The government rectangular survey system is based on the use of ______and________

principal meridians, base lines

The "L's" in CALL stand for

legal objective and legally competent parties

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Real Estate

Term	Definition
In a description of property using a recorded plat, the smallest unit of measurement in a subdivision is	A lot
The method of legal description of property which uses a reference to a subdivision map is call a description by	recorded plat
Plat of real property which are used as legal descriptions are usually generated by the	developer or subdivider
In a description of property using a recorded plat, the largest unit of measurement in a subdivision is a	block
Any object used to identify a corner of a parcel of land is called	monument
What is commonly referred to as a "survey" is one type of ________description	metes and bounds
A precisely identified location which serves as a reference point for starting a land survey is called a	permanent reference marker
Permanent reference markers are placed using measures of	latitude and longitude
A metes and bounds description always starts at a	point of beginning
The government rectangular survey system is based on the use of ______and________	principal meridians, base lines
In the government rectangular survey system, principal meridians are	longitude lines
In the government rectangular survey system, base lines are	latitude lines
In the government rectangular survey system, each side of a township measures	6 miles
In the governement rectangular survey system, the largest unit of measurement is the	township
The area of a township is	36 square miles
1 acre= _______ft X_______ft	209 X 209
1 acre=______feet square	209
1 acre=_______square feet	43,560
1 mile=_____feet	5,280
1 mile=_______rods	320
1 rod=_____feet	16.5
An agreement between two legally competent parties is a	contract
A contract that specifies that something NOT be done is called a contract for	forbearance
A verbal contract is called a ______ contract	parol
A contract in which the parties specifically state their intent to enter into an agreement is called a ______contract	expressed
A contract which is either written or oral is a _______contract	expressed
A contract which is created by the acts of the parties is called a ______contract	implied
A contract which is neither written nor oral is a _______contract	implied
A contract that meets all the requirements of the law is called a _______contract	valid
A contract that will stand up in court is	valid and enforceable
An unenforceable contract is often a contract that is	oral
A contract that does not meet legal requirements and is not binding on either party is	void
A contract that is binding on only one party is	voidable
A contract which can be rescinded by one party is	voidable
A contract that is voidable but has not yet been rescinded is	valid
A contract in which both parties promise to give up something is a ______contract	bilateral
A real estate sales contract is a ________contract	bilateral
A real estate sales contract is an _______contract	expressed
A contract in which only one party promises to give up something is called a _______contract	unilateral
A sales bonus offered to a salespersons by a company is a ______contract	expressed
A sales bonus offered to a salespersons by a company is a ______contract	unilateral
A contract for which all requirements have been fulfilled and the parties have done what they agreed to do is called a ______contract	executed
A real estate sales contract which has been closed is a _______contract	executed
A contract for which some or all requirements have not yet been completed is a ______contract	executory
A real estate sales contract which has not closed yet is a _____contract	executory
The word to use to remember the requirements for a valid contract is _____	CALL
The "C" in CALL stands for	consideration
The "A" in CALL stands for	agreement
The "L's" in CALL stand for	legal objective and legally competent parties
In a home sale, the seller promises to give his home to the buyer and the buyer promises to give him money. This is known as	consideration
In a real estate contract the consideration given by the buyer is a promise of	the purchase price
A promise to deliver a service is called	consideration
Anything that has monetary value when promised in a contract is called _________ consideration	valuable
Something of worth promised in a contract that doesn't have a monetary value is called ______ consideration	good
Love, affection, and good will are examples of _______consideration	good
A requirement for a valid contract known as mutual agreement is also called a	meeting of the minds
Offer and acceptance are required in order to have	mutual agreement
The party who makes an offer is called the	offeror
The party to whom an offer is made is called the	offeree
The last requirement in the process of offer and acceptance is	communication of acceptance
When an offeree rejects an offer and becomes an offeror, the immediate result is a	counteroffer
When a counteroffer is made, the original offer is	terminated
In reaching an agreement through the process of offer and acceptance, the seller can be	either offeror or offeree
Once an offer is made, it can be withdrawn	until acceptance is communicated
An act intended to deceive someone in order to get him/her to give up something of value is called	fraud
Intentionally withholding relevant information about real property from a buyer is	fraud
When fraud occurs, the injured party has the option to	rescind the contract
The giving of incorrect information without the intent to deceive is called	innocent misrepresentation
In the case of innocent misrepresentation, the buyer has the option to	rescind the contract
An error in the facts of a transaction that occurs mutually by both parties is called	mistake
In the case of a mistake in material fact resulting in no mutual agreement, the contract is	void
Forcing someone to do something against his/her will in the execution of a contract is called	duress
Taking advantage of someone in the execution of a contract is called	undue influence
If a contract is signed under duress or undue influence, the resulting contract is	voidable
A contract which does not have a legal objective is	void
If a minor buys real property, the resulting contract is	voidable
If a minor appoints someone to sell real property, the resulting contract is	void
A contract made by a person who was intoxicated is typically	voidable
Contracts made by persons already declared incompetent are	void
If a person signs a contract and is later judged to have been incompetent at the time of the signing, the contract is	voidable
Someone who is appointed to act on behalf of someone else in a specific act is called	attorney-in-fact
A contract entered into by a corporation is	valid
The sum of all facts on which ownership is founded is called	Title
A summary of all instruments affecting title and all encumbrances affecting the property is called	abstract of title
Title is established by evaluating a	abstract of title
A title which is free of reasonable doubt as to ownership is a	marketable title
The record of ownership transactions that connects the present owner to the original source of title is the	chain of title
Since the enactment of the Statute of Frauds in England in 1677, the transfer of ownership of real property has been shown through the use of	written deeds
Eliminating doubt about who holds the most current title to a property is the primary reason for	public records
In order to inspect the public records to determine ownership of property you must	go to the courthouse where they are kept
The presumption that anyone interested in acquiring a parcel of property will inspect the property and check the public records is part of	constructive notice
The two requirements for giving constructive notice of land ownership are physical occupation of the property and or	public recording
According to law, if an interested party wants to determine ownership of property, he/she should inspect the public records and	look to see who occupies it
Notice based on what you have seen, hear, read, or observed is called	actual notice
Instruments affecting title are recorded in the jurisdiction in which	the land is located
Records on property ownership are usually maintained at the ______ or ______level of government	county or city
When are records of property ownership kept at the state level?	never
The purpose of recording deeds is to give	constructive notice
Public recording of documents pertaining to land ownership is	optional, but a good idea
The system of registered land titles that establishes title in one document is the	Torrens System
The Torrens System proves title with	one document
The first step in establishing a Torrens Land Title is	file for a quiet title action
The status and condition of a title under the Torrens System is determined by	the courts
The name(s) entered on the Torrents Title certificate include	the current owner only
In Georgia, the Torrens System is	legal but rarely used
Any encumbrances to a title under the Torrens System must be entered	on the certificate of title
Acquiring property under the Torrens System requires	a title certificate
An insurance policy which protects the insured against a loss which might be sustained by a defective title, or any liens or encumbrances, is called	title insurance
The two most common types of title insurance policies are ______and ________title insurance	owner, mortgagee
Most title insurance policies which are issued cover losses to the	mortgage company
The type of title insurance who coverage decreases as the mortgage is paid down is called _______title insurance	mortgagee's
An owner's title insurance policy remains in effect only as long as the ______has an interest in the property	owner or his/her heirs
A mortgagee's title insurance always terminates when	the mortgage is paid off
In a contract the transfer of one's interest to another person is called	assignment
An executory contract may be assigned	unless prohibited in the contract
A contract can be assigned when	executory only
The person who assigns his/her interest in a contract is called the	assignor
The person to whom an interst in a contract is assigned is the	assignee
Once an assignment is made, the person primarily responsible for performance under the contract is the	assignee
Once an assignment is made, the person ultimately responsible for performance under the contract is the	assignor
Once an assignment of a contract is made, the assignor has ________ responsibility for performance	ultimate
The substitution of a new contract which terminates and replaces an existing contract is called	novation
When a new contract is introduced through novation, the old contract	terminates
When a home buyer assumes an existing loan and the lender releases the original borrower, it is called	novation
If a party to a valid real estate contract dies while the contract is executory, the contract	is enforceable on the deceased party's estate
If a party to a valid real estate contract becomes bankrupt while the contract is executory, the contract	terminates
The disposition of an executory contract when real property involved in a sales contract is destroyed is governed by the	Uniform Vendor and Purchaser Risk Act
If a property is destroyed before the title or possession has passed, the buyer is	not obligated to go through with the sale
Whether or not real estate contracts must be written to be enforceable is governed by the	Statue of Frauds
The two types of oral real estate contracts that are both valid and enforceable are open listings and	leases of one year or less
The two types of oral real estate contracts that are both valid and enforceable are leases of one year or less and	open listings
An oral open listing is	valid and enforceable
An oral lease for less than one year is	valid and enforceable
The two types of real estate contracts that are valid but not enforceable are sales contracts and	leases longer than one year
The two types of real estate contracts that are valid but not enforceable are leases longer than one year and	sales contracts
An oral lease for more than one year is	valid but not enforceable
An oral sales contract is	valid but not enforceable
An oral exclusive listing is	neither valid nor enforceable
An oral option contract is	neither valid nor enforceable
An oral mortgage is	neither valid nor enforceable
An oral deed is	neither valid nor enforceable
A written instrument which transfers ownership interests in real property during the lifetime of the owner is called a	deed
The Statute of Frauds requires that all deeds be	written
The Statute of Frauds requires that all deeds be	signed by the grantor
The act of transferring ownership with a deed is called a	grant
The party who transfers a deed is known as the	grantor
The party to whom the title is transferred is known as the	grantee
To have a valid deed, the grantor in most states must be	of legal age and sound mind
To have a valid deed in most states, the grantee must be	of sound mind only
The consideration required by a valid deed can be	good or valuable
The words "grant" or "convey" in a deed signify the intent of the grantor to convey title and are called	words of conveyance
Another name for the words of conveyance in a deed is the	granting clause
Who must sign a deed to make it valid?	The grantor only
A valid deed must name the	grantor and grantee
An otherwise valid deed accepted by a grantee using a fictitious name is	valid
If a deed is in possession of the grantee, it is presumed to be	delivered
If a deed is recorded, it is presumed to be	delivered and accepted
To be valid, a deed must be delivered during	the grantor's lifetime
The person who delivers a deed to make it valid is the	grantor
The habendum clause in a deed is	optional
Warranties as to title status are provided by ______ in the deed	covenants
Warranties in a deed affect the	certainty that the title is sound
The type of deed which provides the greatest warranty as to title status is the	general warranty deed
The deed covenant that states that the grantor owns the property and has the right to convey it is the covenant of	seizin
The deed covenant that warrants against encumbrances not stated in the deed is called the covenant	against encumbrances
The deed covenant which warrants that grantee's ownership will not be challenged by the claims of others is called the covenant of	quiet enjoyment
The deed covenant which obligates the grantor to perform any acts necessary to protect the title conveyed is called the covenant of	further assistance
The deed covenant which assures that the grantor will bear the expense of defending the title against the claims of others is called the covenant	of further assistance
The type of deed which warrants only against encumbrances by the grantor is the _______deed	special warranty
The special warranty deed contains only one warranty, the covenant	against encumbrances
The deed often used by an agent of a principal, such as a trustee or executor of a will, is the ______deed	special warranty
The type of deed which contains an implied interest in property but no warranty as to title status is the __________deed	bargain and sale
The type of deed which contains no warranty as to title is the _______deed	quitclaim
A quitclaim deed can be used to convey	any interest in real property
The type of deed commonly used to clear up a cloud on a title is the	quitclaim deed
Different types of deeds convey different amounts of	warranty
Different types of estates convey different amounts of	title
In most states, a deed must be acknowledged in order to be	recorded
A deed which is acknowledged by not recorded is	valid
In order to be admissible for public recording, a deed must usually be	acknowledged
The only person who can acknowledge a deed is the	grantor
The declaration that the person signing the deed is the grantor named in the deed is the	acknowledgement
The rules of real property transfer by inheritance are governed by	state law
When a person dies and leaves a valid will, the death is said to be	testate
When a person dies but does not leave a valid will the death is said to be	intestate
A person who dies is called the	decedent
If a decedent leaves a valid will, he/she is called the	testator
A gift of real property in a will is known as a	devise
A decedent who conveys real property in a will is known as the	devisor
The recipient of real property in a will is known as the	devisee
A bequest is a gift of _________property in a will	personal
A legacy is a gift of __________property in a will	personal
When there is an intestate death, the heirs are known as	distributees
the distribution of an intestate decedent's estate is governed by state laws called laws of	succession
The laws of succession are also known as the laws of	descent
If no heirs are found in an intestate death, the property	escheats to the state
The person appointed to administer the estate of a testate decedent is called the	executor
The person appointed to administer the estate of an intestate decedent is called the	administrator
The process of obtaining title to property by occupying it against the owner's will is called	adverse possession
The word used to remember the requirements for obtaining title by adverse possession is	ECHO
The "E" in ECHO stands for	Exclusive
The "C" in ECHO stands for	Continuous
The "H" in ECHO stands for	Hostile
The "O" in ECHO stands for	Open
In GA acquiring property by adverse possession requires occupying the property for	20 years
In GA if you occupy property for 20 years and meet the four "ECHO" requirements, you acquire	legal title
In order to obtain marketable title to property acquired through adverse possession, you may have to	quiet title in court
When property is acquired through adverse possession, a quiet title suit may be required to obtain	marketable title
A plausible, but not clear cut, claim held by an adverse claimant to property occupied by adverse possession is called	color of title
An adverse claimant's likelihood of gaining legal title to property through adverse possession is increased if he/she has color of title or	pays the property taxes
The right of a successor to assume the rights of a prior adverse occupant is known as	tacking
The owner of land occupied by an adverse claimant may PREVENT losing the property by evicting the adverse claimant or	giving him/her permission to occupy
The process of gaining title to additional land through an act of nature is called	accretion
The name for soil gradually deposited by the action of water is called	alluvion
The gradual receding of a lake, sea, or river that exposes dry land is called	reliction
The two types of accretion are deposit of alluvion and	reliction
The two methods by which land is lost through acts of nature are erosion and	avulsion
The gradual washing away of soil by the action of water is called	erosion
The sudden and rapid washing away of land by the action of water is called	avulsion
The "rights of ownership" is the definition of	property
The rights of ownership of property are often referred to as the	bundle of rights
Land and all that is permanently attached to it is called	real property
The system in which individuals can own land for their own lifetime but cannot pass it on to heirs is the _______system	feudal
The system in which individuals can own land for their own lifetime as well as pass it on to heirs is the _______system	allodial
The degree, quantity, nature, and extent of one's interest in land is called _________	estate in land
The two types of estates in land are ________estates and estates _________	freehold, less than freehold
An interest in land which is held for a lifetime or longer is called a	freehold estate
An interest in land which is held for less than a lifetime is called a	estate less than freehold
An estate less than freehold is _______ property	personal
The government's right to take land for the public good is called	eminent domain
The process used to acquire property under the right of eminent domain is called	condemnation
Zoning restrictions and building codes are enabled by the government's right of	police power
An item of personal property that is permanently attached to real property is usually considered	a fixture
An item of personal property may become a fixture by	attachment, adaptation, agreement
A trade fixture is considered	personal property
Personal property is conveyed by means of a	bill of sale
Real property is conveyed by means of a	deed
Trees and uncultivated vegetation are called	fructus naturales
Fructus naturales are considered _______property	real
Plants that are cultivated annually are called	fructus industriales
Fructus industriales are considered	personal property
Emblements are the same thing as	fructus industriales
Emblements are considered	personal property
Crops such as corn and wheat are examples of	emblements
A right, privilege or improvement associated with land is called a	appurtenance
An appurtenance	runs with the land
Rights associated with ownership of land adjoining a flowing body of water are called	riparian rights
Rights associated with ownership of land adjoining a stationary body of water are called	littoral rights
Under riparian rights, an owner of land adjoining a navigable body of flowing water owns land to the	low water mark
Under riparian rights, an owner of land adjoining an unnavigable body of flowing water owns land to the	middle of the waterway
An item of chattel is	personal property
An item of personal property which is movable and not associated with real property is called	chattel personal
An item of personal property which is not movable or is associated with real property is called	chattel real
Leases and options are examples of	chattel real
A freehold estate which is inheritable is a _______estate	fee
A fee estate is one type of _________estate	freehold
An estate which is limited only by the government's rights is called a _______estate	fee simple
The least restricted form of ownership is a _______estate	fee simple
A fee estate which is subject to limitations other than the government's rights is called a _________estate	qualified fee
Another name for a qualified fee estate is a _________estate	defeasible fee
The main type of qualified fee estate is called a _______estate	fee simple determinable
A fee estate which will terminate if a condition stated in the deed comes into being or is terminated is called a ________estate	fee simple determinable
A freehold estate which is not normally inheritable is called a ____estate	life
A life estate is one type of _______estate	freehold
A person who holds a life estate is known as a	life tenant
All life estates originate from and return to a ______estate	fee
When a life estate is granted, the grantor's interest in the property is a _________estate	fee
In a life estate pur autre vie, the duration of the life estate is based on the	life of a third party
A life estate pur autre vie is	inheritable
Ownership of a life estate in reversion reverts to the	grantor
Ownership of a life estate in remainder reverts to the	remainderman
A wife's right to receive a share of her husband's property upon his death is called a _______estate	dower
A husband's interest in property owned by his wife at the time of her death is called a ______estate	curtesy
The provision of a life estate to a widow or widower in some states is called	homestead protection
in a regular life estate, the duration of the estate is based on the	life of the grantee
The two types of estates in land are called	freehold estates and estates less than freehold
Freehold estate means ownership, estate less than freehold means	rental
Another name for an estate less than freehold is _____estate	leasehold
Estates less than freehold are considered to be _______property	personal
The holder of an estate less than freehold is called the	lessee
The landlord in an estate less than freehold is called the	lessor
During the life of an estate less than freehold, the landlord is said to hold a	reversion interest
The landlord's right to regain possession at the end of a lease is called a	reversion interest
A leasehold estate that has a specific starting and ending date is called a	estate for years
The duration of an estate for years	can be any length
A lease which is automatically renewed for a period equal to the initial lease duration is called	periodic estate
Another name for a periodic estate is	estate from year-to-year
A month-to-month apartment lease is an example of a	periodic estate
A lease which may be terminated by either party at any time is called a	estate at will
Another name for an estate at will is a	tenancy at will
In GA, to terminate an estate at will, the length of notice required by the landlord is	60 days
When a tenant remains in possession of leased property beyond his/ her legal tenancy and against the owner's will, it is called	tenancy at sufferance
When a tenant remains in possession of leased property beyond his/her legal tenancy with the owner's permission, it is called	tenancy at will
Two basic forms of ownership are called sole ownership and ______ownership	concurrent
Ownership by one person is called estate in	severalty
In concurrent ownership, the co-owners hold title to	an undivided interest in the property
A joint tenancy can be held by	any two or more people
The feature of concurrent ownership which provides that when any owner dies, his/her interest automatically goes to the remaining co-owners is called	survivorship
Survivorship means that one's interest in property owned concurrently is	not inheritable
The form of concurrent ownership which requires the four unities of possession, interest, time, and title is	joint tenancy
The "unity" which requires that concurrent tenants must hold an undivided interest in the property owned is called the unity of	possession
The "unity" which requires that concurrent tenants must have equal degrees of ownership is called the unity of	interest
The "unity" which requires that concurrent tenants must acquire their interest at the same time is called the unity of	time
The "unity" which requires that concurrent tenants must acquire their interest in the same way in the form of a single title is called the unity of	title
Which form of concurrent ownership requires that title be acquired by all tenants at the same time?	joint tenancy
A helpful way to remember the five major characteristics of joint tenancy is to use the acronym	PITTS
The only "unity" required by tenancy in common is unity of	possession
Form of concurrent ownership where the tenants hold SEPARATE title to an undivided interest	tenancy in common
If a specific form of concurrent ownership is not specified, it is presumed to be a	tenancy in common
The form of concurrent ownership based on the concept that each spouse has an equal interest in property acquired during the marriage is called	community property
the form of concurrent ownership limited to spouses is	tenancy by the entirety
Concurrent ownership can be separated by the process known as	partition
"Partition in kind" refers to separating concurrent ownership by	subdividing the property
When "partition in kind" is not possible, concurrently held property may be partitioned by	selling the property
In GA the forms of concurrent ownership which are recognized are joint tenancy and	tenancy in common
Corporations may hold title to property	in severalty or as tenants in comoon
Corporations may hold concurrent title to property only as	tenants in common
The right to use or enjoy the property of another is called a	easement
An easement which requires both a dominant and servient estate is a	easement appurtenant
In an easement appurtenant, the holder of the easement is the owner of the	dominant estate
In an easement appurtenant, the easement is granted by the owner of the	servient estate
An easement appurtenant "runs with the land." This means it becomes a permanent part of	the dominant estate
In an easement appurtenant, if the dominant estate is sold, the easement	remains in effect
An easement which affects only one property is called a	easement in gross
In an easement in gross, there is only one property involved, called the ______estate	servient
An easement in gross held by a public utility company is called a	commercial easement
If a property which has a commercial easement in gross is sold, the easement	remains in effect
An easement in gross held by an individual is a	personal easement
If a property which has a personal easement in gross is sold, the easement	terminates
An easement in which two owners have an easement in half a wall on each other's property is called a	party wall easement
If an easement is created by a written agreement between a landowner and easement holder, it is called	private grant
Creation of an easement by continuous, uninterrupted, hostile possession is called	prescription
Acquisition of property by continuous, uninterrupted, hostile possession is called	adverse possession
Acquisition of an easement by the governement or public utility under its power of eminent domain is called	condemnation
When a landowner reserves or retains for himself/herself an easement in a deed which conveys title to another party, it is called	reservation
When a seller grants an easement to prevent the buyer from becoming landlocked, it is called easement by	necessity
One way to remember the 5 ways of creating an easement is to use the word	POPCORN
The "P"s in POPCORN stand for prescription and	private grant
The "C"s in POPCORN stand for	condemnation
The "R"s in POPCORN stand for	Reserveration
The "N"s in POPCORN stand for	Necessity
The acronym "POPCORN" is used to remember	how easements are made
Is it required that an easement be put in writing?	no
When a quitclaim deed is used to terminate an easement, it is called termination by	release
When an easement is terminated because the holder of the easement failed to use it, it is called termination by	abandonment
When the need for an easement no longer exists, termination of the easement by the court is called termination by	vacation
When the dominant and servient estates come under one ownership, it is termination of an easement by	merger
When the end of a specified period of time for an easement is reached, the easement is terminated by	espiration
An unauthorized intrusion of a building, fixture, or other improvement to real property onto the land of another is a	encroachment
If an encroachment intrudes onto the land of another, it is called a	trespass
If an encroachment intrudes onto the air above another's land, it is called	nuisance
Encroachments may be discovered by	observation or survey
A monetary claim which one person has upon the property of another as security for a debt is called a	lien
A person who has a right of lien upon the property of another is called a	lienor
A person whose property is subject to a lien is called the	lienee
A lien which arises when a mortgage is used to finance a home is called a	mortgage lien
An ad valorem tax lien occurs when	ad valorem taxes are not paid
A special assessment tax lien occurs when	a special assessment tax is levied
Ad valorem and special assessment tax liens attach to	the real property that is taxed
Federal income tax liens attach to	all real and personal property of the lienee
A lien which can be filed by anyone who supplies labor or materials in the construction or repair of property is called a ______lien	mechanic's
A mechanic's lien attaches to	the real property on which the work was done
Notice of a claim against real property under a mechanic's lien	notice of lis pendens
A lien which results from a legal action in court is called a _____lien	judgment
A judgement lien attaches to	all real and personal property of the lienee
When a lawsuit results in a judgment lien, the sheriff is directed to sell the property of the lienee through a	writ of execution
After a judgment lien is awarded, a writ of execution results in a	sheriff's sale
The lien which arises when the proceeds from a foreclosure sale are insufficient to satisfy the outstanding indebtedness is called a ______lien	deficiency judgement
A deficiency judgement lien attaches to	all real and personal property of the lienee
Liens created by agreement of the parties are called _____liens	voluntary
Liens created by the operation of law are called ________liens	involuntary
Another name for an involuntary lien is a ______lien	statutory
A lien which attaches to all property owned by the lienee is called a _______lien	general
A lien which attaches only to a particular property identified in the lien is called a ____lien	specific
Another name for a specific lien is a _______lien	special
the legislation which establishes priority of liens in most states is called	race statutes
the type of lien which has priority over all others is a _____lien	property tax
Mechanic's liens take priority from the date	work began
To transfer a title encumbered by a lien, the lien must be	satisfied or assumed
A form of community ownership in which owners own both separate property and common property is a _______development	condominium
In a condominium development, each unity owner holds a fee interest in ______property	separate
In a condominium, the air space between the walls, floor and ceiling of a unit is called ________property	separate
The type of community ownership of property which can be used with almost any form of multiple-unit development is a ______development	condominium
Condominium developments are enabled by	state laws
Legislation enabling condominiums provides for subdividing real property into	air lots
The title to each unit in a condominium is derived from a ______deed	master
Self government in a condominium is accomplished through	the owners' association
An owner of a condominium becomes a member of the owners' association by	buying a unit
In a condominium development, taxes on common areas are paid by the	owners' association
In a condominium development, the funds for payment of taxes, maintenance costs, and insurance for common areas come from	association fees
The mortgagor on any loans for common areas in a condominium development is the	owners' association
In a condominium development, maintenance of common areas, insurance on the buildings and legal and management expenses are paid by the	owners' association
In a cooperative, the title to the land, building, and all improvements is held by	a not-for-profit corporation
In a cooperative, the individual unit occupants owns	no property
In a cooperative, someone becomes a unity occupant by	buying stock to obtain a proprieetary lease
In a cooperative, the mortgage payment is made by the	corporation
The rules for cooperative living in a coopeartive development are made by the	tenants' association
In general, the rules for cooperative living in a cooperative development compared to a condominium are	more stringent
A development which consists of individually owned, detached homes with community ownership of common areas is called a ______development	planned unit
The common areas in a planned unity development are often developed as	recreational areas
In a condominium, the common areas are owned by the	unit owners' association
In a PUD, the common areas are owned by the	community association
Planned unit developments are enable by	local zoning
The type of community ownership development which does not allow vertical stacking of units is the _______development	planned unit
A method of dividing up and selling a living unit for a specified period each year is called	timesharing
Timesharing is used almost exclusively for ______property	resort
In a timesharing development, the form of organization which gives the buyer only the use of the property for a specified period each year is called the ______format	right-to-use
In a timesharing development, the form of organization which gives the buyer ownership in a unity along with others is called the _______format	fee simple ownership
In a timesharing development, the form of organization which gives the buyer a membership in a club which owns the property is called the _______format	club plan
A lease is a contract which conveys the right to __________ real property	use or occupy
A valid lease can be	written or oral
An oral lease for 1 year or less is	valid and enforceable
An oral lease for more than 1 year is	valid but not enforceable
When real property is leased, the landlord is called the	lessor
When real property is leased, the tenant is called the	lessee
According to the GA Real Estate License Law, a leasehold interest in property is considered to be ______property	real
On the national portion of your licensing exam, you should consider a leasehold to be _______property	personal
On the state portion of your licensing exam, you should consider a leasehold interest to be _____property	real
The type of lease in which the tenant pays a fixed monthly rent and the landlord pays all expenses such as taxes, insurance, and maintenance out of the rent is a _______lease	gross
Type of lease in which the tenant pays a fixed monthly rent to the landlord and pays some of his/her own expenses such as taxes, insurance, and maintenance, is a _______lease	net
The type of lease in which the rent paid by the tenant inscludes a percentage of the gross sales of the business is called a _______lease	percentage
A type of lease in which the tenant pays a fixed rent for an initial period but the rent increases automatically by preset amounts is called a _________lease	graduated
Type of lease which contains a provision for future rent increases based on general increases in operating costs is called a _______lease	index
Provisions for increases in rent with an index lease are contained in a ________clause	escalator
A lease involving property which is sublet is called a _________lease	sandwich
In a sandwich lease, the sandwiched party is the	original lessee
The amount of rent the tenant must pay the landlord under the terms of their lease contract is called _________rent	contract
The amount of rent that could be obtained for a property on the open market if it were available is called _______rent	economic
When the landlord allows a situation to occur which makes it impossible for the tenant to enjoy the premises under the terms of the lease it is called _______eviction	constructive
The transfer of SOME of the rights and interest in leased property is called	subletting
Areas that may be subject to hazards, such as earthquakes or floods, are often designates as ________zones	special study
A test performed to determine the ability of soil to absorb water is called a	percolation test
Public land use controls are enacted to preserve property values and to	assure orderly pattern of growth
Private land use controls can be initiated through	deed restrictions
Deed restrictions are also called	restrictive covenants
The primary source of general revenues on which local governments operate normally is from ______taxes	ad valorem
"Ad valorem" means	according to valuation
The value of property as established for the purpose of determining taxes is called ______value	assessed
In GA, the assessed value of property is ______ of the market value of the property	40%
The rate of taxation expressed as thousandths of a dollar is called the ____rate	mill
One mill is equal to one _______of one dollar	.001 (one thousandth)
One mill is equal to one _____of one cent	.1 (one tenth)
When real property is sold, the capital gain which is subject to taxation is the difference between the amount realized and the _______ of the property	adjusted basis
The amount realized for determining capital gains tax on real property is the selling price less the	costs of sale
For tax purposes, the purchase price of real property plus the cost of acquisition plus the cost of capital improvements is called the	adjusted basis
The words "grant" or "convey" in a deed signify the intent of the grantor to convey title and are called	words of conveyance
Another name for the words of conveyance in a deed is the	granting clause
A gift of real property in a will is known as a	devise
Any interest or estate in land, whether corporeal (tangible things affixed to land) incorporeal (easements), freehold or non-freehold.	Real Estate
means the Georgia Real Estate Commission which has the power and authority to pass rules and regulations relating to the professional conduct of licensees and the administration of the license law (Title 43, Chapter 40)	Commission
means the real estate commissioner--the executive officer hired by the Commission.	Commissioner
A form that would specify with whom a broker has a client relationship is called a	agency disclosure
The Georgia Real Estate Commission is created by the	license law
The Georgia Real Estate Commission is composed of ____ members	6
The 6th member of the GA Real Estate Commission must be	unlicensed
Members of the GA Real Estate commission are appointed by	the Governor
Someone who receives compensation from a principal for negotiating a contract or procuring prospects for buying, selling, or listing real property is a real estate	broker
Money received by a broker on behalf of others is deposited in an	escrow account
All exclusive listings must be in writing in Georgia.	.
The expiration date on an exclusive listing must be specified in the listing.	.
Failure to disclose one's license status in an ad is called a	blind ad

Created by: mgm9480

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