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Study sets matching "nj real estate chapter 3"

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Study sets matching "nj real estate chapter 3"

35 terms
NJ Real Estate Chapter 3
Agent
Antitrust Laws
Attorney-in-fact
Broker
one authorized to act for another in some affairs or bussiness
regulations prohibiting price-fixing
person authorized to act under a power of attorney
One authorized to act for another in real estate transactions
Agent
one authorized to act for another in some affairs or bussiness
Antitrust Laws
regulations prohibiting price-fixing
30 terms
NJ Real Estate - Chapter 3
Do you need a license as a property ow…
Do you need a license to sell property?
How many members are on the Real estat…
What is the duration of the RE Commiss…
No
Yes
8 total, 5 RE brokers, 2 from the general public, 1 from a de…
3 years, except for the gov. member
Do you need a license as a property ow…
No
Do you need a license to sell property?
Yes
47 terms
NJ Real Estate Broker Chapter 3
Apprenticeship
Associate Broker
Attorney Generals Memorandum
Attorney Review
Former term that used to describe that broker applicants must…
A broker who is not responsible for any offices but is licens…
A summary of New Jersey laws against discrimination. Copy mus…
a period of 3 days that must appear in purchase and sale agre…
Apprenticeship
Former term that used to describe that broker applicants must…
Associate Broker
A broker who is not responsible for any offices but is licens…
48 terms
NJ Real Estate Chapter 3 - Agency, Brokerage and Ethical Considerations
agent
antitrust laws
attorney-in-fact
broker
one authorized to act for another
regulations prohibiting price-fixxing
person authorized to act under a power of attorney
one authorized to act for another in real estate transactions
agent
one authorized to act for another
antitrust laws
regulations prohibiting price-fixxing
44 terms
NJ Real Estate Ch. 3
Agent
Antitrust Law
Attorney-in-fact
Broker
one authorized to act for another
regulations prohibiting price-fixing
person authorized to act under a power of attorney
one authorized to act for another in real estate transactions
Agent
one authorized to act for another
Antitrust Law
regulations prohibiting price-fixing
22 terms
Chapter 3 outlined PRINCIPLES & PRACTICES of NJ REAL ESTATE
Attorney General's Memorandum
Attorney Review
Broker-Salesperson
Bureau of Sub-Divided Land Sales Contr…
A summary of the NJ Law Against Discrimination (NJ LAD). Comm…
In NJ, a clause that must appear in ALL purchase and sale agr…
A broker who operated under the supervision of a licensed rea…
A bureau within the NJ Real Estate Commission that administer…
Attorney General's Memorandum
A summary of the NJ Law Against Discrimination (NJ LAD). Comm…
Attorney Review
In NJ, a clause that must appear in ALL purchase and sale agr…
302 terms
NJ Real Estate Exam
Branch Office
commingling
duplicate original
probation
broker's additional place of business
mixing broker's money with that of others
copy of a real estate contract with original signatures
least severe discipline by the real estate commission
Branch Office
broker's additional place of business
commingling
mixing broker's money with that of others
44 terms
NJ Real Estate CH:3 NJ License Laws
Apprenticeship
Associate Broker
Attorney General's Memorandum
Attorney Review Clause
Formerly, the term used to describe the requirement that brok…
A real estate person holding a broker license that chooses to…
A summary of the New Jersey Law Against Discrimination. Commi…
All licensee-prepared contracts of sale and lease with a term…
Apprenticeship
Formerly, the term used to describe the requirement that brok…
Associate Broker
A real estate person holding a broker license that chooses to…
29 terms
NJ Real Estate License - Chapter 5
Bundle of Rights
Devise
Land
Parcel
Real Property Ownership... Has the rights of:... Possession... Use... Enj…
Leave by will
Surface of the earth including anything created by nature. in…
Specific Tract of Land
Bundle of Rights
Real Property Ownership... Has the rights of:... Possession... Use... Enj…
Devise
Leave by will
20 terms
NJ Real Estate Appraising
Appraisal
Value
Value most commonly sought
Market Value
An estimate or opinion of value of an adequately described pr…
The worth of an item in money or goods at a certain time.
Market Value or Probable Sale Price
The most probable price a ready, willing and able buyer, not…
Appraisal
An estimate or opinion of value of an adequately described pr…
Value
The worth of an item in money or goods at a certain time.
42 terms
nj real estate chapter 4
Acquisition of property by its joining…
The rights vested by a grant of an est…
That which has been added to a propert…
A written instrument which passes titl…
Accession
Air Rights
Appurtenance
Bill of Sale
Acquisition of property by its joining…
Accession
The rights vested by a grant of an est…
Air Rights
30 terms
NJ Real Estate Chapter 2
Branch office
Commingling
Duplicate original
Escrow account
broker's additional place of business
mixing broker's money with that of others
copy of a real estate contract with original signatures
place for money belonging to clients and customers
Branch office
broker's additional place of business
Commingling
mixing broker's money with that of others
35 terms
NJ real estate chapter 12
Actual eviction
Assignment
Certified Property Manager
Constructive eviction
suit for possession: legal removal of a tenant
transfer of primary responsibility for a lease to another party
designation by the institute of Real Estate Management
tenant is forced to move because apartment become uninhabitable
Actual eviction
suit for possession: legal removal of a tenant
Assignment
transfer of primary responsibility for a lease to another party
53 terms
NJ Real Estate Broker Chapter 4
Accession
Accretion
Air Rights
Alluvion
Process to acquire land by accretion
Creation or gaining of land through alluvion or reliction
Lease or sell rights to space over the land. Government has r…
The increase of soil on a shore or bank of a river as a resul…
Accession
Process to acquire land by accretion
Accretion
Creation or gaining of land through alluvion or reliction
22 terms
Chapter 3 outlined PRINCIPLES & PRACTICES of NJ REAL ESTATE
Attorney General's Memorandum
Attorney Review
Broker-Salesperson
Bureau of Sub-Divided Land Sales Contr…
A summary of the NJ Law Against Discrimination (NJ LAD). Comm…
In NJ, a clause that must appear in ALL purchase and sale agr…
A broker who operated under the supervision of a licensed rea…
A bureau within the NJ Real Estate Commission that administer…
Attorney General's Memorandum
A summary of the NJ Law Against Discrimination (NJ LAD). Comm…
Attorney Review
In NJ, a clause that must appear in ALL purchase and sale agr…
42 terms
Real Estate NJ - Chapter 4
Accession
Air Rights
Appurtenance
Bill of Sale
Acquisition of property by its joining or union with other pr…
The rights vested by a grant of an estate in real property to…
That which has been added to a property, which becomes an inh…
A written instrument which passes title of personal property…
Accession
Acquisition of property by its joining or union with other pr…
Air Rights
The rights vested by a grant of an estate in real property to…
26 terms
Real Estate NJ - Chapter 5
Common Element
Cooperative Apartment (Co-Op)
General Partnership
Joint Tenancy
In a condominium, land and all parts of a building usually us…
A form of ownership in which a corporation is established to…
A partnership in which all partners are personally liable for…
Ownership by two or more persons with rights of survivorship;…
Common Element
In a condominium, land and all parts of a building usually us…
Cooperative Apartment (Co-Op)
A form of ownership in which a corporation is established to…
35 terms
Chapter 1 & 3 NJ Salesperson Real Estate
When was National Realtors Association…
What is New Jersey Real Estate License…
New Jersey Real Estate Commission (NJR…
Types Of Real Estate Licenses
1908
Created in 1921, designed to license and regulate brokers and…
Consists of 8 Members appointed by governor for 3 year term.…
4 Types: 1. Broker 2. Broker-Salesperson 3. Salesperson 4. Re…
When was National Realtors Association…
1908
What is New Jersey Real Estate License…
Created in 1921, designed to license and regulate brokers and…
20 terms
NJ Real Estate - Chapter 15
A lien is:
Foreclosure is:
Involuntary Lien:
Lis Pendens:
A right given by law to a creditor (lienor) to have a debt or…
Procedure whereby property pledged as security for a debt is…
A lien imposed against property without consent of an owner;…
A legal document giving constructive notice that legal action…
A lien is:
A right given by law to a creditor (lienor) to have a debt or…
Foreclosure is:
Procedure whereby property pledged as security for a debt is…
29 terms
NJ Real Estate - Chapter 21
Property taxes are levied against real…
Real property taxes are referred to as
After the assessor completes the asses…
A mill is
Assessed Value
Ad Valorem
A TAX ROLL will be prepared showing the assessments of all ta…
1/1000 of a dollar, or ,$.001
Property taxes are levied against real…
Assessed Value
Real property taxes are referred to as
Ad Valorem
16 terms
nj real estate chapter 19
Acknowledgment
Bargain and sale deed
benchmark
Covenant
declaration to notary or other official to prevent forgeries
deed implying that the grantor owns the property
marker placed by U.S geological Survey
Legal promise
Acknowledgment
declaration to notary or other official to prevent forgeries
Bargain and sale deed
deed implying that the grantor owns the property
13 terms
Nj Real Estate chapter 20
Administrator
adverse possession
Descent
devisee
person named by the state to administer decedent's will
Title aquired by usuage
acquiring of property by natural heirs
One ho receives real property thru a will
Administrator
person named by the state to administer decedent's will
adverse possession
Title aquired by usuage
35 terms
NJ real Estate chapter 6
Construction lien
Convey
Curtsey
Dominant estate
Placed against real estate by workers who has not been paid
Transfer by sale or gift
Husbands right in wipes property
Property that benefits from an easement
Construction lien
Placed against real estate by workers who has not been paid
Convey
Transfer by sale or gift
16 terms
Nj real estate chapter 15
Blanket Mortgage
Fannie Mae
Home equity loan
Freddie Mac
mortgage covering more than one parcel of real estate
A privately owned corporation that sets standards and buys mo…
additional financing for homeowner: usually a second mortgage
Federal home loan Mortgage corporation: warehouses packages o…
Blanket Mortgage
mortgage covering more than one parcel of real estate
Fannie Mae
A privately owned corporation that sets standards and buys mo…
21 terms
NJ Real Estate chapter 13
Acceleration Clause
Alienation clause
Bond
Default
clause stating that in case of default, the whole debt is imm…
clause stating that if property is sold, debt is immediately…
personal promise to repay money:similar to a note
failure to live up to any part of a mortgage
Acceleration Clause
clause stating that in case of default, the whole debt is imm…
Alienation clause
clause stating that if property is sold, debt is immediately…
35 terms
NJ Real Estate - Chapter 10
legal relationship between two parties…
person authorized by another (the prin…
person who appoints another to act on…
person who is authorized to act on beh…
agency
agent
principal
subagent
legal relationship between two parties…
agency
person authorized by another (the prin…
agent
17 terms
NJ Real Estate - Chapter 11
written agreement of employment with t…
allows the seller to list the property…
written agreement that gives one broke…
makes the broker the sole and exclusiv…
listing contract
open listing
exclusive agency listing
exclusive right to sell listing
written agreement of employment with t…
listing contract
allows the seller to list the property…
open listing
5 terms
NJ Real Estate - Chapter 13
What is another term for eminent domain?
What is another term for condemnation?
What is adverse possession?
What is partial taking?
Condemnation
Eminent domain
acquiring title to land against the real owner, where possess…
The taking of a portion of a piece of property through condem…
What is another term for eminent domain?
Condemnation
What is another term for condemnation?
Eminent domain
52 terms
NJ Real Estate - Chapter 14
Who is the mortgagee?
Who is the mortgagor?
What is another term for mortgage?
What is a promissory note?
The lender
the borrower
hypothecate
This makes the mortgagor personally responsible for the debt.
Who is the mortgagee?
The lender
Who is the mortgagor?
the borrower
30 terms
NJ Real Estate Chapter 11
Assignment
Bilateral Contract
Breach of contract
Competent parties
transfer of interest in a contract to a third party
contract with a promise by each party
violation of a contract
those legally qualified to enter in a contract
Assignment
transfer of interest in a contract to a third party
Bilateral Contract
contract with a promise by each party
31 terms
NJ Real Estate Chapter 1
Broker
Broker Salesperson
Bureau of Subdivided Land Sales Control
Continuing education
individual licensed to charge the public for real estate serv…
fully qualified broker who remains under another brokers's su…
State agency that approves and registers some out -of-state p…
classes required for license renewal
Broker
individual licensed to charge the public for real estate serv…
Broker Salesperson
fully qualified broker who remains under another brokers's su…
32 terms
NJ Real Estate chapter 6
Construction Lien
Convey
curtesy
Dominant Estate
placed against real estate by a worker who has no been paid
transfer by sale of gift
husband's rights in wife's property
property that benefits from and easement
Construction Lien
placed against real estate by a worker who has no been paid
Convey
transfer by sale of gift
48 terms
NJ Real Estate - Chapter 12
lessor
lessee
lease
demise
owner
tenant
agreement between lessor and lessee
transfer of property by lease
lessor
owner
lessee
tenant
15 terms
NJ Real Estate - Chapter 16
Truth and lending (Consumer protection…
Annual Percentage rate (APR)
Right of Rescission
All financing expenses in a loan
Regulation Z which details how costs are quoted and specifies…
APR's are a way to calculate the annual cost of loans, taking…
3 Business days on refinancing only, none on purchase or... cons…
Must be disclosed
Truth and lending (Consumer protection…
Regulation Z which details how costs are quoted and specifies…
Annual Percentage rate (APR)
APR's are a way to calculate the annual cost of loans, taking…
43 terms
Real Estate NJ - Chapter 9
Acceptance
Bilateral Contract
Breach of contract
Compensator Damages
Voluntary expression by the offeree to be bound by the exact…
A contract in which both parties have reciprocal obligations…
Violation of any of the terms or conditions of a contract; de…
The amount of money actually lost; the amount that will be aw…
Acceptance
Voluntary expression by the offeree to be bound by the exact…
Bilateral Contract
A contract in which both parties have reciprocal obligations…
44 terms
NJ Real Estate Ch. 3
Agent
Antitrust Law
Attorney-in-fact
Broker
one authorized to act for another
regulations prohibiting price-fixing
person authorized to act under a power of attorney
one authorized to act for another in real estate transactions
Agent
one authorized to act for another
Antitrust Law
regulations prohibiting price-fixing
10 terms
Nj Real estate chapter 18
Clustering
Dedication
Density zoning
Impact fees
putting living units close together to leave more open space.
Turning over of private property to a municipality
zoning that allows more living units per acre than usual.
charges to developers for extra roads, schools, and so forth
Clustering
putting living units close together to leave more open space.
Dedication
Turning over of private property to a municipality
36 terms
NJ Real Estate Chapter 1
Broker
Broker-salesperson
Bureau of Subdivided Land Sales Control
Continuing education
an individual licensed to charge the public for real estate s…
fully qualified broker who remains under another broker's sup…
the state agency that approves and registers some out-of-stat…
classes required for license renewal
Broker
an individual licensed to charge the public for real estate s…
Broker-salesperson
fully qualified broker who remains under another broker's sup…
42 terms
NJ Real Estate Chapter 4
Acquisition of property by its joining…
The rights vested by a grant of an est…
That which has been added to a propert…
A written instrument which passes titl…
Accession
Air Rights
Appurtenance
Bill of Sale
Acquisition of property by its joining…
Accession
The rights vested by a grant of an est…
Air Rights
24 terms
Nj Real estate Chapter 16
Appraisal
Amenity
Capitalzation Rate
Cost approach
process of estimating value
extra that contributes to owner satifascton: clean air,view a…
Rate of return demanded by investors in a particular area
appraisal technique that analyzed the cost to build.
Appraisal
process of estimating value
Amenity
extra that contributes to owner satifascton: clean air,view a…
19 terms
NJ Real Estate - Chapter 10
listings
listing agreement
listing agreements
open listing
properties that are offered for sale. only a broker can act a…
written contracts of employment including rate or exact amoun…
open listing... exclusive agency listing... exclusive right to sell…
seller agrees to pay broker if the broker brings a buyer. no…
listings
properties that are offered for sale. only a broker can act a…
listing agreement
written contracts of employment including rate or exact amoun…
14 terms
Real Estate Nj Chapter 20
Administrator
Adverse possession
Descent
Devisee
Person named by the state to administer decedent's will
Title acquired by usage
Acquiring of property by natural heirs
One who receives real property through a will
Administrator
Person named by the state to administer decedent's will
Adverse possession
Title acquired by usage
10 terms
NJ Real Estate - Chapter 20
NJ Law Against Discrimination (LAD) st…
What are the Fair Housing Act's requir…
Covered multifamily dwellings... are:
Federal regulations adopted by the... Dep…
It is against public policy to discriminate against a prospec…
The Fair Housing Act requires all "covered multifamily... dwelli…
All dwelling units in buildings containing four or more... units…
24 CFR 100.201 define covered multi-family dwellings.
NJ Law Against Discrimination (LAD) st…
It is against public policy to discriminate against a prospec…
What are the Fair Housing Act's requir…
The Fair Housing Act requires all "covered multifamily... dwelli…
42 terms
NJ Real Estate Chapter 5
Acquisition of property by its joining…
The rights vested by a grant of an est…
That which has been added to a propert…
A written instrument which passes titl…
Accession
Air Rights
Appurtenance
Bill of Sale
Acquisition of property by its joining…
Accession
The rights vested by a grant of an est…
Air Rights
40 terms
NJ Real Estate Chapter 14
Adjustable-rate mortgage
Amendatory clause
amorization schedule
amortized loan
plan with interest rate changed either up or down periodically
states that a buyer getting an FHA loan can rescind the contr…
listing of each payment:interest, principal paid, remaining d…
repayment plan including principal payments (most common)
Adjustable-rate mortgage
plan with interest rate changed either up or down periodically
Amendatory clause
states that a buyer getting an FHA loan can rescind the contr…
22 terms
Real Estate Nj Chapter 13
Mortgagor
Defeasance Clause
Usury
Estoppel Certificate
Borrower
Clause ensuring that after repayment, lender has no claim on…
Charging higher interest Than is allowed by law
Borrower's statement of how much remains on mortgage dept
Mortgagor
Borrower
Defeasance Clause
Clause ensuring that after repayment, lender has no claim on…
9 terms
NJ Real Estate - Chapter 19
Property Management is
As a general agent the manager's autho…
Property managers must
Operating responsibilities of a proper…
A specialized branch of the real estate business that involve…
The general powers associated with the operation of the busin…
Be licensed by NJREC
Collecting rent, maintaining property, prepare rent schedule,…
Property Management is
A specialized branch of the real estate business that involve…
As a general agent the manager's autho…
The general powers associated with the operation of the busin…
24 terms
NJ real estate chapter 17
Adjusted basis
appreciation
basis
bill of sale
cost plus improvements, minus depreciation
increase in value
Initial cost of real estate
document transferring ownership of personal property
Adjusted basis
cost plus improvements, minus depreciation
appreciation
increase in value
22 terms
Nj Real Estate Chapter 17
Adjusted basis
Appreciation
Basis
Bill of sale
Cost plus improvements, minus depreciation
Increase in value
Initial cost of real estate
Document transferring ownership of personal property
Adjusted basis
Cost plus improvements, minus depreciation
Appreciation
Increase in value
25 terms
NJ real estate Chapter 7
Easement
Easement Appurtenant
Serviant premises
Dominant premises
The right one has in the land of another giving the holder of…
The right acquired by the owner of one parcel of land to use…
The tract which is burdened by the easement
The land receiving the benefits of the easement.
Easement
The right one has in the land of another giving the holder of…
Easement Appurtenant
The right acquired by the owner of one parcel of land to use…
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