National Real Estate Flash Cards

Our Flash Cards will help you prepare to ace the New York State Real Estate Exam. Study a variety of 100 key questions and answers, and quickly memorize terms, phrases, and definitions by simply clicking on a flash card to retrieve the answers to state specific questions.

A legal term denoting the attachment of a right or property to a more worthy principal.

Appurtenance

Is a furnace or air conditioning unit an example of Appurtenance?

Yes

Prescription

The method of acquiring another’s real property by continued and regular use without permission of the property owner for a period of years.

Developments of land or structures on property that do more than merely replace, repair or restore the original condition.

Improvement

Land plus anything permanently fixed to it, including buildings, sheds and other items attached to the structure.

Real estate

Type of development right in real estate, referring to the empty space above a property.

Air rights

Rights to all or specific minerals on or under the land.

Mineral rights

Pertain to the rights to use adjacent bodies of water.

Water rights

If you purchase land or property on a stream, then you have rights to the stream known as?

Riparian rights

Littoral rights

Refers to rights concerning properties that abut an ocean, sea or lake, rather than a river or stream.

SLOP

Refers to rights concerning properties that abut an ocean, sea or lake, rather than a river or stream.

Navigable waters

Waters that provide a channel for commerce and transportation of people and goods.

Accretion

An increase in land that results from the deposit of soil by a river or ocean.

Acquiring property that involves the addition of value to property through labor or the addition of new materials.

Accession

Alluvion

The gradual increase of the earth on the shore of an ocean or stream bank resulting from the soil deposited by the action of water.

Reliction

Gradual change of water line on real property which gives the owner more dry land.

Avulsion

A sudden loss or addition to land, which results from the action of water.

Process of eroding or being eroded by wind, water, or other natural agents.

Erosion

DEP

Department of Environmental Protection.

Any property that is attached directly to land, as well as the land itself.

Real property

Personal property

Personal property consists of every kind of property that is not real property and would include most man-made property, money, and movable goods or chattels.

Tangible property

Anything which can be touched, and includes both real property and personal property.

Security agreement

Contract that governs the relationship between the parties to a kind of financial transaction known as a secured transaction.

Chattel mortgage

Loan arrangement in which an item of movable personal property is used as security for the loan. A chattel mortgage is a loan that is secured by chattel rather than by real property.

Is a barn considered chattel?

A valid bill of sale must contain.

The seller’s signature

Annual crops cultivated by a tenant which are treated as the tenant's property rather than the landowner's.

Emblements

Set of legal rights afforded to the real estate title holder, can include the right of possession, control, exclusion, enjoyment, and disposition.

Bundle Of Rights

The capacity of the states to regulate behavior and enforce order within their territory for the betterment of the health, safety, morals, and general welfare of their inhabitants.

Police power

The right of a government or its agent to expropriate private property for public use, with payment of compensation.

Eminent domain

The term used to describe the formal act of the exercise of the power of eminent domain to transfer title to the property from its private owner to the government.

Condemnation

A tax assessed on real estate by the local government. The tax is usually based on the value of the property.

Property tax

Common law doctrine which transfers the property of a person who dies without heirs to the crown or state.

Escheat

A private limitation in a deed, placed by a grantor limiting the use of land by future owners.

Deed restrictions

Deed restrictions could only be established by the “Grantor”. (T/F)

TRUE

A right, privilege or interest which one party has in the land of another.

Easements

What are Gross leases are most commonly used with?

Residential property

Contractual arrangement calling for the lessee (user) to pay the lessor (owner) for use of an asset.

Lease

A debt instrument, secured by the collateral of specified real estate property, that the borrower is obliged to pay back with a predetermined set of payments.

Mortgage

Voluntary lien

A type of lien that exists because of an action taken by a debtor. This is the opposite of an involuntary lien that occurs by law.

A clause in the mortgage that allows the lender to demands loan repayment if a borrower sells the property.

Alienation

When is a person's real property transferred by devise?

When a person dies testate.

When is a person's real property transferred by devise?

$5,500

John is a broker and he accepts a $4,000 depost. What should he do with it?

Place it in his escrow account immediately

The type of mortgage loan that has an interest rate that may increase or decrease at different times in accordance to an economic indicator.

ARM (Adjustable Rate Mortage)

An intangible right, which is not visible but is derived from real or Personal Property.

Incorporeal hereditament

The act of transferring an ownership interest in real property from one party to another.

Convey

Exclusive right to enjoy the possession and use of a parcel of land or other asset for an indefinite period.

Freehold estate

Highest form of legal estate in freehold land denoting complete ownership.

Fee Simple

A clause in the mortgage that allows the lender to demands loan repayment if a borrower sells the property.

Alienation

Which interests in property is held by a person who is granted a lifetime use of a property that will be transferred to a third party upon the death of the lifetime user?

A life estate

What type deed provides the most protection for the grantee?

General Warranty Deed

The owner of a life estate is called.

Life tenant

A common law that entitles a widow to a portion of her husband's estate in absence of a will.

Dower

Common law right of a husband to the estate and property of his deceased wife.

Curtesy

The person who receives the life estate after the passing of the life tenant is called the...

Remainderman or reversioner

Future interest in real property.

Future estate

An estate which is not full ownership and is sometimes referred to as non-freehold is called...

A leasehold estate

A summary of the New Jersey Law Against Discrimination.

Attorney General’s Memorandum

Describe Backup offer(s)

An additional offer on a home for sale where the sellers already accepted an offer.

A home sold for $400,000. The Broker received $32,000. What rate of Commission did this broker charge?

8.00%

Define Principal associate broker

Officer, owner, member, or manager of the company.

Define Non-principal broker

Neither an officer, member, owner, or manager of the company.

The illegal act of a broker combining clients' funds with personal funds.

Commingling

A passageway or street with only one outlet.

Cul-de-sac

An agent who represents both buyer and seller in the same transaction.

Dual agent

Can a broker disburse trust funds with written consent of the buyer only to pay for a termite inspection?

Must a licensee disclose their license status when advertising their own property?

Yes

When does a broker need to sign a release form requested by the salesperson?

Immediately

Blind advertising

A type of advertisement that does not include the identity of the individual who placed the ad.

Can a broker deposit security deposits and earnset money into an interest bearing trust account?

Yes

A salesperson can be licensed under more than one broker? (T/F)

FALSE

Designated agency is a concept designed to enable the buyer who is represented by a buyer agent, and the seller who is represented by a seller agent in the same brokerage?

Designated agency

On a closing statement, would a transfer tax be a debit to the seller.

Yes

Can a unlicensed assistant make a listing presentation?

Yes

When salesperson Henry Forbes left 123 Realty and went to work with ABC REALTORS, What happened to his listings?

Remained with 123 Realty

A listing whereby an owner lists the property for sale with a number of brokers.

Open listing

John Banks gave Star Realty an exclusive agency listing on her property. If he sells the property himself without involving Star Realty, he will owe Star Realty how much?

No commission

Describe fiduciary

The relationship between an agent and his or her client.

What kind of single-family residences would get the MOST accurate appraisal by applying the reproduction cost approach to value?

An historic property

A business property is valued at $30,000. To earn 10% on the total investment, the property should return a monthly income of...

$250

Insures loans and protect lenders against financial loss.

FHA (Federal Housing Administration)

Insures loans and protect lenders against financial loss.

Fully amortized loan

What is REIT?

Real Estate Investment Trust

What is HUD?

Department of Housing and Urban Development

Assumable Mortgage

Financing arrangement in which the outstanding mortgage and its terms can be transferred from the current owner to a buyer.

Bequest

The act of giving personal property through the provisions of a will or estate plan.

Bilateral contract

Reciprocal arrangement between two parties where each promises to perform an act in exchange for the other party’s act.

Co-ownership

A concept in property law which describes the various ways in which property is owned by more than one person at a time. If more than one person own the same property, they are referred to as co-owners, co-tenants or joint tenants.

Tenancy in common

When two or more persons are owners of undivided interests in the title to real property.

Cloud on title

Any document, claim, unreleased lien or encumbrance that might invalidate or impair the title to real property or make the title doubtful.

Blockbusting

Panic selling based on fear of the entry of persons of another race, color, religion, or ancestry into the area.

Breach of contract

Failure to comply with a material term or provision of a contract.

A recorded judgment provides

Constructive notice

Is natural growing vegetation normally considered real or personal property?

Real property