Georgia Real Estate Exam Questions and Answers 100% Correct(SCORED A+)

Easement by prescription - ANSWER-Easement acquired by continuous open and hostile use of the property for the period of time prescribed by state law 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 Per