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MIDTERM EXAM
Midterm Review Session
| Question | Answer |
|---|---|
| Real Property is | ○ Land and all natural attachments ○ All permanent attachments and fixtures ○ The bundle of legal rights |
| Water rights: ○ Littoral - pertains to: | OCEANS LAKES SEAS |
| The process of converting personal property to real property: | AFFIXMENT and/or ATTACHMENT |
| The process of converting real to personal: | SEVERANCE |
| Types of ownership: ○ Joint Tenancy: Right of Survivorship; the 4 UNITIES of possession, time, title and interest. | |
| Tenancy in Common: identical rights and indivisible interest, but can have different sized shares and retain the right to | SELL and/or DEVISE their interest. |
| Freehold estates: | Fee Simple Absolute |
| Freehold estates: Ordinary Life Estate: based on lifetime of the | LIFE TENANT |
| Remainder: | NAMED 3RD PARTY |
| Reversion: | ORIGINAL SELLER and/or GRANTOR |
| ○ Pur Autre Vie is: | BASED ON LIFETIME OF ANOTHER |
| Legal Life Estate: Statutory: | through operation of law. Protection for surviving spouse: Homestead, Dower & Curtsey. GA: year’s support |
| Freehold estates: | Fee Simple Defeasible (Conditional, Subsequent): rock house on UGA’s South campus. |
| Valuation ○ Cost | value for land is derived and a cost for any improvement less depreciation; used for unique properties concept of substitution. |
| Sales Comparison: | based on sales of similar properties, based on the concept of substitution. |
| Listings ○ Exclusive right to sell: commission is protected for broker no matter the procuring cause ○ Exclusive agency: commission is protected from brokers or agents; owner can still sell ○ Open: wide open. Whoever finds the buyer | BROKERS |
| Eminent Domain: public good, just compensation, through the process of | CONDEMNATION |
| Adverse possession | open, notorious & hostile |
| What is Commingling: | mixing trust and escrow funds with any other funds |
| Legal Descriptions ○ Rectangular Survey System. Also known as | GOVERNMENT SURVEY |
| North-South lines are called | MERIDIANS |
| East-West lines are called | PARALLES |
| Once the sale is completed, it is an | EXECUTED contract |
| Because of of sale clause, Georgia is a | NON-JUDICIAL foreclosure state. |
| Georgia is a | TITLE-THEORY state. the LENDER has LEGAL and the borrower holds EQUITABLE |
| A mill equals | .001 or one out of a THOUSAND |
| The tax rate for a jurisdiction is computed by dividing the | TAX REQUIReMENT by the TAX BASED |
| General - Broker | Agent |
| General - Property Manager | Property Owner |
| Special - Listing Broker/Agent | Seller |
| Special | Limited POA |
| Special: -Buyer's Broker/Agent | Buyer |
| Number of square feet in an acre: | 43,560 |
| Number of acres in a section: | 640 |
| Two ways to clear up a defect or cloud on title: | QUIT CLAIM DEED SUIT TO QUIET TITLE |
| Figuring parcel size with the Govt. survey system | Multiply fractions of section size & then multiply into 640 |
| CBS | Comp Better Subtract |
| CIA | Comp Inferior Add |
| Net Operating Income (NOI) | Gross Income minus Operating Expenses |
| To find Value: | NOI divided by Rate |
| Find Assessed Value then multiply by millage | 1 mill = .001 |
| Range: (NORTH/SOUTH) | 6 MILE DISTANCE BETWEEN 2 MERIDIANS |
| Tier: (EAST/WEST) | 6 MILE DISTANCE BETWEEN 2 PARALLELS |
| A section is | 640 ACRES |
| The Description that describes a perimeter by landmarks, monuments, distances & angles is called: | METES & BOUNDS |
| After a binding agreement is reached, then that is considered to be an | EXECUTORY contract |
| Because of the clause, | POWER OF SALE |
| Georgia is a | NON JUDICIAL foreclosure state |
| Georgia is a title theory state which means that the lender | |
| Fixtures: | REAL |
| Trade Fixtures: | PERSONAL |
| Fructus Naturales: | REAL |
| Property extends to | HIGH WATER MARK |
| Riparian: | RIVERS & STREAMS |
| Navigable - property to | WATER’S EDGE |
| Non-navigable - | MIDPOINT OF WATERWAY SCARCITY |
| Distinction between Real & Personal Property: ○ Fructus Industriales: | PERSONAL |
| Distinction between Real & Personal Property: ○ Emblements: | PERSONAL |
| Distinction between Real & Personal Property: ○ Improvements: | REAL |
| Distinction between Real & Personal Property: ○ Chattel: | PERSONAL |
| Components of Value: | DEMAND UTILITY SCARCITY TRANSFERABILITY |
| Contracts ○ A valid contract meets all requirements | |
| Physical Characteristic | INDESTRUCTABILITY UNIQUENESS (HETEROGENEITY/NON-HOMOGENEITY) IMMOBILITY |
| Township is the intersection of a range and a tier. | |
| A township dimensions are 6 MILES BY 6 MILES. It contains 36 SQUARE MILES | |
| A township Must have | POINT OF BEGINNING - END |
| Recorded PLAT, also known as LOT and BLOCK, also known as SUBDIVISION. | |
| Condo vs. Co-op | Condo: FEE SIMPLE ownership of a unit (air rights if a high-rise), and a share of the common areas Co-op: shares in a corporation; Proprietary lease |
| 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 |
| Requirements of a valid deed | ○ Valid grantor and grantee, grantor’s signature ○ In writing with a legal description ○ Consideration ○ Granting clause ○ Acknowledgement ○ Delivery ○ Acceptance |
| Easements: ○ Appurtenant | runs with the land |
| Easements: ○By necessity is | landlocked parcel Dominant Servient tenements. |
| Easements: ○ By prescription is | continuous open hostile |
| Leasehold Estates. Right of the tenant of what two sticks of the bundle: | POSSESS USE |
| The four types of Leasehold Estates are: | ○ Estate FOR YEARS ○ Estate for PERIOD TO PERIOD ○ Estate At will ○ Estate at sufferance |
| Economic Characteristics of real estate | ○ Location ○ Situs ○ Improvability ○ Permanence of investment ○ Scarcity |
Created by:
Mz Jade
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