GEORGIA REAL ESTATE EXAM REVIEW QUESTIONS | ANSWERED. GRADED A+/| latest update 2024/25|

GEORGIA REAL ESTATE EXAM REVIEW QUESTIONS | ANSWERED. GRADED A+/ Easement by prescription - -Easement acquired by continuous open and hostile use of the property for the period of time prescribed by state law Easement by necessity - -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 - -The practice of one party canceling or terminating a contract. Mortgagee - -The bank(receiving the house) Tax prorations - -Taxes are paid July 1st, 365 days, seller pays the day of closing. Alienation clause - -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 - -Does not need to be recorded to be valid. Economic characteristics of real estate ( LIPS) - -Location Improvements Permanence of investment Scarcity Fiduciary relationship with the principle (COLDAC) - -Care Obedience Loyalty Disclosure Accountability Confidentiality Types of real estate ( SIR MAC) - -Special purpose Industrial Residential Mixed use Agricultural Commercial PITI - -Principle Interest Taxes Insurance Diminishing returns - -The point when additional improvements do not increase value Increasing returns - -Produces an increase in income and value Cancel a contract - -Stop where you are Recind contracts - -Start over back to starting place Fee simple determinable - -A fee simple estate qualified by a special limitation "So long as" "While" "During" Automatically reverts back to owner . Fee simple subject to a condition subsequent - -If an estate is no longer used for the purpose conveyed , it reverts back to the original grantor by the right of re-entry. Have to go to court Fee simple defeasible - -Subject to the occurrence or non occurrence of a specified event. Ex. Land for a church can only be used for religious reasons Conveyance - -Moved the propert