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30 Cards in this Set

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What is property?
A thing or right that has a monetary value and is capable of transfer.
What is included in the legal definition of "land"?
Land extends downward to the center of the earth, upward to the sky, includes natural things that are attached, plus mineral and air rights
What is Real Estate?
Includes land and the rights that go with the land such as easements, rents, and profits and all man-made things attached to the land such as buildings, fences, patios, fixtures
What is Personal Property?
Comprises all other things that do not meet the definition of real property
What are appurtenances?
Rights, privileges, and improvements that will pass to the new owner upon conveyance of the land (ex. improvements, air rights, gas, oil, mineral rights and water rights)
What are Improvements?
Additions to land that increase its value or improve its usefulness (ex, buildings, fences, driveways)
What are Mineral Rights?
Rights to all or specific minerals on or under the land
What are Water Rights?
Water is part of real property whether above or below ground.
Who has control over all navigable waters in the US?
Congress. It also has full power to regulate and control building of bridges over waters and dams that would affect them
What are riparian rights?
The right of a landowner to the use of water on or adjacent to his land.
What is littoral land?
Property that borders a large body of water such as a lake, ocean or sea.
How do you know if a waterway is considered navigable?
It is identified as such on the federal survey map
Individual owners' own streams which are nonnavigable are under the jurisdiction of what body?
Division of Water Resources
In NJ who owns all land under navigable waters and all land washed by the mean high water line?
The state, unless the rights to these lands have been sold by the state.
From what body does one purchase or lease riparian rights in NJ?
Bureau of Marine Lands Management, a division of the Dept. of Environmental Protection. If the owner of the land adjoining the water does not purchase the rights the state may sell or lease them after proper notice. A typical lease term is 15 years.
What must a riparian owner do before he can remove soil, or before filling, grading, construction, draining, dredging, or similar activities can take place?
Get a permit from the Commissioner of Environemtnal Protection
If a stream serves as a boundary for two separately held properties, where is the exact boundary?
The centerline of the normal streambed
What is the general rule concerning who owns underground water and how it can be used?
The owner can use the water under his property for use on the land where it has been found, but he can't pipe the water off to other lands
What is accretion?
Gradual additions to land by deposits of sand or soil by bordering waters through natural causes (alluvion or reliction
What is Alluvion?
That increase of soil on a shore or bank of a river as the result of accretion
What is reliction?
Gradual recession of water from the usual watermark. The newly exposed land generally belongs to the party who owned the rights to the water area
What is accession?
Acquisition of property by its joining or union with other property (like accretion)
What is avulsion?
The sudden removal of land of one owner and deposition it on the land of another when a stream changes its channel. If the stream served as the boundary line for adjoining owners, the property line does not change. (This is not true when land is lost to erosion.)
What did the State Supreme Court invoke as the basis for opening up certain privately owned beach-front property to general public access in Matthews v. Bayhead Improvement Association?
The Public Trust Doctrine. The state holds title to waters and other public lands as a trustee for the benfit of the people.
What are 4 characteristics that distinguish personal property from real property?
1. Tangible personal property is called a "chattel" and is financed by way of a "security agreement". (Real property is financed by a mortgage).
2. In the case of a foreclosure, personal property is foreclosed upon with relative ease by canceling the contract and taking back possession of the property. (A foreclosure proceeding on real property is an involved and time-consuming process).
3. The sale of personal property is accomplished with a "bill of sale". (Real property is conveyed by means of a deed or assignment of lease).
4. Tax laws make many important distinctions between real and personal property.
How could a tree become personal property?
If it was cut into logs.
A mobile home remains chattel as long is it is ______. However, it may become a _______, if it is so attached to the land that it becomes part of the land and the owner is not intending to move it.
mobile or movable;
fixture
NJ Motor Vehicle Licensing Law has been ameded to provide that licensed real estate brokers may now legally broker the _______ of mobile and manufactured homes. They are not permitted to sell _______ mobile homes.
resale;
new
What are perennial plantings? Are they real or personal property?
Trees, shrubs, bushes, etc. which are of natural growth and do not require annual cultivation and planting; they are real property
The harvest of crops such as grain, corn, etc. that are planted and harvested annually, and are produced by man's labor are considered to be ________ property.
Personal