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MIDTERM EXAM

Midterm Review Session

QuestionAnswer
Real Property ○ 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/ATTACHMENT
The process of converting real to personal: _________________________. SEVERANCE
Types of ownership: ○ Joint Tenancy: Right of Survivorship; the ___________ of possession, time, title and interest. 4 UNITIES
Tenancy in Common: identical rights and indivisible interest, but can have different sized shares and retain the right to _______________ their interest. SELL/DEVISE
Freehold estates: Fee Simple Absolute
Freehold estates: Ordinary Life Estate: based on lifetime of the ____________ LIFE TENANT
Remainder: _________________ NAMED 3RD PARTY
Reversion : _______ ORIGINAL SELLER/GRANTOR
○ Pur Autre Vie ______________ 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 ____________________ 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
Commingling: mixing _________________________ funds with any other funds TRUST ESCROW
Legal Descriptions ○ Rectangular Survey System. Also known as ________________________. GOVERNMENT SURVEY
North-South lines called ____________________ MERIDIANS
East-West lines __________________________ PARALLES
Contracts ○ A __________________ contract meets all requirements. ○ A ___________________ contract may be rescinded. ○ A ___________________ contract is unenforceable. ○ Validity Requirements: VALID VOIDABLE VOID
______________ parties (legal age & authority); sound mind COMPENTENT
Mutual ____________________: a _________________ of the minds. Unequivocal _____________________ & ____________________. CONSENT MEETING OFFER ACCEPTANCE
Valuable Consideration: a two-way exchange of __________________ for _________________ of __________ ______________________ ______________________ No duress or coercion. SOMETHING SOMETHING VALUE LEGAL PURPOSE GOOD FAITH
A full binding contract occurs when an offer, and all of its terms and stipulations has been __________________ and __________________ of ____________________ has been communicated MET AGREED UPON NOTIFICATION ACCEPTANCE
If mail is the form of communication: ________________________________ WHEN POSTMARKED
Once the sale is completed, it is an _____________________ contract. EXECUTED
Because of the __________________________ clause, Georgia is a _______________________________ foreclosure state. POWER OF SALE NON-JUDICIAL
Georgia is a _______________________________ state which means that the _____________________ _________________ title while the borrower has ____________ TITLE-THEORY LENDER LEGAL holds EQUITABLE
A mill = ___________________, or one out of a ___________________. .001 THOUSAND
The tax rate for a jurisdiction is computed by dividing the ___________________ by the _________________________. TAX REQUIRMENT TAX BASED
Types of Agency ○ Universal: - Atty-in-Fact General POA
General - Broker Agent
General - Property Manager Property Owner
Special - Listing Broker/Agen 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 QUIE 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 _______________________ contract EXECUTORY
Because of the __________________________ clause, POWER OF SALE
Georgia is a ________________________________ foreclosure state. NON JUDICIAL
Georgia is a _______________________________ state which means that the __________________ TITLE THEORY 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: D_________________________ DEMAND
Components of Value: U__________________________ UTILITY
Components of Value: S__________________________ SCARCITY
Components of Value: T__________________________ TRANSFERABILITY
Contracts ○ A ________________ contract meets all requiremen VALID
Physical Characteristic _I_______________________ INDESTRUCTABILITY
Physical Characteristics _U_________________ UNIQUENESS (HETEROGENEITY/NON-HOMOGENEITY)
Physical Characteristics _IM_________________________ IMMOBILITY
Economic Characteristics of real estate: ○ __L_________________ LOCATION
Economic Characteristics of real estate: __S____________________ SITUS
Economic Characteristics of real estate: __I___________ IMPROVABILITY
Economic Characteristics of real estate: P_____________ PERMENANCE OF INVESTMENT
Economic Characteristics of real estate: S_____________ SCARCITY
Township is the intersection of a ___________________ & a ________________. RANGE TIER
Its dimensions are ________________________. It contains 36______ _________________. MILES BY 6 MILES SECTIONS
Must have ________________________. POINT OF BEGINNING- END
Recorded ____________. AKA ________ & _________; AKA_________________. PLAT LOT BLOCK SUBDIVISION
Condo vs. Co-op Co-op: shares in a corporation; __________ lease PROPERIETARY
Condo vs. Co-op Condo: _____________ ownership of a unit (air rights if a high-rise), and a share of the common areas FEE SIMPLE
Types of Leases: Gross Landlord pays all operating expenses
Types of Leases: Net Tenant pays some or all operating expenses
Types of Leases: Percentage Tenant pays a flat amount and then pays a percentage of sales
Types of Leases: Step-up rents will increase
Types of Leases: Escalator rents may go up
Requirements of a valid deed Valid grantor and grantee, grantor’s signature
Requirements of a valid deed In writing with a legal description
Requirements of a valid deed c____ and a G______________ Consideration Granting clause
Requirements of a valid deed A______, ________& _____ Acknowledgement Delivery Acceptance
Easements: ○ Appurtenant runs with the land
Easements: ○By necessity landlocked parcel Dominant Servient tenements.
Easements: ○ By prescription continuous open hostile
Leasehold Estates. Right of the tenant of two sticks of the bundle: _______________. POSSESS USE
Leasehold Estates. . ○ Estate _Y____________________ FOR YEARS
Leasehold Estates ○ Estate __P____________________________ PERIOD TO PERIOD
Leasehold Estates. ○ Estate __W________________________ AT WILL
Leasehold Estates. Estate___S___________________________ AT SUFFERANCE
Created by: Mz Jade