Georgia real estate exam 2023 with Complete Solutions Easement by prescription - Correct Answer Easement acquired by continuous open and hostile use of the property for the period of time prescribed by state law Easement by necessity - Correct Answer Easement allowed by law as necessary for the full enjoyment of parcel of real estate .(right of ingress and egress over a grantors land) Rescission - Correct Answer The practice of one party canceling or terminating a contract.Mortgagee - Correct Answer The bank(receiving the house) Tax prorations - Correct Answer Taxes are paid July 1st, 365 days, seller pays the day of closing.Alienation clause - Correct Answer Clause stating that the balance of the secured debt becomes immediately due and payable at the lenders option if the property is sold by the borrower. Prevents the borrower from assigning the debt without the lenders approval.Deed - Correct Answer Does not need to be recorded to be valid.Economic characteristics of real estate ( LIPS) - Correct Answer Location Improvements Permanence of investment Scarcity Fiduciary relationship with the principle (COLDAC) - Correct Answer Care Obedience Loyalty Disclosure Accountability Confidentiality Types of real estate ( SIR MAC) - Correct Answer Special purpose Industrial Residential Mixed use Agricultural Commercial PITI - Correct Answer Principle Interest 1 / 2
Taxes Insurance Diminishing returns - Correct Answer The point when additional improvements do not increase value Increasing returns - Correct Answer Produces an increase in income and value Cancel a contract - Correct Answer Stop where you are Recind contracts - Correct Answer Start over back to starting place Fee simple determinable - Correct Answer A fee simple estate qualified by a special limitation "So long as" "While" "During" Automatically reverts back to owner .Fee simple subject to a condition subsequent - Correct Answer If an estate is no longer used for the purpose conveyed , it reverts back to the original grantor by the right of re- entry. Have to go to court Fee simple defeasible - Correct Answer Subject to the occurrence or non occurrence of a specified event. Ex. Land for a church can only be used for religious reasons Conveyance - Correct Answer Moved the property Origination fees - Correct Answer Cost for doing the loan. 1% of loan amount Brokerage relationships in real estate transactions act( BRRETA) - Correct Answer Governs real estate relationships Special agent(designated agent) - Correct Answer Represents the principal in one specific act or business transaction only, under detailed instruction.General agent - Correct Answer Represents the principle in a broad range of matters Universal agent - Correct Answer Empowered to do anything the principle could do personally Voidable - Correct Answer Could be, seemed that everything was ok but found out later.Ex. Contract with a minor Void - Correct Answer As if it never happened. Never should have signed contract- public record.
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