Name: Score:
452 Multiple choice questions
Term 1 of 452
severalty
combines and replaces the good faith estimate and the initial truth-in-lending (til)
statement; highlights the most important elements of the transaction
the combining of multiple contiguous pieces of real property into a single tract of land,
often resulting in an increase in value
an agent who is authorized to manage all of a principal's affairs within certain specified
areas; enjoys broader authority than that of a special agent but less than that of a universal
agent
undivided ownership of an estate, with an interest that is exclusive from other owners; often
referred to as ownership in severalty or tenancy in severalty
Term 2 of 452
legal life estate
any life estate created by a function of law as opposed to the actions or desires of a
property owner
a statement, written or spoken, that is false or misleading; can be actionable if also found
to be fraudulent
land from the surface to the center of the earth and upward into space, all attachments,
and the bundle of legal rights of ownership
an ongoing line of credit, as with a credit card, where the amount of debt can fluctuate as
the borrower uses it to manage cash flow issues
,Term 3 of 452
Department of Housing and Urban Development (HUD)
a department in the federal government which is in charge of enforcing federal fair housing
laws
an interest in, or a right to use, another individual's land or property, generally for a
specific, limited purpose.
an easement that applies to the person or entity, not the specific land
a description of a property that is distinct and precise enough to distinguish it from all other
properties
Term 4 of 452
implied contract
a contract created by the actions of the parties rather than by express agreement
the facilitation by a third party of a financial transaction between two parties
any loan that is neither insured by the government nor guaranteed by the government
a budget created by using anticipated revenues and expenses for a property over a period
of one year
Term 5 of 452
erosion
the gradual loss of land over time
the entire chronological record of a property's ownership
the pledging of an asset as collateral to secure a loan without delivery of title, possession,
or other ownership rights
the facilitation by a third party of a financial transaction between two parties
,Definition 6 of 452
type of (usually commercial) lease in which the tenant pays a base rent amount and a percentage
of their business profits to the landlord
servient tenement
fee simple determinable
percentage lease
economic life
Term 7 of 452
building code
a lien that has another (senior) lien superseding it in priority; also called an inferior lien
a set of regulations pertaining to building design, materials, safety, sanitation, and structure
the transfer of ownership (title) to real property. alienation may be voluntary or involuntary.
bank-owned property that has been through the foreclosure process
Term 8 of 452
comparable (comp)
type of (usually commercial) lease in which the tenant pays a base rent amount and a
percentage of their business profits to the landlord
any property which has sold and is similar enough in features, location, and proximity in
time to inform the value of a subject property
a property's loss of value due to economic or functional factors
a report that compares the prices of recently sold or listed homes ("comparables") in order
to estimate the market value of a similar property (the "subject property") located in the
same area
, Definition 9 of 452
a lien for which the real estate and personal property may be sold to satisfy the debt
mechanic's lien
contract for deed
general lien
specific lien
Term 10 of 452
liquid assets
assets that can be quickly converted to cash without losing their value
a deed used to convey ownership interest to the trustee under a land trust
the total taxable assets available in a specific area
a mutual binding understanding between two parties that authorizes another party to act
on their behalf
Term 11 of 452
deed in lieu of foreclosure
tanks located in the ground underneath properties that store chemicals, fuels, toxic wastes,
and other potentially harmful substances
a report that informs the property owner(s) of their property's expenses, income, and
disbursements; prepared by the property manager
the regulatory body responsible for regulating the brokerage industry and licensing real
estate practitioners; formally known as the Georgia Real Estate Commission (GREC)
an alternative to foreclosure in which the defaulting borrower voluntarily transfers the
property title to the lender and the borrower cancels the foreclosure
452 Multiple choice questions
Term 1 of 452
severalty
combines and replaces the good faith estimate and the initial truth-in-lending (til)
statement; highlights the most important elements of the transaction
the combining of multiple contiguous pieces of real property into a single tract of land,
often resulting in an increase in value
an agent who is authorized to manage all of a principal's affairs within certain specified
areas; enjoys broader authority than that of a special agent but less than that of a universal
agent
undivided ownership of an estate, with an interest that is exclusive from other owners; often
referred to as ownership in severalty or tenancy in severalty
Term 2 of 452
legal life estate
any life estate created by a function of law as opposed to the actions or desires of a
property owner
a statement, written or spoken, that is false or misleading; can be actionable if also found
to be fraudulent
land from the surface to the center of the earth and upward into space, all attachments,
and the bundle of legal rights of ownership
an ongoing line of credit, as with a credit card, where the amount of debt can fluctuate as
the borrower uses it to manage cash flow issues
,Term 3 of 452
Department of Housing and Urban Development (HUD)
a department in the federal government which is in charge of enforcing federal fair housing
laws
an interest in, or a right to use, another individual's land or property, generally for a
specific, limited purpose.
an easement that applies to the person or entity, not the specific land
a description of a property that is distinct and precise enough to distinguish it from all other
properties
Term 4 of 452
implied contract
a contract created by the actions of the parties rather than by express agreement
the facilitation by a third party of a financial transaction between two parties
any loan that is neither insured by the government nor guaranteed by the government
a budget created by using anticipated revenues and expenses for a property over a period
of one year
Term 5 of 452
erosion
the gradual loss of land over time
the entire chronological record of a property's ownership
the pledging of an asset as collateral to secure a loan without delivery of title, possession,
or other ownership rights
the facilitation by a third party of a financial transaction between two parties
,Definition 6 of 452
type of (usually commercial) lease in which the tenant pays a base rent amount and a percentage
of their business profits to the landlord
servient tenement
fee simple determinable
percentage lease
economic life
Term 7 of 452
building code
a lien that has another (senior) lien superseding it in priority; also called an inferior lien
a set of regulations pertaining to building design, materials, safety, sanitation, and structure
the transfer of ownership (title) to real property. alienation may be voluntary or involuntary.
bank-owned property that has been through the foreclosure process
Term 8 of 452
comparable (comp)
type of (usually commercial) lease in which the tenant pays a base rent amount and a
percentage of their business profits to the landlord
any property which has sold and is similar enough in features, location, and proximity in
time to inform the value of a subject property
a property's loss of value due to economic or functional factors
a report that compares the prices of recently sold or listed homes ("comparables") in order
to estimate the market value of a similar property (the "subject property") located in the
same area
, Definition 9 of 452
a lien for which the real estate and personal property may be sold to satisfy the debt
mechanic's lien
contract for deed
general lien
specific lien
Term 10 of 452
liquid assets
assets that can be quickly converted to cash without losing their value
a deed used to convey ownership interest to the trustee under a land trust
the total taxable assets available in a specific area
a mutual binding understanding between two parties that authorizes another party to act
on their behalf
Term 11 of 452
deed in lieu of foreclosure
tanks located in the ground underneath properties that store chemicals, fuels, toxic wastes,
and other potentially harmful substances
a report that informs the property owner(s) of their property's expenses, income, and
disbursements; prepared by the property manager
the regulatory body responsible for regulating the brokerage industry and licensing real
estate practitioners; formally known as the Georgia Real Estate Commission (GREC)
an alternative to foreclosure in which the defaulting borrower voluntarily transfers the
property title to the lender and the borrower cancels the foreclosure
