deed - correct answer the instrument used to transfer real property
Title - correct answer Ownership and the owner's rights
Real Estate - correct
... [Show More] answer Land + improvements (appertenances)
Physical Characteristics of Land - correct answer 1. Immovable
2. Indestructable
3. Non-Homogenous (unique)
Economic Characteristics of Land - correct answer 1) Situs 2) Improvements
3) Fixed Investment 4) Scarcity
Personal Property - correct answer anything that is not real property; Chattel
Severance - correct answer Remove from the land
Make real property into personal property
Fixture - correct answer Tests MIAA
1. Method of attachement
2. Intention of attaching party
3. Adaptation to the article
4. Agreement (seller's disclosure statement best to use altho not law)
Trade Fixtures - correct answer Personal property used in a business and can be removed by the lessee when the lease terminates.
Emblements - correct answer Crops/
Fructus Industriales: Real Property (tree, shrub)
Fructus Naturalus: Personal Property, not part of land
Severalty - correct answer Personal, sole ownership; can be corprate
Concurrent Ownership - correct answer Ownership by two or more persons at the same time
4 Types of Concurrent Ownership - correct answer 1. Tenancy In Common
2. Joint Tenancy
3. Tenancy by Entireties
4. Community Property
Test for Tenancy (TTiP) - correct answer T: Time parties take possession
T: Title (who is on the deed)
I: Interest (equal or unequal)
P: Possession:
Tenancy in Common - correct answer T: Parties DO NOT take possession at same time
T: Separate Deeds
I: May be unequal
P: Undivided Interest
Inheritable
Joint Tenancy - correct answer T: All parties DO take possession at the same time
T: All on one Deed
I: Equal Interest
P: Undivided Interest
Right of Survivorship (Not Inheritable)
No Probate Court
Tenancy by the Entirety - correct answer form of joint tenancy ownership for husband and wife
Not in GA
Community Property - correct answer property obtained during the course of the marriage
Not in GA
Freehold Estates: - correct answer Ownership; Two Types
2 Types of Freehold Estates - correct answer 1. Fee Estates
2. Life Estates (Defeasable with Condition)
2 Types of Fee Estates - correct answer 1. Fee Simple (absolute, best form of ownership)
2. Conditional (Defeasible) Property deeded with conditions, voluntary or Legal (Statutory)
Reversionary - correct answer Deeded to the grantee for their life
Upon their death, ownership reverts back to grantor
Remainder - correct answer Deeded by the grantor to grantee. When grantee dies, goes to someone else.
Reservation - correct answer Grantor reserves possession of all or part of the land for the rest of their life while deeding title to grantee.
Pour Autre vie - correct answer Grantee's life estate is based on someone else's life.
Legal Life Estate - correct answer 1. Dower (wife receives) NOT in GA
2. Curtesy (husband receives) NOT in GA
3. Homestead (owned and occupied by family and protected against judgement liens
Deed - correct answer Document used to transfer title
4 types of deeds - correct answer general warranty: most promises
special warranty: limited
bargain and sale: Seizing (implied owner, Court appt sale)
quitclaim: no promises; quiet title suit
Deed Requirements - correct answer Grantor (18, sound mind/body), Grantee (can be a minor), Consideration, Legal Description, Granting Clause and Execeptions, Signature of the Grantor, Delivery and Acceptance
Transfer Tax - correct answer State or local tax payable when title passes from one owner to another.
TT = Sales Price/100 x .10
Title Insurance - correct answer a type of insurance that protects the buyer if problems with the title are found later
Chain of Title - correct answer A history of the ownership affecting title to a parcel of land.
50 years back in GA
Clouds are responsibility of the Seller
Abstract of Title - correct answer A history of the ownership of a parcel of land which lists transfers of title, rights, and liabilities.
Certificate of Title - correct answer A title examiner's written opinion of the current condition of a property title based on a search of the public records dating back for a specified number of years. Closing Attorney usually provides this
Intestate Succession: transfer via alientation - correct answer no will; Probate court takes care of who gets property
Adverse Possession: transfer via alienations - correct answer Squatter's rights; Continuous (20 years unless color of title then 7 years; open, hostile quiet title suit
Transfer by Courts: transfer via alientaion - correct answer quitclaim or quiet title suit: divorce, no husband
Water - correct answer Erosion (lose title), Accretion and Relicition (gain title),
Avulsion: sudden transfer of soil - don't lose title
Riparian - correct answer Rights to river or streams
Littoral - correct answer Rights to lakes/oceans; to high water makrk
Cooperative - correct answer Corporation in Severalty.
Stockholders have lease.
Coop pays mortgage and taxes.
Condominium - correct answer Fee Simple title inside the walls
Common Wall (area) owned as Tenants in Common
Planned Unit Development (PUD) - correct answer Fee Simple title to unit of Land
Common area owned by association
Party Wall owned by Association [Show Less]