METRO BROKERS FINAL UPDATED Actual Exam Questions and CORRECT Answers
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Course
METRO BROKERS
Institution
METRO BROKERS
METRO BROKERS FINAL UPDATED
Actual Exam Questions and CORRECT
Answers
What is the function of a Bill of Sale? Of a Deed? - CORRECT ANSWER- Answered by
to sell personal property, deed: sale of real property_____
real estate
Real property consists of what two (2) elements?
Answered by_____...
METRO BROKERS FINAL UPDATED
Actual Exam Questions and CORRECT
Answers
What is the function of a Bill of Sale? Of a Deed? - CORRECT ANSWER- ✔✔Answered by
to sell personal property, deed: sale of real property_____
real estate
Real property consists of what two (2) elements?
Answered by____________ - CORRECT ANSWER- ✔✔land , attachments / appurtenances
( runs with the land )
Real property includes what three (3) rights? Might these rights be separated? How?
Answered by__________ - CORRECT ANSWER- ✔✔water rights , minerals rights, air
rights
These can be sold or leased separately. An owner might sell the land but keep the mineral
rights .
Define the term Appurtenance. - CORRECT ANSWER- ✔✔by Runs with the
Land_________
Appurtenance is defined as any right, interest or improvement which convey with the
ownership of the property and also the rights and responsibilities.
A percolation test serves what purpose? How do percolating water and the water table
interact? - CORRECT ANSWER- ✔✔A percolation test is used to determine the feasibility of
installing a septic system by observing how quickly water is absorbed by the ground. The
level of which percolating water is found, is called the water table. And this water can be
used for wells, irrigation or falling lakes. If it's pure enough we can drink it.
. Although they are both Appurtenances, the real estate term "Attachment" has a broader
meaning than the term "Fixture". Explain. - CORRECT ANSWER- ✔✔Attachments: things
permanently attached to the land ( physically or legally )
Fixture: a property that was once personal and has become real
, Understand the different legal ways for determining if an item would be considered a fixture
or personal property. - CORRECT ANSWER- ✔✔Using the acronym MARIA :
1. Modification
2. Attachment
3. Relationship to the parties
4. Intentions of annoying party
5. Agreement
When offering a home for sale, is there an enforceable legal way sellers might make an
exception of a fixture and not include it as part of the sale? Be specific! - CORRECT
ANSWER- ✔✔Yes before the home is shown/ listed, the seller should remove the fixture and
replace it with another that they can live with.
What term describes the conversion of real property to personal property? What do we call
personal property after it becomes part of real property? - CORRECT ANSWER-
✔✔Severance ( Change their form )
Real property is land plus appurtenances but personal property is simply property that is not
real; fixture.
How do Riparian rights and Littoral rights differ? - CORRECT ANSWER- ✔✔Repairing
rights: border river and stream and owner has the right to use the stream for swimming,
boating and fishing; Littoral rights: borders large navigational lakes, oceans, seas, and the use
and enjoyment of the shore.
. Recognize the basic terminology used in a Metes & Bounds legal description; a Plat or short
form legal description; a Rectangular (Government) Survey legal description. - CORRECT
ANSWER- ✔✔Metes and bounds: identifies the parcel by describing the boundaries; a plot
shows when a subdivision has been recorded and when in track of land it is subdivided;
rectangular ( government survey): not used in GA, and was designed in 1785 to be faster and
simpler than metes and bounds.
In Georgia, if no short form legal description were available, how might an enforceable Real
Estate contract still be created?
Answered by____________ Hire Surveyor - CORRECT ANSWER- ✔✔1. in seller's deed or
in the security deed
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