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Real Estate
| Question | Answer |
|---|---|
| "Real Property | "Land plus improvements plus the bundle of rights." |
| "Personal Property (Chattel) | "Movable items transferred by bill of sale." |
| "Bundle of Rights | "Possession, control, enjoyment, exclusion, and disposition." |
| "Land | "Surface, subsurface, and air rights." |
| "Real Estate | "Land plus improvements." |
| "Accretion | "Gradual addition of land by natural forces." |
| "Erosion | "Gradual loss of land by water or wind." |
| "Avulsion | "Sudden loss of land due to natural forces." |
| "Reliction | "Water recedes and exposes new land." |
| "Appurtenance | "A right or improvement that transfers with the land." |
| "Fixture | "Personal property that becomes real property using the MARIA test." |
| "Trade Fixture | "Tenant-installed item that remains personal property." |
| "Freehold Estate | "Ownership for an indefinite duration." |
| "Fee Simple Absolute | "Highest and most complete form of ownership." |
| "Fee Simple Defeasible | "Ownership that can be lost if conditions are violated." |
| "Life Estate | "Ownership lasting for the duration of someone's life." |
| "Leasehold Estate | "Tenant’s right to occupy property." |
| "Estate for Years | "Lease for a fixed period." |
| "Periodic Tenancy | "Lease that renews automatically." |
| "Tenancy at Will | "Lease with no fixed term; can be ended anytime." |
| "Tenancy at Sufferance | "Holdover tenant remains without permission." |
| "Easement | "Right to use another person’s land." |
| "Easement Appurtenant | "Easement with dominant and servient tenements." |
| "Easement in Gross | "Easement benefiting a person or company, not land." |
| "License | "Revocable permission to use property." |
| "Encroachment | "Physical intrusion onto another’s property." |
| "Lien | "Claim against property for a debt." |
| "Specific Lien | "Lien against a specific property (mortgage, taxes, mechanic’s lien)." |
| "General Lien | "Lien against all property of a person (judgment, IRS)." |
| "Tenancy in Common | "Co-ownership with separate interests and no survivorship." |
| "Joint Tenancy | "Equal ownership with right of survivorship." |
| "Tenancy by the Entirety | "Ownership for married couples (not used in Georgia)." |
| "Community Property | "Shared marital property (not used in Georgia)." |
| "Condominium | "Fee simple ownership of a unit plus shared common areas." |
| "Cooperative | "Ownership through shares in a corporation with a proprietary lease." |
| "Deed | "Document that transfers ownership." |
| "Grantor | "Person transferring ownership." |
| "Grantee | "Person receiving ownership." |
| "General Warranty Deed | "Provides the highest level of protection." |
| "Special Warranty Deed | "Covers only the grantor’s period of ownership." |
| "Quitclaim Deed | "Provides no warranties; used to clear title defects." |
| "Bargain and Sale Deed | "Implies ownership but provides no warranties." |
| "Title | "Legal ownership of property." |
| "Abstract of Title | "Summary of all recorded documents affecting title." |
| "Chain of Title | "History of ownership transfers." |
| "Title Insurance | "Protects against title defects." |
| "Recording | "Gives constructive notice to the public." |
| "Actual Notice | "Direct knowledge of a fact." |
| "Valid Contract | "Has competent parties, mutual assent, consideration, and lawful purpose." |
| "Void Contract | "Has no legal effect." |
| "Voidable Contract | "Valid but can be canceled by one party." |
| "Unenforceable Contract | "Valid but missing a legal requirement for enforcement." |
| "Bilateral Contract | "Promise exchanged for a promise." |
| "Unilateral Contract | "Promise exchanged for performance." |
| "Executed Contract | "All terms have been completed." |
| "Executory Contract | "Terms are still being performed." |
| "Statute of Frauds | "Requires real estate contracts to be in writing." |
| "Offer and Acceptance | "Creates a binding agreement." |
| "Counteroffer | "Rejection of an offer and creation of a new one." |
| "Specific Performance | "Court order requiring a party to perform the contract." |
| "Mortgage | "Security instrument for a loan." |
| "Note | "Borrower’s promise to repay." |
| "Lien Theory State | "State where borrower holds title (Georgia is lien theory)." |
| "Amortization | "Gradual repayment of a loan." |
| "Loan Estimate (LE) | "Disclosure of loan terms within 3 days of application." |
| "Closing Disclosure (CD) | "Final loan terms before closing." |
| "PMI | "Insurance required when LTV exceeds 80%." |
| "FHA Loan | "Loan insured by HUD." |
| "VA Loan | "Loan guaranteed for veterans." |
| "Conventional Loan | "Loan not backed by the government." |
| "Adjustable-Rate Mortgage (ARM) | "Interest rate changes based on an index." |
| "Points | "Prepaid interest; 1 point equals 1% of loan amount." |
| "Market Value | "Most probable price a property will bring." |
| "Cost Approach | "Value = replacement cost minus depreciation." |
| "Sales Comparison Approach | "Value based on comparable sales." |
| "Income Approach | "Value = NOI divided by cap rate." |
| "Depreciation | "Loss in value from physical, functional, or external causes." |
| "Highest and Best Use | "Most profitable legal use of property." |
| "Agent | "Person representing a client." |
| "Client | "Principal in an agency relationship." |
| "Customer | "Third party receiving services but not representation." |
| "Fiduciary Duties | "Obedience, loyalty, disclosure, confidentiality, accounting, skill." |
| "Broker | "Holds license and supervises agents." |
| "Salesperson | "Works under a broker." |
| "Dual Agency | "Agent represents both parties with written consent." |
| "Designated Agency | "Broker assigns separate agents to each party." |
| "Transaction Broker | "Facilitator with no agency relationship." |
| "BRRETA | "Georgia law defining agency duties and disclosures." |
| "Community Association Manager License | "Required to manage HOAs." |
| "Georgia Fair Housing | "State law mirroring federal fair housing protections." |
| "Georgia Real Estate Commission (GREC) | "Regulates licensing and discipline." |
| "CAM License | "License required for HOA management." |
| "Earnest Money Rules | "Broker must deposit earnest money promptly." |
| "Trust Accounts | "Strict rules for handling client funds." |
| "Proration | "Dividing expenses between buyer and seller." |
| "Transfer Tax | "Georgia charges $1 per $1,000 of sale price." |
| "Intangible Tax | "Tax on new loans." |
| "Property Tax | "Assessed value multiplied by millage rate." |
| "Protected Classes | "Race, color, religion, sex, national origin, disability, familial status." |
| "Steering | "Directing buyers toward or away from areas." |
| "Blockbusting | "Inducing panic selling for profit." |
| "Redlining | "Denying loans based on neighborhood." |
| "Errors and Omissions Insurance | "Protects agents from mistakes." |
| "Disclosure | "Material facts must be disclosed." |
Created by:
trich0424