Download GEORGIA REAL ESTATE EXAM STUDY GUIDE WITH QUESTIONS AND ANSWERS|A+ GRADED\LATEST UPDATE and more Exams Real Estate Management in PDF only on Docsity!
GEORGIA REAL ESTATE EXAM STUDY GUIDE WITH
QUESTIONS AND ANSWERS|A+ GRADED\LATEST
UPDATE
Accession The acquisition of title by the owner of real property to those things attached to the property by others, such as tenants, trespassers, or by nature. Acre A measure of land area equal to 43560 square feet. 43560 The number of squarefeet in one acre. Active License Status of an individual who has met all qualifications to practice real estate as a broker, associate broker, or salesperson; and such license is held by a broker, rather than by the Commission.
Air Lot A designated air space over a parcel of land. In condominiums, each individual unit occupies a separate one. Air Rights The right to use and enjoy the air space above a parcel of land. Such rights may be leased or sold separately from the land. Appurtenance Anything that may be used with the land for its benefit and goes to the new owner when ownership of the land is transferred. Mineral rights, air rights, water rights, easements, improvements, and natural attachments are examples. Artificial Monuments Man-made objects such as streets, fences, iron pins, concrete posts, etc.
Bill of Sale A document which conveys ownership to personal property. Broker An individual or legal entity licensed to act as the agent of another in buying, selling, exchanging, renting, leasing, managing, or auctioning real estate for another. Call The compass direction and distance for each boundary line. Censure Disciplinary power of the Commission whereby it reprimands a licensee, usually for technical violations occurring for the first time. Chattel Personal property.
Closure The metes and bounds legal description must return to the point of beginning or the description is incomplete. Co-brokering Participation of more than one broker in a real estate transaction. Commingling Mixing funds held in trust with the brokers personal or business accounts. The Real Estate Commission The state licensing authority charged with the enforcement of the Real Estate License Law. Constructive Severance
Representing both the buyer and the seller in the same transaction. This practice constitutes a violation of License Law, unless both parties give their written consent. Earnest Money The purchaser's initial commitment of something of value to indicate that he/she wants to buy the property according to the terms of the offer being submitted. _______ deposits received by the broker must be placed in her/her designated trust account, until the transaction is either closed or otherwise terminated. Emblements Crops that require annual cultivation. They are considered personal property even though it is attached to the land. Escrow Account A separate account which a broker must maintain for the deposit of all funds coming into his/her possession that belongs to others. Before a broker's license will be issued, the broker must authorize the Commission to examine the account at any time.
Executor Person named in a will to carry out the directions and requests of the deceased. Fixture An item that was once personal property but has become real property because of the manner in which it was attached to the land or its improvements. Fructus Industriales Crops that are planted and harvested each year. Fructus Naturales Growing things which require no annual cultivation. Georgia Administrative Procedures Act A state law which requires administrative bodies such as the Georgia Real Estate Commission to follow certain procedures in its investigative
The law which allows a well drilled on one property to extract oil or gas reserves from under adjoin properties. Legal Description A description of land legally sufficient to distinguish it from all other parcels. Littoral Rights A landowners lawful claim to use and enjoy the water of a large lake or ocean bordering the owned property. Meridians Certain reference lines which run north and south used in the rectangular survey system to locate land. The north-south line on a compass. Metes and Bounds A method of legally describing land by measuring directions and distances of its boundary lines.
Mineral Rights A landowner's legal interest in minerals below the surface of his land. Such rights are considered to be appurtenant to the land and may be sold or leased separately. Monument A fixed point or object used to denote the end point of a boundary line in a metes and bounds description. Natural Monuments Trees, rocks, streams, etc. Navigable Water A waterway open to the public for commercial boat traffic. Non-homogeneity
Portable Water Water which is pure enough to drink. Principal Also called Client. One who employs an agent to represent him/her. Principal Meridian One of the north-south reference lines used in the rectangular survey to locate land. Prior Appropriation A doctrine of law relating to riparian water rights used by states that typically experience periods of drought. The right to use riparian water is secured by permit. During periods of drought the earlier permits establish priority in using adjacent water. Property
A specific object owned plus the rights of ownership. Qualifying Broker One designated as the principal broker for a corporation or partnership. May be any individual with a brokers license in Georgia. Range A six mile wide strip of land running north-south in a the rectangular survey system. Real Estate Land and attachments on it plus the rights to own and use them. Also known as real property or realty. Real Estate Commissioner Full time employee of the Commission who serves as its chief administrator. Because of the commissioner's oath to faithfully discharge the duties of the office, the commissioner can have no interest in a real estate company or other related business.
Right of Lateral Support The right which protects the natural support of adjacent land in mining operations to extract minerals from below the surface of the earth. Riparian Rights A landowner's right to use and enjoy the water from a river, stream or lake which adjoins the owned land. Rules and Regulations Authoritative standards of practice created by the Commission which relate do the professional conduct of licensees and the administration of the License Law. They are intended to clarify certain sections of the Law which may be misunderstood or misinterpreted by the licensees and the public. Even though they are not a part of the License Law, they have the same force and effect as the Law. Salesperson Any person, other than an associate broker, who acts on behalf of a real estate broker in performing any licensed act authorized by the License Law to be performed by the broker.
Sanction A penalty or punishment provided as a means of enforcing obedience to a law. Section A parcel of land in the rectangular survey system that is one mile square and contains six hundred forty acres (640). Severance To remove something from the land such as minerals or timber. Situs Location; refers to people's preference for a given location. Area preference. Spot Survey The process of locating the exact boundaries, shape and area of a parcel of land.
A Landowners right to use and enjoy water adjacent to, underneath, or on the land. Water Table The level at which percolating water is found below the earth's surface. License Law A law designed to protect the public from dishonest and incompetent agents. Created in 1925. Four responsibilities of the Commission. Issue licenses, set fees, pass rules and regulations, take disciplinary actions. Allodial System A system of land ownership which recognizes the right of individuals to own land independently of political superiors, but allows the government to retain the rights of eminent domain, police power, taxation and escheat.
Attachment Lien An encumbrance created against land when the court is granted custody of the property to prevent the owner from conveying title while a suit for damages is being decided. By attaching the property the person seeking damages is assured that the property will be available to satisfy a judgement if it is awarded by the court. Bundle of Rights All of the rights a person can have in real property. Included in the bundle are the rights of possession, control, enjoyment and disposition. Commercial Easement in Gross A right to use the land of another. It does not benefit any particular property. The right is transferable and freely inheritable. Typical examples include utility easements, railroad right-of-ways and billboard easements. Condition
