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EXAM
QUARTER TERM
| Question | Answer |
|---|---|
| A statutory right that a family has in its residence is called | Homested |
| The recordation of a warranty deed | Gives constructive notice of an individual's interest in the property |
| James built a tool shed on the back corner of his property and inadvertently built a portion on his neighbor's land. This would be an example of: | An encroachment |
| The type of real estate ownership in Georgia that is the strongest and most encompassing is | Fee simple absolute |
| Riparian rights involve | Rivers and streams |
| With navigable riparian rights, what is the property boundary: | Water's edge |
| Non-navigable: | Midpoint |
| The boundary vis-a-vis littoral rights: | High water mark |
| Which of the following would be considered real property? | Fixtures |
| Which of the following would be considered personal property? | Trade fixtures |
| A family owned a parcel of land that a Church wanted to purchase. The family consented to the sale but had their attorney prepare a deed that conveyed ownership "...so long as it be used as a church or house of worship." If said condition was violated, t | Fee simple defeasible estate |
| A woman owns a five acre tract of land. She sells off the front two acres to another party while reserving an appurtenant easement for herself to have access to her land. In this situation, the other party's parcel is | The servent tenement |
| The process of converting real property, into personal property is called | Serverance |
| Which of the following would not be considered a physical characteristic of land | Scarcity |
| Which of the following would be considered an economic charactic of land | Locatiion, (Situs) |
| A tract of land begins at an iron pin at the end of the right-of-way on Hwy 76. It runs south for exactly 2200 feet to another iron pin. The property line then runs due west for a distance of 775 feet, and runs back north for 2200 feet and then runs due e | 39 acres |
| To remove a cloud or defect on title, what might be used? | Quit-claim deed Quiet title suit |
| A married couple buys a house and instructs the closing attorney that they want the type of co-ownership estate where the ownership would automatically transfer to the surviving spouse. They have bought this house as | Tenants in common |
| In most cases, a shortage of supply coupled with increased demand would cause prices to | Rise |
| Mary Jane wants to grant a life estate to her niece for a house she owns; however, she only wants it to last for the lifetime of her incapacitated cousin, whom the niece is caring for. This type of life estate would be | A pur autre vie life estate |
| Marion has just bought a new place in a nice highrise up in the big city. He is buying 200 shares of stock of the owning corporation and will be signing a proprietary lease for his living unit. What type of ownership is Marion buying? | A cooperative (co-op) |
| All of the following are required for a valid deed except | Grantee's signature |
| Buddy, Joe Don & Jermaine want to combine forces to be able to buy a vacant commercial lot for speculative purposes. They want different sized shares since they will be investing different amounts of up-front capital. They also want to be able to sell or | Tenants in common |
| How many square feet in an acre? | 43560 |
| If a married man died with two sons but did not leave a will, how would his estate be processed during probate? | By the laws of descent and per the probate judge's ruling . |
| In an estate in trust, who holds title to the property? | The trustee |
| Which of the following would not be an example of the government's police powers as it relates to real estate? Eminent domain Zoning laws Building codes Federal ad valorem taxes | Federal ad valorem taxes |
| A family's home has the following liens placed on it: a 1st mortgage from 3 years ago; a federal income tax lien from 5 years ago; a 2nd mortgage lien from last year; and a county property tax lien that was just placed. Which lien would have highest prope | County property tax lien |
| Because we have a "power of sale" clause in mortgage documents here in Georgia, we are a | Non-judicial foreclosure state |
| The borrower in a mortgage is called the | Mortgagor |
| When someone is conveying real estate in a will they are called the a. Legatee Devisee Devisor . Beneficiary | Devisor |
| If a 5 acre rectangular tract has front footage measuring 500 feet, what is the approx. depth of the lot? s k:57436 | 436 feet |
| What is the market standard for real estate commissions in the east metro Atlanta area? | There is none; it's negotiated between broker/agent and client There is NO market or industry standard for real estate commissions. Discussions of that or attempts to implement that are considered price-fixing: a federal violation of anti-trust laws |
| Which of the following liens would be considered to have highest priority? | County real estate tax lien |
| The concept of escheat means the government can take back property if: | If there was no will and no heirs |
| How many square feet in an acre? | 43,560 |
| The following type of listing is illegal in Georgia: | Net listing |
| The way to determine the identity of a property is called a | legal description |
| A legal description should be written so that | a reasonably competent surveyor can find it |
| A legal description, as a form of identification, is used on | legal papers like contracts, deeds, and title insurance policy's |
| An actual legal description will be done using one of three methods. In some cases a combination of methods is used. What are those methods? | Metes and Bounds, Rectangular Government Survey, and Lot and Block Number on a Plat Map |
| The Metes and Bounds system is the oldest of all the measuring systems used in the United States. It relies on | monuments and point of beginning |
| The Metes and Bounds system includes | compass readings in degrees, minutes and seconds. Surveyors use specific equipment to measure the direction and angles |
Created by:
Mz Jade