GA Real Estate Salesperson Questions And
Answers 100% Guaranteed Success.
Chattels Real - correct answer. leases,mortgages, contracts, deeds - ownership of
real property
Chattels Personal - correct answer. personal property, Bill of Sale
Real Estate - correct answer. The land itself plus permanent attachments
Real Property - correct answer. Real estate plus the legal rights and interests that
go along with ownership
1 Acre - correct answer. 43,560 sq. ft
Appurtenances - correct answer. Attachments to real property - trees, buildings,
mineral rights, etc.
Fructus Naturales - correct answer. Trees, shrubbery, perennial plants
Fructus Industriales - correct answer. "Emblements" crops planted annually,
harvested. Personal property
Percolating Water - correct answer. Well water- not confined to a specific waterway
Riparian Rights - correct answer. Right to use water from a non-navigable stream or
river. Owner's interest extends to the center of the waterway
Correlative Rights - correct answer. Allows owner a reasonable share of water, as
long as it does not adversely affect downstream neighbors
,Prior Appropriation - correct answer. Common out west. File a claim to use water.
First come, first serve.
Littoral Rights - correct answer. Right to use/enjoy water when next to large lakes or
oceans
Law of Capture - correct answer. Oil that naturally funnels from neighboring
properties onto yours when you tap into it is fair game
Is it a fixture? - correct answer. M-modification
A-Attachment
R-Relationship of Parties
I-Intention of Annexing Party
A-Agreement
Trade Fixtures - correct answer. Personal property. Must be removed by tenant at
the end of the lease, and any damages they caused must be fixed
Accession - correct answer. Landlord's right to seize trade fixtures not removed
before the end of a lease.
Land Characteristics - correct answer. Immobility, Non-homogeneity,
Indestructibility, Situs, Improvements, Fixed Investment, Scarcity
The Bundle of Rights - correct answer. Possession, Use or Control, Enjoyment,
Disposition
Possessory Estate - correct answer. Current right to occupy
Non-possessory Estate - correct answer. Future right to occupy
Freehold Estate - correct answer. Estate of uncertain duration
Fee Simple Absolute Estate - correct answer. Fewest restrictions, best type of
ownership. Inheritable
Fee Simple Determinable Estate - correct answer. "So long as..." Automatically
reverts
Fee Simple on Condition Subsequent - correct answer. "On the condition that..."
Sue to regain possession
Ordinary Life Estate - correct answer. Exists as long as the grantee is alive.
Life Estate Pur Autre Vie - correct answer. Exists as long as a third party is alive.
,Estate for Years - correct answer. Leasehold estate for a stated period of time
Estate at Will - correct answer. Month to month leasehold estate. Notice must be
given by either party to end arrangement.
Leasehold Estate - correct answer. Estate with a certain, specified duration
Public Encumberances - correct answer. P- Police Power
E- Eminent Domain
T- Taxes
E- Escheat
Lien - correct answer. Private encumberance, financial claim against real property
from a third party
Voluntary Lien - correct answer. Lien placed with owner's consent
Involuntary Lien - correct answer. Lien placed without owner's consent. Placed by
the Law
Statutory Lien - correct answer. Lien that exists due to an act of legislature
Equitable Lien - correct answer. Lien based on the principles of justice and fair play
Specific Lien - correct answer. Lien applied to one property
General Lien - correct answer. Lien applied to all real & personal property of the
debtor
Property Tax Lien - correct answer. Specific, has priority over all other liens.
Ad Valorem Tax - correct answer. Levied against each property owner according to
the value of the property
Special Assessment Tax - correct answer. Tax levied against only the owner's who
will benefit from the improvements
Mortgage Liens - correct answer. Specific, exist when an owner pledges a property
to the lenderas security for a loan.
Mechanic's Lien - correct answer. Specific, statutory. Placed on a property when
labor & materials have not been paid for.
Vendee's Lien - correct answer. Specific, created when the sales contract between
the buyer and the seller is recorded
, Attachment Lien - correct answer. Specific, Grants the court custody of a property to
prevent the owner from transferring ownership of it while the suit is being decided.
Judgement Lien - correct answer. General, arise out of lawsuits. Awarded when one
person sues another for damages and wins
Federal & State Income Tax Liens - correct answer. General, statutory. Arise out of
unpaid taxes
Federal & State Inheritance/Estate Tax Liens - correct answer. General, Property
owned by a decedent is subject to taxes after certain exemptions
Decedent's Debt Lien - correct answer. General, existing liens on the decedent's
estate must be satisfied before the property passes to the heirs
Easements - correct answer. The right to use the land of another for a specified
purpose in a specified manner
Appurtenant Easement - correct answer. Runs with the land. 2 parties, one
dominant and one servient.
Easement in Gross - correct answer. 1 property, does not necessarily run with the
land. Personal: granted by an individual. Irrevocable, not transferable
Creation of Easements - correct answer. G-Grant
R-Reservation
P-Prescription
A-Agreement
N-Necessity
I-Implication
C-Condemnation
Termination of Easements - correct answer. R-Release
E-Expiration
A-Abandonment
P-Prescription
E-End of necessity
M-Merger
License - correct answer. Grants personal permission to use the land of another.
Revocable, can be given verbally
Covenants - correct answer. Promises made in a sales contract, lease, or deed that
specify how the property will or won't be used.
Injunction - correct answer. Court action required to stop a prohibited use
