Term
| Attorney's General's Memorandum |
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Definition
| A summary of the NJ Law against Discrimination. Commission rules require every licensed salesperson or broker to give a copy of the memorandum when listing property |
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Term
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Definition
| a clause that must appear in all purchase and sale agreements and all leases prepared by real estate licensees, allowing buyers and sellers a period of 3 days to consult an attorney who can review and cancel the contract or lease |
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Definition
| mixing money belonging to clients with personal funds |
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Term
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Definition
| collecting a commission as a real estate broker in a transaction, when at the same time representing either party in a different transaction for a consideration. i.e. lawyer, executor |
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Term
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Definition
| the employment agreement signed by the broker and salesperson |
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Term
| Escrow Account (trust account) |
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Definition
| an account in which a broker or attorney holds client earnest money deposits or other funds |
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Term
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Definition
| a fund established from licensing fees for paying claims of persons who have been injured by the illegal acts of licensees |
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Definition
| a listing that provides that the agent may retain all sums received over and above ta net price to the owner as compensation for his services; illegal in NJ |
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Definition
| Acquisition of property by its joining or union with other property |
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Definition
| Gradual additions to land by deposits of sand or soil by bordering waters through natural causes |
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Term
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Definition
| The rights vested by a grant of an estate in real property to all or any portion of the space above the ground |
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Definition
| That increase of soil on a shore or bank of a river as the result of accretion |
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Definition
| That which has been added to a property, which becomes an inherent part of the property, and will pass with it when conveyed |
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Definition
| The sudden removal of land of one owner and depositing it on the land of another when a stream changes its channel |
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Definition
| a written instrument which passes title of personal property from seller to buyer |
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Term
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Definition
| Ownership concept in real estate, which embraces the rights of possession, use, enjoyment and disposition |
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Term
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Definition
| personal property which is tangible and movable |
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Term
| Security Agreement (chattel mortgage) |
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Definition
| a legal document that pledges personal property as security for a debt |
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Definition
| the process by which property of a private owner is taken fro public use, with just compensation to the owner, under the right of eminent domain |
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Definition
| a life estate created by grant, by reservation, or by will |
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Term
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Definition
| A gift of real estate or personal property by will |
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Definition
| Trees or crops that are cultivated annually; the rights of a tenant to harvest the annual crop even after his tenancy has ended |
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Definition
| the right of a government to take private property for public use upon the payment of just compensation |
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Definition
| the gradual wearing away of land due to natural causes of wind and water |
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Definition
| The reverting of property to the state when heirs capable of inheriting are lacking, or the property is abandoned |
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Term
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Definition
| the degree, quantity, nature, and extent of interest a person has in real property |
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Term
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Definition
| an estate in real property, by which the owner has the greatest power over the title which it is possible to have, being an absolute estate; an estate of inheritance belonging to the owner, that he may dispose of, trade or will as he chooses |
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Definition
| An article of personal property which has been installed in or attached to land or a building thereon, in such a manner that it is now considered to be a part of the real estate |
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Term
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Definition
| An estate in real property for an indefinite and uncertain time; e.g. a fee simple or a life estate |
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Definition
| Beneficial attachments to raw land that increase its value or improve usefulness |
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Definition
| An estate or right in real property that involves possession but not ownership |
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Definition
| an estate or interest in real property held for the duration of the life of a certain person. Upon expiration of that life, the estate will automatically be vested in a remainder man or reversioner |
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Definition
| the holder or grantee of a life estate |
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Definition
| property that borders a large body of water such as a lake, ocean or sea |
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Definition
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Definition
| The inherent right of a government to enact such legislation as may be deemed necessary to protect and promote the health, safety, and general welfare of the public |
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Definition
| an estate in fee simple bound by limitation imposed by the grantor |
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Definition
| gradual recession of water from the usual watermark |
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Term
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Definition
| an estate created by which a single grant simultaneously with another which vests with a third party upon termination of the prior estate; e.g. life estate |
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Definition
| a right retained by a grantor in conveying property |
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Definition
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Definition
| the right of a landowner to the use of water on or adjacent to his land |
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Definition
| Articles of personal property annexed to real property, but which are necessary to the carrying on of a trade and are removable by the owner or tenant when he leaves |
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Term
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Definition
| Willful destruction of any part of the land which would injure or prejudice the landlord's or remainder man's reversionary right |
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Term
| Common Element (common area) |
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Definition
| in a condo, land and all parts of a building usually used by all the owners for their mutual convenience or safety |
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Term
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Definition
| In a condo, the expenses of operation; all sums designated as such by the declaration of bylaws |
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Definition
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Term
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Definition
| the individual outright ownership of a single unit in a multi-unit property, together with an in terse in the common elements of that property |
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Term
| Cooperative Ownership (Co-op) |
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Definition
| Ownership that usually takes the form of shares of stock in a corporation owning the entire building and a proprietary lease giving the tenant the right to occupy a unit for which he pays a proportionate share of the maintenance and operating expenses |
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Term
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Definition
| a vehicle used to carry on business, with its owners having liability only to the extent of their stock ownership; considered being an individual or separate entity |
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Term
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Definition
| a partnership in which all partners are personally liable for partnership debts that exceed partnership assets |
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Definition
| The name given to the laws that recognize condo ownership in NJ; horizontal layers of ownership |
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Term
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Definition
| Ownership by two or more persons with rights of survivorship; all joint tenants own equal interests and have equal rights in the property. Each owner is possessed of an undivided part of the whole |
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Term
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Definition
| a joining of 2 or more people in a specific business enterprise; similar to a partnership and generally with no intention of a continuing relationship beyond the original purpose |
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Term
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Definition
| a partnership composed of general and limited partners whose contribution and liability are limited and specifically defined |
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Term
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Definition
| the instrument that legally establishes a condo |
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Term
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Definition
| Court proceedings by which co-owners of commonly owned property seek to sever their common ownership |
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Term
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Definition
| a contract between two or more persons to carry on as co-owners of a business, and to share the profits in certain proportions |
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Term
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Definition
| a lease in a cooperative apartment between the owner corporation and the tenant stockholder |
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Term
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Definition
| the right of a co-owner automatically to receive the title of a deceased co-owner immediately w/o probate |
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Term
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Definition
| a tenancy held by husband and wife giving each the equal right to possession and enjoyment during their joint lives, along with the right of sole ownership upon the death of either partner |
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Definition
| ownership by only one person |
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Term
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Definition
| ownership by two or more persons who hold undivided interest, w/o right of survivorship. upon the death of one tenant, his interest goes to his heirs. Interests need not be equal and each owner is possessed of the whole of an undivided part |
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Term
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Definition
| necessities usually required in the formation of joint tenancy or tenancy by the entirety: time, title, interest, possession |
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Term
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Definition
| title to property owned by two or more persons, w/ no one co-owner having exclusive rights to any specific part |
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Term
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Definition
| a person appointed by the court to administer the estate of a deceased person who died intestate (admistratrix is the female version) |
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Term
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Definition
| the transferring of real property from one person to another |
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Term
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Definition
| any conditions revealed by a title search which may affect or impair the owner's title to property b/c of their apparent or probable validity |
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Term
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Definition
| a supplement or addition to a will which adds to, subtracts from, alters, revokes, or qualifies the provisions of the will |
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Term
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Definition
| to bring to completion, perfection or fulfillment |
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Term
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Definition
| The right that ah husband has in his wife's estate at her death |
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Definition
| ownership transferred by means of inheritance |
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Term
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Definition
| a gift of real or personal property by will |
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Term
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Definition
| the one half interest a wife has in the property of her husband; a life estate in one half to he land the husband owns during the continuance of the marriage relationship |
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Term
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Definition
| the reverting of property to the state when heirs capable of inheriting are lacking or the property is abandoned |
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Term
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Definition
| a person named in a will to carry out its provision as tot he disposition of the estate of a deceased person |
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Term
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Definition
| incomplete; not perfected |
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Term
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Definition
| having made no valid will; also a person who dies w/o a will, or with one which is defective in form |
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Term
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Definition
| the legal process of determining the validity of a will, paying the debts of the estate and determining who is to receive the remainder of the estate |
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Term
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Definition
| leaving a will upon death |
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Term
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Definition
| a person who makes the will |
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Term
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Definition
| the relinquishment of all rights and title to a property with no intention of reclaiming ownership |
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Term
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Definition
| one whose property is contiguous or next to |
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Term
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Definition
| one in which the owner of the dominant premises can use the servant premises |
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Term
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Definition
| a transfer of property form an individual to the public |
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Term
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Definition
| an estate attached to and benefiting from the servant estate |
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Term
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Definition
| a right, privilege or interest which one party has in the land of another |
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Term
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Definition
| an easement that is attached to and runs with the land. It cannot exist apart from the particular land to which it is attached |
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Term
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Definition
| an easement that does not attach to the land, and is usually given to a quasi-public corporation such as the electric or phone company |
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Term
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Definition
| a building or fixture which intrudes partly or wholly upon the property of another |
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Term
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Definition
| a claim, lien, charge or liability attached to and binding upon real property which affects or limits the title thereto |
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Term
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Definition
| a personal privilege to enter the land of another for a specific purpose |
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Term
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Definition
| one in which the owner of the servant premises is prohibited from doing something that is otherwise lawful b/c it will affect the dominant premises |
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Term
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Definition
| a common driveway used by two adjoining owners, creating an easement in favor of both |
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Term
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Definition
| a wall erected on the line between adjoining properties, which are under separate ownership, for the use of both powers |
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Term
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Definition
| a plan or map of certain piece or pieces of land |
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Term
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Definition
| title obtained by possession for a prescribed period; prescriptive rights |
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Term
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Definition
| a right retained by a grantor in conveying property |
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Term
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Definition
| clause in a deed or other writing instrument limiting use to which the property may be put |
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Term
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Definition
| a covenant which extends beyond the original parties to an agreement and binds all subsequent parties |
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Term
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Definition
| the property encumbered by an easement |
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Term
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Definition
| a formal declaration made before a notary public or other authorized person by a person who has executed an instrument that such execution is his free act and deed |
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Term
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Definition
| notice received by direct communication; notice that has been brought expressly to a persons attention |
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Term
| Bona Fide Purchaser for value |
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Definition
| a person who purchases real property in good faith for valuable consideration w/o knowledge of any claim to or interest in the real property by any other party |
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Term
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Definition
| Notice given by the public records; legal presumption of notice given by the public records; AKA legal notice |
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Term
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Definition
| a condensed history of the title to a parcel of land consisting of a summary of every recorded instrument, together with a statement of all liens, charges, or encumbrances affecting title to that land |
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Term
| American Land Title Association (ALTA) |
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Definition
| a national association of more than 2000 land title companies established to encourage uniformity and quality in title insurance policies |
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Term
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Definition
| a sequential history of the conveyances, encumbrances, and records of ownership to a piece of property through the years from the original grant to present as revealed through the public records |
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Term
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Definition
| a promise, such as that by a title insurer to write a specific policy of title insurance in favor of a named insured in a specific amount, subject to the requirements, exceptions, conditions and stipulations contained in the form. AKA title report or binder |
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Term
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Definition
| a person to whom a gift is made |
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Term
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Definition
| Title policy that insures the interest of a mortgagee or lender to the title of real property |
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Term
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Definition
| policy of title insurance that insures an owner's title to real property; AKA fee policy |
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Term
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Definition
| a court action brought to establish title or to remove a cloud on the title; an action clearing tax titles or titles based upon adverse possession |
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Term
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Definition
| the act of writing or entering an instrument into a book of public records, which constitutes notice to al persons of the rights or claims contained in the instrument; often called constructive notice or legal notice |
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Term
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Definition
| the substitution of one person in place of another with reference to a lawful claim, demand, or right so that he succeeds to such rights of the other |
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Term
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Definition
| a policy of insurance which indeminifies the holder for loss sustained by reason of a defect in the title, provided the loss does not result from a defect excluded by the policy provisions |
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Term
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Definition
| an examination of public records to determine if the seller of real estate holds the interest that he alleges to hold and to ascertain the quality of title |
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Term
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Definition
| voluntary expression by the offeree to be bound by the exact terms of the offer, must be unconditional |
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Term
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Definition
| the method or manner by which a right or contract such s a lease or mortgage is transferred from one person to another |
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Term
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Definition
| a contract in which both parties have reciprocal obligations toward each other |
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Term
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Definition
| an agreement to cover a down payment of the purchase of real estate as evidence of good faith on the part of the purchaser of real estate as evidence of good faith on the part of the purchaser; shows the receipt of a deposit and outlines the basic terms of the transactions |
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Term
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Definition
| violation of any of the terms or conditions of a contract; default; nonperformance |
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Term
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Definition
| the time when transaction is consummated or the actual signing over the documents and delivery of the deed; the time after signing when the documents are recorded |
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Term
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Definition
| the amount of money actually lost; the amount that will be awarded by a court in the event of a default |
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Term
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Definition
| those who are qualified or mentally competent to enter into a contract |
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Term
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Definition
| a promise or an act of legal value bargained for and received in return for a promise; good consideration, love and affection |
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Term
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Definition
| a condition in a contract which could avoid it, or otherwise change its terms, if not met |
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Term
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Definition
| a legal agreement between competent parties for a consideration to perform or refrain from performing certain acts |
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Term
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Definition
| a new offer made in response to an earlier offer |
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Term
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Definition
| the indemnity recoverable by an injured party as compensation for the loss suffered through the act or default of another |
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Term
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Definition
| failure to meet an obligation or promise when due |
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Term
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Definition
| money given by one to another as evidence of good faith; evidence or security for performance of a contact |
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Term
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Definition
| a contract drawn for an illegal purpose; i.e. where a buyer and seller enter into a second contract w/ different terms than those on the original contract to benefit fraudulently from the arrangement |
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Term
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Definition
| unlawful constraint or action against a person, forcing him to perform some act against his will |
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Term
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Definition
| initial payment made by a purchaser of real estate as evidence of good faith |
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Term
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Definition
| title of a purchaser under a contract of sale or agreement of sale |
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Term
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Definition
| A contract that is fully signed for performed |
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Term
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Definition
| a contract not yet fully performed |
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Term
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Definition
| written agreement in which buyer agrees to buy certain realty and seller agrees to sell upon terms and condition set forth therein. Title remains with the seller until terms and conditions are fulfilled; buyer has equitable title |
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Term
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Definition
| an amount predetermined by the parties to an agreement that will be forfeited as compensation for breach of contract |
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Term
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Definition
| title free and clear of objectionable liens or encumberances; title which is free from reasonable doubts or defects, which can be readily sold or mortgaged |
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Term
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Definition
| a condition that must exist for the formation of a valid contract |
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Term
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Definition
| a three party agreement under which one party is released and another is substituted |
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Term
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Definition
| a promise by one party to act in a certain manner provided the other party would act in the manner requested. In real estate contract, the offer to purchase realty according to certain stipulated terms and conditions |
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Term
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Definition
| a right given for consideration to purchase or lease a property upon specified terms within a specified time |
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Term
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Definition
| the one obtaining the option right |
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Term
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Definition
| the one granting the option to another |
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Term
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Definition
| a rule of law that specifies that oral or parol evidence may not be introduced in court to contradict wha has already been stated in writing; unless such statements are intended to show that fraud has been perpetrated, that mistake was made,or to clarify what was meant by the words contained in a contract |
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Term
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Definition
| the annulling, revocation, or repealing of a contract by mutual consent of the parties or for cause by either party tot eh contract and returning the parties to the original position (status quo) |
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Term
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Definition
| addendum to cover supplemental changes to an agreement |
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Term
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Definition
| a remedy which the court will grant in certain cases, compelling the defendant to perform or carry out the terms of a valid, existing agreement or contract |
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Term
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Definition
| state law which requires, among other things, that certain contacts relating to real estate must be in writing to be enforceable at law |
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Term
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Definition
| laws setting forth the period of time in which suit can be brought for a particular act |
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Term
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Definition
| requirement of punctual performance |
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Term
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Definition
| a contract status in which the contract is not enforceable by court action for some reason |
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Term
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Definition
| a contact whereby only one party is obligated to perform his obligation to other |
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Term
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Definition
| a contract that is binding, is legally sufficient, and authorized by law |
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Term
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Definition
| to have no force or effect; that which is unenforceable |
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Term
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Definition
| a contract which is capable of being adjudged void, but is not void unless action is taken to make it so. Able to be made void. |
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Term
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Definition
| the legal relationship resulting from an agreement that the agent is authorized by a principal to perform certain acts on behalf of the principal in dealing with a third party |
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Term
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Definition
| a person who is authorized to act on behalf of another person, called the principal |
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Term
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Definition
| One who is authorized to perform certain acts for another under a power of attorney |
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Term
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Definition
| a broker who represents a buyer in a real estate transaction |
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Term
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Definition
| the principal to a real estate transaction who employs the agent |
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Term
| Consumer Information Statement |
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Definition
| a statement on NJ Real Estate Relationships as prescribed by NJAC 11:5-1.43(h) |
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Term
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Definition
| an agent that legally represents both the buyer and the seller in the same transaction |
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Term
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Definition
| a person in a position of great trust and confidence, as the relationship between principal and agent |
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Term
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Definition
| one who is retained to perform a certain act subject to the control and direction of another as to the end result but not as to how the act is performed. The critical feature is that an independent contractor, unlike an employee, is not subject to the control of the person who retained him |
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Term
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Definition
| a written employment agreement between a property owner and a broker authorizing the broker to sell, lease or exchange the realty |
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Term
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Definition
| a written instrument authorizing a person to act as the agent on behalf of another to the extent indicated in the instrument |
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Term
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Definition
| the employer of an agent or broker. Also a sum of money owed as a debt upon which interest is calculated |
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Term
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Definition
| the cause of a series of events, which leads to the consummation of a sale |
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Term
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Definition
| statements a reasonable person would recognize as being non-factual or exaggeration |
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Term
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Definition
| a person who is prepared, financially able, and willing to enter into a binding contract |
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Term
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Definition
| an agent who works only for the seller and has legal obligations, called fiduciary duties, to the seller |
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Term
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Definition
| a person who is authorized to perform only certain specified functions on behalf of his or her principal |
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Term
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Definition
| a federal law that include civil and punitive damages for activities in restraint of interstate and foreign trade. Makes price fixing illegal |
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Term
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Definition
| a broker who works with a buyer and a seller or both in the same transaction w/o representing any of the parties |
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Term
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Definition
| an illegal agency relationship arising when a real estate broker represents two principals in a transaction w/o their informed consent |
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Term
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Definition
| an agent's compensation for performance of the duties of his agency; a percentage of the selling price of the property, or percentage of rentals, etc. |
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Term
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Definition
| a written instrument giving one agent the right to sell property for specified time, but reserving the right of the owner to sell the property himself w/o the payment of a commission |
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Term
| Exclusive Right to Sell Listing |
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Definition
| a written agreement between owner and agent giving the agent the right to collect a commission if the property is sold by anyone during the term of the agreement |
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Term
| Multiple Listing Service (MLS) |
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Definition
| an arrangement among brokers whereby they share their listings |
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Term
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Definition
| a listing that provides that the agent may retain all sums received over and above a net price to the owner as compensation for his services. Illegal in NJ |
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Term
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Definition
| a listing given to any number of agents w/o liability to compensate any except the one who first secures a buyer ready, willing and able to meet the terms of the listing |
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Term
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Definition
| A deed given by an administrator |
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Term
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Definition
| a deed used to convey title to real property, which may or may not include warranties; if any, they are generally limited to an assertion by the grantor that he has possession of the property |
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Term
| Bargain and Sale Deed W/C/A/G (AKA Special Warranty Deed) |
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Definition
| a deed in which the grantor warrants title only against defects occurring during the grantor's ownership |
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Term
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Definition
| the transfer of the title of land from one to another; an instrument which carries from one person to another an interest in land |
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Term
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Definition
| a deed used to cover a prior erroneous deed; a deed of confirmation; a reformation deed |
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Term
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Definition
| an agreement written into deeds and other instruments which promises or guarantees that something shall or shall not be done; an agreement stipulating certain use or non use of property |
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Term
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Definition
| an instrument in writing, duly executed and delivered by the grantor, that conveys to the grantee some right, title, or interest in or to real estate |
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Term
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Definition
| Deed given by borrower to trustee to be held pending fulfillment of an obligation |
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Term
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Definition
| the act or intent of transferring an instrument from one person to another in such a way that it cannot be recalled |
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Term
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Definition
| a deed provision that withholds some right tor interest that otherwise would pass with eh deed |
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Term
| Full Covenant and Warranty Deed |
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Definition
| a deed in which the grantor fully warrants a good clear title to the property; a deed that contains covenants of title |
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Term
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Definition
| the purchaser; the person to whom an interest in realty is conveyed by deed |
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Term
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Definition
| the seller; the person who conveys an interest in realty by deed |
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Term
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Definition
| the portion of a deed beginning "to have and to hold" which usually follows the granting clause and explains or limits the estate granted |
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Term
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Definition
| the right of an owner or tenant legally in possession to use the property w/o interference from the landlord, or grantor or anyone claiming through him |
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Term
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Definition
| a deed containing no warranties or covenants which relinquishes any interest, title, or claim in property the grantor may have, if any |
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Term
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Definition
| a transfer tax that must be paid by the seller upon passing of title |
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Term
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Definition
| possession of real property by one entitled thereto; a warranty that at the time of delivery of a deed the grantor actually has the right and capacity to convey good legal title |
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Term
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Definition
| another word for covenants |
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Term
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Definition
| a deed in which the grantor fully warrants a good clear title to the property; a deed that contains covenants of title |
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