COMPREHENSIVE REAL ESTATE GLOSSARY
FOR NJ LICENSING | NEW JERSEY REAL
ESTATE TERMS STUDY GUIDE, EXAM PREP,
PRACTICE QUESTIONS AND CORRECT
ANSWERS
UPDATED QUESTIONS AND ANSWERS
100% VERIFIED EXAM PREP
[EXAM• STUDY GUIDE • SUMMARY • ASSIGNMENT]
A clean, organized resource designed for easy revision and reference.
QUICK • CLEAR • PROFESSIONAL
,junior lien An obligation such as a second mortgage that is
subordinate in priority to an existing lien on the
same realty.
Kickback The illegal return of part of the commission as
gifts or money to unlicensed persons.
laches Loss of a legal right through undue delay in
asserting it.
land The earth's surface, extending downward to the
center of the earth and upward infinitely into
space.
landlord One who rents property to another.
last will and testament A legal document detailing the wishes of the
deceased regarding how their assets should be
handled after their death.
latent defect Problem with property not discoverable by
ordinary prudent inspection.
Law Against Discrimination New Jersey's law listing protected classes for fair
housing practice.
,lead Once used as a pigment and drying agent in
alkyd oil-based paint, exposure to lead has
been linked to serious brain, kidney, nervous
system, and blood damage. Lead-based paint
has been banned since 1978. Other sources of
lead exposure include plumbing, incinerators,
and lead-based gas. Federal law requires the
disclosure of known lead-based paint in a
property
Lead-based paint Paint or other surface coatings that contain lead.
lease A written or oral contract between a landlord
(the lessor) and a tenant (the lessee) that
transfers the right to exclusive possession and
use of the landlord's real property to the lessee
for a specified period of time and for a stated
consideration (rent).
leasehold estate A tenant's right to occupy real estate during the
term of a lease; generally considered to be
personal property.
legacy A disposition of money or personal property by
will.
, legal description A description of a specific parcel of real estate
complete enough for an independent surveyor
to locate and identify it.
lessee In a lease, the tenant.
lessor In a lease, the landlord.
letter of intent A nonbinding (usually) recitation of what the
parties intend to do, preceding entering into a
contract.
leverage The use of borrowed money to finance
investments.
license 1. A privilege or right granted to a person by a
state to operate as a real estate broker or
salesperson. 2. The revocable permission for a
temporary use of land.
lien A right given by law to certain creditors to have
their debt paid out of the property of a
defaulting debtor, usually by means of a court
sale.
FOR NJ LICENSING | NEW JERSEY REAL
ESTATE TERMS STUDY GUIDE, EXAM PREP,
PRACTICE QUESTIONS AND CORRECT
ANSWERS
UPDATED QUESTIONS AND ANSWERS
100% VERIFIED EXAM PREP
[EXAM• STUDY GUIDE • SUMMARY • ASSIGNMENT]
A clean, organized resource designed for easy revision and reference.
QUICK • CLEAR • PROFESSIONAL
,junior lien An obligation such as a second mortgage that is
subordinate in priority to an existing lien on the
same realty.
Kickback The illegal return of part of the commission as
gifts or money to unlicensed persons.
laches Loss of a legal right through undue delay in
asserting it.
land The earth's surface, extending downward to the
center of the earth and upward infinitely into
space.
landlord One who rents property to another.
last will and testament A legal document detailing the wishes of the
deceased regarding how their assets should be
handled after their death.
latent defect Problem with property not discoverable by
ordinary prudent inspection.
Law Against Discrimination New Jersey's law listing protected classes for fair
housing practice.
,lead Once used as a pigment and drying agent in
alkyd oil-based paint, exposure to lead has
been linked to serious brain, kidney, nervous
system, and blood damage. Lead-based paint
has been banned since 1978. Other sources of
lead exposure include plumbing, incinerators,
and lead-based gas. Federal law requires the
disclosure of known lead-based paint in a
property
Lead-based paint Paint or other surface coatings that contain lead.
lease A written or oral contract between a landlord
(the lessor) and a tenant (the lessee) that
transfers the right to exclusive possession and
use of the landlord's real property to the lessee
for a specified period of time and for a stated
consideration (rent).
leasehold estate A tenant's right to occupy real estate during the
term of a lease; generally considered to be
personal property.
legacy A disposition of money or personal property by
will.
, legal description A description of a specific parcel of real estate
complete enough for an independent surveyor
to locate and identify it.
lessee In a lease, the tenant.
lessor In a lease, the landlord.
letter of intent A nonbinding (usually) recitation of what the
parties intend to do, preceding entering into a
contract.
leverage The use of borrowed money to finance
investments.
license 1. A privilege or right granted to a person by a
state to operate as a real estate broker or
salesperson. 2. The revocable permission for a
temporary use of land.
lien A right given by law to certain creditors to have
their debt paid out of the property of a
defaulting debtor, usually by means of a court
sale.
