Download Real Estate Law: Property Rights and Legal Concepts and more Exams Real Estate Management in PDF only on Docsity!
personal property ✔✔are the items the seller can load into the van when moving after the sale chattels personal ✔✔refers to cars, boats, furniture, clothes, stocks, money and tools chattels real ✔✔items that extend to owner an interest in real property; leases, mortgages, contracts to purchase and options deed ✔✔is how real property is transferred bill of sale ✔✔how personal property is transferred real estate ✔✔consists of land itself plus those things which are permanently attached to the land by man (buildings) or nature (trees) real property ✔✔it not only includes those things permanently attached but also the legal rights and interests that go along with ownership
Georgia Real Estate Exam 2025/
With Questions and Answers Graded A+
appurtenance ✔✔any right, interest, or improvement which automatically conveys with the ownership of the property run with the land ✔✔rights and responsibilities which automatically convey land ✔✔starts at the earth's center and passes through the surface and extends into space above the surface to an indefinite height tenements ✔✔are things that permanently attached to the land; physically or legally and are immovable by law fructus naturales ✔✔those grown naturally and requiring no annual cultivation; are considered to be real property fructus industriales ✔✔emblements; crops that are planted and harvested each year improvements ✔✔any product of human planning or labor that is affixed to the land with the intent of being permanent
mineral rights ✔✔land owner rights to such things as coal, oil, gas and ores right of lateral support ✔✔protects adjoining land from being damaged by efforts to extract minerals from below law of capture ✔✔refers to the process of removing oil and gas from land air rights ✔✔space above the land; may bee sold or leased separately from the land itself severance ✔✔the process by which an item of real property becomes personal property fixture ✔✔a property that was once personal becomes real property; such as built in appliances economic life ✔✔real estate investors are not generally interested in how long buildings will last, but in how long they will be profitable
scarcity ✔✔the fact that an acre of land in a rural area cannot fulfill as many needs as an acre of urban land describes the economic characteristic legal description ✔✔used to identify the property in such a way that it cannot be mistaken for any other parcel of land and can be found at a later date in spite of changes that may occur spot survey ✔✔The survey a buyer receives at closing is called a. plat of survey ✔✔A is a map or drawing that shows the location and boundaries of a land parcel, and in some cases, how the land is subdivided into lots. metes and bound ✔✔method of legal description identifies the parcel of land by describing its boundaries. Metes ( are distances and directions), Bounds (are landmarks or monuments that serve as markers each time the distance and direction must change)compass directions; must have a point of beginning and must return back to the point of beginning by closure natural monuments ✔✔trees and rocks artificial monuments ✔✔are stakes, metal pins, concrete markers, roads, fences
when used in a deed or other real estate document, legal description describes only the land because ✔✔buildings and other improvements are considered to be part of the real estate township square contains how many miles ✔✔ 36 datum ✔✔a base point from which height of depth can be measured to describe air rights or subsurface rights 6; 470L X 556D=261,320/43,560=5.999=6 ✔✔approximately how many acres are there in a farm that measures 470 feet along and the road and 556 feet in depth 110ft; 7150/65=110ft ✔✔lot has 65 front ft and contains 7150 sq ft, how deep is it licensed surveyor ✔✔is used when it is necessary to prepare a new metes and bounds description possession ✔✔includes the right to occupy your property and to have ingress and egress (a way to get in and a way to get out)
possessory ✔✔present use or control enjoyment ✔✔ensures against interference from others or nuisances from neighbors disposition ✔✔allows the owner to sell the land, give it away or pass it on to heirs estate in land ✔✔refers to the degree of quality, quantity, nature and extent of the ownership interest that a person holds in real property non-possessory estate ✔✔is one in which the right to occupy is a future right; it will become possessory when a preceding possessory estate such as a life estate is terminated; one estate may exist simultaneously with another estate freehold estate ✔✔uncertain duration fee simple absolute estate ✔✔is one in which the owner possesses the entire bundle of rights. its the most complete form of ownership one can own. rights are limited only by the inherited powers of government and by the rights of other individuals who might have a legal interest in the land
conventional life estate ✔✔created usually through the use of a deed, a will or a trust. The person who receives the estate is called a life tenant. during possession, they are entitled to all profits, rent, and other income Life estate pur autre vie ✔✔when the lifetime of a life estate is measured by the life of an individual other than the grantee the bundle of rights ✔✔the total collection of rights that may be claimed by private ownership is best described as: recorded ✔✔in order to be effective a lien should be recorded eminent domain ✔✔when the city make take your land for public use police power ✔✔the government's right to make laws and regulations for the general welfare is known as an estate of inheritance ✔✔in real estate law, the word fee is closest in meaning to:
lien ✔✔a right or claim of a creditor to have a debt satisfied from the proceeds of the sale of the debtor's property in the event of default date of recording ✔✔except for property tax liens and in some cases mechanic's liens, priority of liens is determined by the estate for years ✔✔stated for a period of time remainder ✔✔designated 3rd party hold the deed estate from period to period ✔✔stated period, auto-renews for original stated period ordinary life estate ✔✔life of the tenant dower ✔✔wife's interest in husbands estate curtesy ✔✔husbands interest in wifes estate
easement ✔✔is a non-possessory, intangible right one person has to use another person's land in a specified manner for a specified purpose; freely given and must be in writing easement appurtenant ✔✔when the owner granting the easement(use of) two properties or the joining of "run with the land" enroachment ✔✔when an improvement , building or other attachment illegally extends beyond the boundaries of its owner's land condition ✔✔is a provision found only in a deed, which subjects the ownership of land to certain restrictions lateral support ✔✔the right of enjoyment includes some rights over adjoining land including the right of severalty/sole ownership ✔✔is when an estate is owned by one person or a corporation concurrent owners ✔✔co-owners two or more people simultaneously own rights in the same land
tenancy in common ✔✔form of concurrent ownership that imposes the fewest restrictions on the co-owners; each holds separate title to an undivided interest in the property; each can sell, mortgage, will or transfer their share joint tenancy ✔✔own a single estate; upon the death of a joint tenant, the interest in the property automatically ends and passes to the remaining joint tenants tenancy by the entirety ✔✔husband and wife cannot own the property as individuals; neither can sell or mortgage the property without the others consent community property ✔✔applies to husband and wife tenancy in partnership ✔✔association of two or more people who join forces for business purposes general partnership ✔✔allows the partners to operate under a registered trade name; each partner is liable for their own financial obligations;
syndicate ✔✔is not a legal form of ownership but a descriptive term for a group of individuals or firms who get together for the purpose of investing or dealing in real estate. the real estate owned by the syndicate could be tenancy in common,, joint tenancy with right of survivor ship, a partnership georgia condominium act ✔✔requires extensive disclosures and allows the buyer of a new condominium unit a 7 day right of rescission. the time period begins once the buyer has received the mandatory disclosure package partition suit ✔✔harper, murphy, and jackson own an investment property as tenants in common. Because of a recent business disagreement, jackson wants to divest himself of the property, if the three owners cannot mutually agree on a plan to settle the matter jackson may seek an equitable distribution of the property by filing a: time sharing ✔✔a form of condominium ownership especially desirable for properties in resort areas where each unit is sold to multiple buyers is called public ownership ✔✔ownership of real estate for such things as schools, roads, parks, and military installations is
corporations ✔✔are not allowed to own real estate in joint tenancy because of the equal rights of possession requirement for this type of ownership georgia time share act ✔✔requires all advertising must comply with the fair business practices act; trust funds must be held in escrow account; unless exempt by law, sales agents must be licensed date of recordation ✔✔priority of interest in real estate is usually determined by grantor-grantee index ✔✔when performing a title examination, the attorney locates the book and page number where a particular deed is recorded by looking in an alphabetical listing. the subject property is located in a county that uses an index system of recording covenant of seisin ✔✔the covenant in which a grantor promises that the owner owns the property and has the right to convey title to it is the deed ✔✔conveys; present interest in real estate
avulsion ✔✔a sudden change in land mass due to a flood, earthquake, hurricane does not change the boundary line condemnation ✔✔governmental or quasi-governmental agencies such as railroads or utilities can take title to real property without the owners consent; the owner receives just compensation instate ✔✔is when a person dies without a will laws of descent and distribution ✔✔If a person dies intestate(without a will), leaving real property as part of his/her estate, the decedent's heirs will acquire title according to quite title action ✔✔a court determines as in the case of an adverse possessor's suit that someone else has a proven claim to title to the property, the court will order an involuntary transfer to the new owner; a title defect might be removed by color of title ✔✔is anything in writing that suggests some plausible appearance of ownership no matter how imperfect the instrument; ex claimant might have been named grantee in a forged deed or devisee in an invalid will
adverse possession ✔✔the person must prove that possession was; actual, hostile(without the owners permission), open(obivious and visible to the rightful owner), notorious(so that the public could observe the control being exercised over the land by the occupant), exclusive(not shared with anyone else, certainly not with the owner), continuous(uninterrupted pattern for the statutory required period) tacking ✔✔in order for the unauthorized occupancy to add up to the required years, one person might add their time to that of a previous occupant by a process called codicil ✔✔an amendment or a modification to a will can be affected by habendum clause ✔✔which of the following is not required for; a valid and enforceable conveyance of title by deed? forfeiture of title ✔✔a fee simple determinable estate is conditioned upon thee occurrence or non-occurrence of a certain event. Failure to abide by the condition will result in an automatic loss of ownership by an operation of law. ownership will automatically terminate and revert the original grantor or the grantor's heirs.
