GEORGIA REAL ESTATE 2026 COMPLETE
SOLUTION SCRIPT ACCURATE RESPONSES A+
◉ Easement by necessity. Answer: Easement allowed by law as
necessary for the full enjoyment of parcel of real estate .(right of ingress
and egress over a grantors land)
◉ Rescission. Answer: The practice of one party canceling or
terminating a contract.
◉ Mortgagee. Answer: The bank(receiving the house)
◉ Tax prorations. Answer: Taxes are paid July 1st, 365 days, seller pays
the day of closing.
◉ Alienation clause. Answer: Clause stating that the balance of the
secured debt becomes immediately due and payable at the lenders option
if the property is sold by the borrower. Prevents the borrower from
assigning the debt without the lenders approval.
◉ Deed. Answer: Does not need to be recorded to be valid.
◉ Economic characteristics of real estate ( LIPS). Answer: Location
Improvements
, Permanence of investment
Scarcity
◉ Fiduciary relationship with the principle (COLDAC). Answer: Care
Obedience
Loyalty
Disclosure
Accountability
Confidentiality
◉ Types of real estate ( SIR MAC). Answer: Special purpose
Industrial
Residential
Mixed use
Agricultural
Commercial
◉ PITI. Answer: Principle
Interest
Taxes
Insurance
SOLUTION SCRIPT ACCURATE RESPONSES A+
◉ Easement by necessity. Answer: Easement allowed by law as
necessary for the full enjoyment of parcel of real estate .(right of ingress
and egress over a grantors land)
◉ Rescission. Answer: The practice of one party canceling or
terminating a contract.
◉ Mortgagee. Answer: The bank(receiving the house)
◉ Tax prorations. Answer: Taxes are paid July 1st, 365 days, seller pays
the day of closing.
◉ Alienation clause. Answer: Clause stating that the balance of the
secured debt becomes immediately due and payable at the lenders option
if the property is sold by the borrower. Prevents the borrower from
assigning the debt without the lenders approval.
◉ Deed. Answer: Does not need to be recorded to be valid.
◉ Economic characteristics of real estate ( LIPS). Answer: Location
Improvements
, Permanence of investment
Scarcity
◉ Fiduciary relationship with the principle (COLDAC). Answer: Care
Obedience
Loyalty
Disclosure
Accountability
Confidentiality
◉ Types of real estate ( SIR MAC). Answer: Special purpose
Industrial
Residential
Mixed use
Agricultural
Commercial
◉ PITI. Answer: Principle
Interest
Taxes
Insurance
