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FINAL EXAM 1
REVIEW SESSION
| Question | Answer |
|---|---|
| Real Estate | ○ Land and all natural attachments ○ All permanent attachments and fixtures ○ The bundle of legal rights |
| PUTEE | Possess Use Transfer Exclude Encumber |
| Trade Fixtures | chattels, considered personal property Can convert to real property. |
| Insurance policy that provides coverage for criminal acts of employees: | surety bond |
| Condo vs. Co-op | ○ Co-op: shares in a corporation; proprietary lease ○ Condo: fee simple ownership of a unit (air rights if a high-rise), and an undivided share in the common areas. |
| Freehold estates | ○ Fee Simple Absolute ○ Fee Simple Defeasible (Conditional, Subsequent): rock house on UGA’s South campus. “Special Limitation with possibility of reverter” ○Ordinary Life Estate ■ Remainder ■ Reversion ■ Per Autre Vie |
| Legal Life Estate | Statutory; through operation of law. Protection for surviving spouse: Homestead, Dower & Curtsey. GA: year’s support. |
| Easements | ○ Appurtenant - “runs with the land.” ○ Creation: by necessity - landlocked parcel. Dominant & servient tenements. ○ By prescription: continuous, open & hostile |
| Requirements of a valid deed | ○ Valid grantor and grantee; grantor’s signature ○ In writing with a legal description ○ Consideration and a granting clause ○ Acknowledgement; Delivery & acceptance |
| Types of Leases | ○ Gross: Landlord pays all operating expenses ○ Net: Tenant pays some or all operating expenses ○ Percentage: Tenant pays a flat amount and then pays a percentage of sales ○ Step-up: rents will increase ○ Escalator: rents may go up or done ○ Index: |
| Valuation | ○ Cost - value for land is derived and a cost for any improvement less depreciation; used for unique properties ○ Sales Comparison: based on sales of similar properties, based on the concept of substitution. Comp Better Subtract; Comp Inferior Add - ne |
| Listings | ○ Exclusive right to sell: commission is protected for broker no matter the procuring cause ○ Exclusive agency: commission is protected from any other broker or agent; owner can still sell ○ Open: wide open. Whoever finds the buyer. Broker/agent has t |
| Eminent Domain | public good, just compensation, through condemnation |
| Adverse possession | open, notorious & hostile. 7 years in GA color of title. |
| Commingling | mixing escrow funds with any other funds |
| Fair Housing exemptions | ○ Private owners up to 4 units ○ Retirement communities (Over 62 or 55). |
| Fair Housing enforcement | FHA, HUD |
| Anti-trust enforcement | Federal Trade Commission (FTC |
| Real Estate Commission | ○ 6 members ○ 5 RE professionals; one “public advocate” ○ 5 year terms ○ Appointed by Governor; confirmed by state Senate ○ May suspend, revoke or downgrade a license. ○ May issue a citation |
| BRRETA | : Page 418 ○ Designated Agency |
| Township | 36 sections; 36 square miles |
| Section | 640 acres; one square mile |
| Water rights: Littoral | lakes, seas and oceans Property extends to high water mark |
| Water rights: Riparian: | Rivers and streams |
| Water rights: Navigable | property to water’s edge |
| Water rights: Non-navigable | middle of the waterway |
| Types of ownership: J | Joint Tenancy: Right of Survivorship; the 4 unities of possession, time, title and interest. |
| Types of ownership: T | Tenancy in Common: identical rights and indivisible interest, but can have different sized shares and retain the right to sell or devise their interest. |
| condominium in GA are under the legal purview of the | georgia condominium act |
Created by:
Mz Jade
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