GEORGIA REAL ESTATE EXAM REVIEW QUESTIONS AND ANSWERS, GRADED A+/ VERIFIED.| latest update 2024/25|

GEORGIA REAL ESTATE EXAM REVIEW QUESTIONS AND ANSWERS, GRADED A+/ VERIFIED. Deed - -Document used to transfer title. Title - -Land+ deed, (who are the owners and what are their rights?) Real Estate - -Land+appurtenances (right or improvement attached to the land) Two types of characteristics of land: - -Physical & economic What are the physical characteristics of land? - -Immovable, indestructible,unique(non-homogenous) What are the economic characteristics of land? - -Scarcity, improvable, permanence of investment; situs Situs - -Property location Non-homogenous - -Unique Personal propery - -Anything not real, Bill of sale (doc) chattel Chattel - -Personal property Bill of sale - -Document used in personal property Severance vs. Fixture - -Test MIAA= Method of attachment, Intention of the attaching parties, Adaption of the articles (house keys), Agreement (sellers disclosure statement) Trade fixture - -Personal property of the commercial tenant Enblements - -Crops, fructus industriales Severalty - -One and only one (sole) owner Concurrent - -More than one owner Tenancy in common - -Interest unequal, separate deeds, unity of possession, inheritable, Ga Joint tenancy - -(TTIP) Time: all parties must take title at the same time, Title: all parties on one deed. Interest: must be equal, unity of Possession: undivided interest. Right of survivorship (uninheritable) voluntary, Ga Tenancy by the entireties - -Husband/wife TTIP, not ga Community property - -What's mine is mine ; husband/wife. not ga What are the two types of freehold estates? - -Fee estates and life estates Fee estates - -Fee simple (absolute)-property deeded with no conditions. Best form of ownership. Conditional(defeasible) fee: property deeded with conditions attached What are the two types of Life estates? - -Voluntary life estates, legal life estates What are the Voluntary life estates? - -Reversionary: deeded to the grantee for the granted life. Reverts back to the grantor fee simple( or the grantors heirs) when life tenant dies. Remainder: goes to third party (Remainderman: has an estate in remainder until grantee dies) named by grantor when grantee dies (fee simple) Reservation: grantor reserves possession of all or a portion of the land for their rest of their life while deeding it to the grantee. Pour Autre Vie: grantee life based on someone else's life. Reversionary life estate - -Reversionary: deeded to the grantee for the granted life. Reverts back to the grantor fee simple( or the grantors heirs) when life tenant dies. Remainder - -Remainder: goes to third party (Remainderman: has an estate in remainder until grantee dies) named by grantor when grantee dies (fee simple) Reservation - -Reservation: grantor reserv