New Jersey Real Estate Flash Cards

Get answers to over 100 State specific and national questions by reviewing our flash cards. Our flash cards will help guide and prepare you to pass the New Jersey real estate exam. The variety of topics covered are

  • 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
    Sea-Lake-Ocean-Pond .
  • 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?
    No
  • 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.
  • How much cash MUST a buyer furnish in addition to a $2,500 deposit if the lending institution grants a 90% loan on an $80,000 property?
    $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?
    No
  • 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?
    No
  • Can a salesperson accept compensation from their sponsoring broker.
    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)
  • A loan to be completely repaid, principal and interest, by a series of regular equal installment payments.
    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
  • When applying for a real estate loan, by law are you required to disclose your race and marital status?
    No, you can skip that portion of the application.
  • Once the appraiser finish collecting all the data on a property, what is the next step in the appraisal process?
    Correlate the adjusted sales price with comparables.
  • What are Gross leases are most commonly used with...
    Residential property
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