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FINAL EXAM 1

REVIEW SESSION

QuestionAnswer
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