GA MLS midterm review
Conditions of terminating a contract - ANS-REEP SAD
-Revocation (client) or Renunciation (agent)
-Expiration
-Extinction
-Performance (BEST WAY TO TERMINATE CONTRACT!!)
-Supervening Illegality (eminent domain)
-Agreement
-Death
Bundle of Legal rights - ANS-Ownership rights to real property
DEEP-C
disposition
enjoyment
exclusion
Possession
control
Economic Characteristics of Real Estate - ANS-SLIP:
Scarcity,
Location (area preference),
Improvements,
Permanence of Investment
The extent of owner's rights in land - ANS-The surface of the earth extending down to the center
and upward to infinity
Physical Characteristics of Land - ANS-Immobility,
Indestructibility,
Uniqueness
Most important economic characteristic of land - ANS-location
Other terms for location - ANS-Area preference, situs
Baseline - ANS-Primary survey line running east and west in rectangular survey system
In a government (rectangular) survey system, a section contains how many acres? - ANS-640
In a rectangular survey, normally the longer the legal descriptions, the parcel of land is smaller
or larger? - ANS-smaller
,metes and bounds system - ANS-A system that relies on descriptions of land ownership and
natural features such as streams or trees. Starts at a definite point and describes boundaries
using directions, distance and terminal points. Can mark irregular shaped parcel of land. Trees
and iron pins can be used as monuments
A parcel of land in a subdivision is usually described using this system - ANS-Lot and Block
Appurtanance - ANS-Runs with the land
Littoral rights - ANS-rights of a landowner adjacent to a lake, sea or ocean
Remember "L" - Littoral/Lake
Riparian Rights - ANS-R-River.....Common-law rights granted to owners of land along the
course of a river, stream, or similar flowing body of water.
Improvement - ANS-any artificial thing attached on or below ground, such as a building, fence,
water line or sewer pipe, as well as growing things that are made part of the landscaping
(fixtures)
Fixture - ANS-An item of personal property that has been converted to real property by being
permanently affixed to the realty.
Legal Tests of a fixture - ANS-MARIA
-method of annexation
-adaptability of the item for the land's ordinary use
-relationship of the parties
-intention of the person in placing the item on the land
-agreement of the parties
Trade fixtures - ANS-Property used in course of a business, owned by a tenant, attached to a
rented space or building. (also chattel fixture)
Annexation - ANS-The process of converting personal property into real property
Emblements - ANS-Refers to crops which require annual planting. Owners can return to harvest
after sale of property
Severance - ANS-the process by which an item of real property becomes personal property
The number of feet in a square acre - ANS-43,560
Fee Simple Estate - ANS-largest, most complete right in property (maximum). Can be willed to
children.
, Defeasible Fee Estate OR Fee simple determinable - ANS-The holder of the estate has fee
simple title that may end when an event (or stipulation) does or does not occur.
Life estate with remainder interest - ANS--upon death of recipient of life estate, another named
person will receive estate as a fee simple estate by "remainder interest" (remainderman)
-Donor maintains possession until death
-If sold, buyer would receive same interest the life tenant had
Conventional Life Estate - ANS-Conveys to the life tenant ownership for the tenants life
Reversionary interest - ANS-If grantor does not name a remainderman, then ownership returns
to the grantor when the life estate terminates.
Homestead exemption - ANS-Protects the landowner against personal property judgments up to
the amount of this exemption from unsecured creditors
Forms of co-ownership - ANS-Tenants in Common (TIC)
Joint Tenancy
Tenancy by the entirety
Community property
Severalty Ownership - ANS-Owned by one person only. Sole ownership.
Joint Tenancy - ANS-A form of co-ownership that includes the RIGHT OF SURVIVORSHIP
(conveying deed, will or living trust) (PITT) *RIGHT OF SURVIVORSHIP MUST BE STATED IN
WRITING ON DEED in GA
Tenants in Common (TIC) - ANS-Holds undivided/fractional interest in property, with unity of
possession. Unequal sharing of ownership. It is the interest, not the property that is divided. Can
sell without consent of others.(Way a married couple could hold title to real property in GA) (NO
RIGHT OF SURVIVORSHIP)
Joint tenancy - ANS-Must be unities of (PITT)
Possession
Interest
Time
Title
Tenancy by the Entirety - ANS-form of ownership for husband and wife. They have equal,
undivided interest in property. (One indivisible unit)*RIGHT OF SURVIVORSHIP *NOT
RECOGNIZED IN GA
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