NJ Real Estate Exam Flashcards

NJ Real Estate Exam Flashcards Broker-SalespersonA qualified broker who practices real estate in the position of salesperson in another broker's office branch officemust be under the direct supervisor of a broker or broker salesperson and must have a duplicate license latent defecthidden defect not discoverable by ordinary inspection Steeringchanneling homeseekers either to or away from a particular area on the basis of race, religion, country of origin or other protected class real estateland plus all manmade improvements subagentthe salesperson's relationship to the principal as the agent of the broker Title VIIIThe portion of the Civil Rights Act of 1968 in which the Federal Fair Housing act is contained fiduciary relationshipone of trust and confidence in which an agent is responsible for the money and/or property of others. It requires putting the principal's interest above all others, including the broker's own interest.COALDCare, obedience, accounting, loyalty, disclosure universal agenthas authority to represent the principal in all matters that

can be delegated (ex: power of attorney)

testersundercover volunteers who visit real estate offices to make sure all customers and clients are being treated the same and are being given the same free choice of housing within a given price range waiver of broker cooperationwhat a seller must sign if they direct the broker not to cooperate with any other brokers escrow accountalso known as trust account. must be in an authorized financial institution in NJ to be used for depositing all money belonging to other persons Department of Housing and Urban Development (HUD) estate in land the amount and kind of ownership interest that a person

has in real property. Divided into two types: Freehold

estates and leasehold estates freehold estates referral agentonly allowed to refer prospects to a brokers office claim, lien, charge or liability attached to and binding on real property, it affects or limits its use, value or title lien suspensionsuspend a license fine up to $10,000 wife's interest in husband's real estate if purchased before May 28, 1980 curtesy continuing education12 hours required every two years, two of which must be on ethics

reverse discriminationthe result of well meaning quotas intended to preserve racial balance in given areas improvementsbuildings erected on land and streets, utilities, sewers and other manufactured additions to the property Real estate sales full disclosure actcovers the sales of out of state property in NJ NJ Law Against DiscriminationPassed by the legislature in 1945 and broadened over the years, applies to all real property.personal propertyaka personalty, all property that does not fit into the definition of real property. This property is movable alluvionthe gradual depositing of solid material that causes accretion fiduciaryagent erosionthe gradual wearing away of land by water, wind and general weather conditions husband's interest in wife's real estate if purchased before May 28, 1980 encumbrance antitrust lawsfdederal and state laws in regard to price fixing and allocation of customers or markets Department of Housing and Urban Development (HUD) Federal agency in which you would file a charge of discrimination a third party who would get the property after the death of a life tenant life estate RedliningRefusing to make mortgage loans or issue insurance policies in specific geographic areas without regard to the economic qualifications of the applicant dual agencybroker represents both parties in a transaction at the same time fraudulent misrepresentationdeliberate lie intended to mislead someone incorporealintangible (i.e. views or rights) chattelstangible personal property a financial claim against property that provides security for a debt or obligation of the property owner voluntary lien disclosed dual agencylegal as long as consent to dual agency agreement is signed innocent misrepresentationfalse statement by someone who believes it to be true and is not expected to have expertise in the subject general agentempowered to represent the principal in a broad range of

matters (ex: property manager)

Littoral rightsrights of landowners bordering on oceans, seas or large lakes deedhow real property ownership is transferred relictioncreation of dry land caused by the gradual withdrawal of water from the land by the lowering of it's surface level independent contractorpay own taxes, receive no insurance, get nothing from brokerage that could be considered an employee benefit

Attorney General's Memorandumnotice of anti-discrimination that must be given to the homeowner when the property is listed bundle of rightswhat you are actually purchasing when you purchase a

parcel of real estate: possession, use, enjoyment,

exclusion, disposition procuring causethe person who brings about a ready, willing and able buyer or brings about a meeting of the minds Mount Laurel I and IIsuit filed by the NAACP against a NJ town for illegal discrimination against low income and moderate income persons through the act of exclusionary zoning. As a result all municipalities must provide a range of housing meeting of the mindstakes place when the parties are in agreement on price, down payment and financing method salespersonworks under a sponsoring licensed broker doing business in the name of the broker involve tenants and are estates for a period of time.Considered to be personal property, not real property fee simple NJ Real Estate CommissionDepartment of Banking and Insurance. 8 members. 5 brokers for at least 10 years, two from general public and one representing the state government revocationpermanently revoke licence. Fine up to $10,000 hereditamentanything that can be inherited emblementsannual crops and garden vegetables. considered personal property Civil Rights act of 1866Prohibits any discrimination based on race and color, no exceptions an owner's right to regain possession of leased property upon termination of the lease agreement dower ready, willing and able buyerone who is prepared to buy on the seller's terms, is financially capable and is ready to take positive steps towards the consummation of the transaction highest type of interest in real estate recognized by law. the owner is entitled to all rights in the property fee determinable Title 11, chapter 5NJ real estate license act administrative code corporealtangible standard of carethe quality of service a normal person would expect from a broker or salesperson accretionincrease of land cased by the gradual depositing of solid material (alluvion) principalclient avulsionprocess in which a stream suddenly changes its course Megan's Lawrequires communities to be alerted to the presence of convicted sexual offenders. Buyers can not get information until the close of the sale

Riparian rightsrights of landowners bordering on rivers, streams and waterways subsurface rightsaka mineral rights - rights to natural resources lying below the earth's surface. May be owned separately limited to the life of a specific person reversionary interest agencya fiduciary relationship that falls within in the requirements of the law of agency aka conditional free or defeasible fee. estate in land that can terminate on the occurrence or nonoccurrence of a specified event.remainderman off site conditionsnot on the property purchased. New construction has 5 days for you to cancel the contract existing properties do not have a similar right of rescission consumer information statementa form of disclosure to all sellers, buyers, landlords and tenants on the sale of all 1-4 family residential properties or vacant one family lots. Describes the types of business relationships a real estate agent can enter into with a client special agentauthorized to represent that principal in one specific capacity only (most broker relationships) Blockbustinginducing homeowners to sell by making representations regarding the entry or prospective entry of minorities into the neighborhood landthe surface of the earth, including water and anything attached to it by nature. The minerals and substances below the earth's surface to the center of the earth, and upward to infinity.Federal Fair Housing Act of 1968Unlawful to discriminate on the basis of race, color, religion or national origin when selling or leasing residential properties. Certain exemptions apply Protected classesrace, creed, color, religion, national origin, ancestry, gender, marital or familial status, lawful source of income, affectional or sexual orientation and mental or physical disibility Real estate license actTitle 45 chapter 15 disclosureagent's duty to pass on to the principal all the facts and information obtained that could affect the principal's business or decisions, whether or not the client asks estates of indeterminable lengths, can own for a lifetime or

forever. Three types: fee simple, fee determinable and life

estates leasehold estates BrokerOne who buys and sells for another for a fee.comminglingbrokers are prohibited from mixing their own funds with money in the trust account deviseleave by wil