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GA MLS midterm review Questions and Correct Verified Answers
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GA MLS midterm review Questions and Correct Verified Answers
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Top Mark Questions and Correct Verified AnswersGA MLS midterm review Questions and
Correct Verified Answers
Conditions of terminating a contract
✓ 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
✓ Ownership rights to real property
✓ DEEP-C
✓ disposition
✓ enjoyment
✓ exclusion
✓ Possession
✓ control
Economic Characteristics of Real Estate
✓ SLIP:
✓ Scarcity,
✓ Location (area preference),
✓ Improvements,
✓ Permanence of Investment
Top Mark !!!
, Top Mark Questions and Correct Verified Answers
The extent of owner's rights in land
✓ The surface of the earth extending down to the center and upward to infinity
Physical Characteristics of Land
✓ Immobility,
✓ Indestructibility,
✓ Uniqueness
Most important economic characteristic of land
✓ location
Other terms for location
✓ Area preference, situs
Baseline
✓ Primary survey line running east and west in rectangular survey system
In a government (rectangular) survey system, a section contains how many acres?
✓ 640
In a rectangular survey, normally the longer the legal descriptions, the parcel of land is
smaller or larger?
✓ smaller
Top Mark !!!
, Top Mark Questions and Correct Verified Answers
metes and bounds system
✓ 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
✓ Lot and Block
Appurtanance
✓ Runs with the land
Littoral rights
✓ rights of a landowner adjacent to a lake, sea or ocean
✓ Remember "L" - Littoral/Lake
Riparian Rights
✓ R-River.....Common-law rights granted to owners of land along the course of a
river, stream, or similar flowing body of water.
Improvement
✓ 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
Top Mark !!!
, Top Mark Questions and Correct Verified Answers
✓ An item of personal property that has been converted to real property by being
permanently affixed to the realty.
Legal Tests of a fixture
✓ 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
✓ Property used in course of a business, owned by a tenant, attached to a rented
space or building. (also chattel fixture)
Annexation
✓ The process of converting personal property into real property
Emblements
✓ Refers to crops which require annual planting. Owners can return to harvest
after sale of property
Severance
✓ the process by which an item of real property becomes personal property
The number of feet in a square acre
Top Mark !!!
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