
That increase of soil on a shore or bank of a river as the result of accretion
The sudden removal of land of one owner and depositing ot on the land of another when a steam changes its channel
that which has been added to a property which becomes an inherent part of the property and will pass with it when conveyed
Personal Proerty which is tangible and moveable
Personal Property Mortgage
Chattel Mortgage
Any property real or personal tangible or intangible that may be inherited
Trees or crops that are cultivated annually; the rights of a tenant to harvest the annual crop even after his tenency is over
Transferring of property from one person to another
An estate in property for an indefinite and uertain time
Freehold Estate
An estate or right in real property that involves possession but not ownership
Leasehold Estate
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
Life Estate
The holder or grantee of a life estate
Life Tenant
1. Method of Attachment
2. Adaptation to property
3. Relationship to parties
4. Intention
Fixture Test
+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
Remainder Estate
one whom an estate vests after termination of a prior estate
The residue of an estate left to the grantor or his heirs after the temination of all prior estates and interests
the right of a land owner ti the use of water on or adjacent to his land
Riparian Rights
owner has the greatest power over the title which it is possible to have
Fee Simple