Georgia Real Estate Exam Study Guide 2024 Questions and Answers
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Course
Real Estate
Institution
Real Estate
Georgia Real Estate Exam Study Guide 2024
Questions and Answers
Accession - Answer- 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 - Answer- A measure of land area equal to 43560 square ...
Georgia Real Estate Exam Study Guide 2024 Questions and Answers Accession - Answer - 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 - Answer - A measure of land area equal to 43560 square feet. 43560 - Answer - The number of squarefeet in one acre. Active License - Answer - 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 - Answer - A designated air space over a parcel of land. In condominiums, each individual unit occupies a separate one. Air Rights - Answer - 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 - Answer - 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 - Answer - Man-made objects such as streets, fences, iron pins, concrete posts, etc. Associate Broker - Answer - A person who has met all qualifications to be licensed as a broker, but who elects to act on behalf of another broker in performing any act authorized by law to be performed by a broker. Attorney General - Answer - Legal counsel for the state. Whenever the Commission believes a serious violation of the License Law has occurred, the ____________ may bring an action in the name of the state to enforce compliance. Baseline - Answer - Certain reference lines which run east and west; used in rectangular survey system to locate land. Bench Mark - Answer - A permanent reference point of known location used by surveyors. A ________ may be a point established by a government survey team or a fixed monument such as a road right -of-way. Bill of Sale - Answer - A document which conveys ownership to personal property. Broker - Answer - 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 - Answer - The compass direction and distance for each boundary line. Censure - Answer - Disciplinary power of the Commission whereby it reprimands a licensee, usually for technical violations occurring for the first time. Chattel - Answer - Personal property. Closure - Answer - The metes and bounds legal description must return to the point of beginning or the description is incomplete. Co-brokering - Answer - Participation of more than one broker in a real estate transaction. Commingling - Answer - Mixing funds held in trust with the brokers personal or business accounts. The Real Estate Commission - Answer - The state licensing authority charged with the enforcement of the Real Estate License Law. Constructive Severance - Answer - The transfer to someone other than the owner of the land the rights to remove attachments such as timber, or buildings, or the right to remove minerals. Contour - Answer - The shape of the earths surface. Correlative Rights - Answer - The doctrine of law which allows riparian owners in certain states to use only a reasonable share of water during periods of drought. Datum - Answer - A point of surface of known location from which heights and depths are measured. The basic point from which vertical land(air rights and mineral rights) is described. Dual Agency - Answer - 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 - Answer - 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 design ated trust account, until the transaction is either closed or otherwise terminated. Emblements - Answer - Crops that require annual cultivation. They are considered personal property even though it is attached to the land. Escrow Account - Answer - 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 - Answer - Person named in a will to carry out the directions and requests of the deceased. Fixture - Answer - 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 - Answer - Crops that are planted and harvested each year. Fructus Naturales - Answer - Growing things which require no annual cultivation. Georgia Administrative Procedures Act - Answer - A state law which requires administrative bodies such as the Georgia Real Estate Commission to follow certain procedures in its investigative process and before exercising its disciplinary powers. For example , before the Commission can impose a sanction against a license, the licensee must be given a hearing. Improvements - Answer - Any permanent, man -made attachment to the land, such as buildings, fences, roads, or pipelines. Also known as arterial attachment. Inactive License - Answer - Statue of a licensee temporarily unemployed, or who has otherwise ceased his/her active involvement in the real estate business on behalf of a broker. During such time, the license is held by the Commission and may remain there indefinitely, but must be renewed and fees must be paid the same as active licensees. Land - Answer - An area which starts at the center of the earth, passes through the earth's surface and extends into space.
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