GA MLS midterm review Exam Study Guide With Verified Solutions.

GA MLS midterm review Exam Study Guide With Verified Solutions. Conditions of terminating a contract - answerREEP SAD -Revocation (client) or Renunciation (agent) -Expiration -Extinction -Performance (BEST WAY TO TERMINATE CONTRACT!!) -Supervening Illegality (eminent domain) -Agreement -Death Bundle of Legal rights - answerOwnership rights to real property DEEP-C disposition enjoyment exclusion Possession control Economic Characteristics of Real Estate - answerSLIP: Scarcity, Location (area preference), Improvements, Permanence of Investment The extent of owner's rights in land - answerThe surface of the earth extending down to the center and upward to infinity Physical Characteristics of Land - answerImmobility, Indestructibility, Uniqueness Most important economic characteristic of land - answerlocation Other terms for location - answerArea preference, situs Baseline - answerPrimary survey line running east and west in rectangular survey system In a government (rectangular) survey system, a section contains how many acres? - answer640 In a rectangular survey, normally the longer the legal descriptions, the parcel of land is smaller or larger? - answersmaller metes and bounds system - answerA system that relies on descriptions of land ownership and natural features such as streams or trees. Starts at a definite point and describes boundaries using directions, distance and terminal points. Can mark irregular shaped parcel of land. Trees and iron pins can be used as monuments A parcel of land in a subdivision is usually described using this system - answerLot and Block Appurtanance - answerRuns with the land Littoral rights - answerrights of a landowner adjacent to a lake, sea or ocean Remember "L" - Littoral/Lake Riparian Rights - answerR-River.....Common-law rights granted to owners of land along the course of a river, stream, or similar flowing body of water. Improvement - answerany artificial thing attached on or below ground, such as a building, fence, water line or sewer pipe, as well as growing things that are made part of the landscaping (fixtures) Fixture - answerAn item of personal property that has been converted to real property by being permanently affixed to the realty. Legal Tests of a fixture - answerMARIA -method of annexation -adaptability of the item for the land's ordinary use -relationship of the parties -intention of the person in placing the item on the land -agreement of the parties Trade fixtures - answerProperty used in course of a business, owned by a tenant, attached to a rented space or building. (also chattel fixture) Annexation - answerThe process of converting personal property into real property Emblements - answerRefers to crops which require annual planting. Owners can return to harvest after sale of property Severance - answerthe process by which an item of real property becomes personal property The number of feet in a square acre - answer43,560 Fee Simple Estate - answerlargest, most complete right in property (maximum). Can be willed to children. Defeasible Fee Estate OR Fee simple determinable - answerThe holder of the estate has fee simple title that may end when an event (or stipulation) does or does not occur. Life estate with remainder interest - answer-upon death of recipient of life estate, another named person will receive estate as a fee simple estate by "remainder interest" (remainderman) -Donor maintains possession until death -If sold, buyer would receive same interest the life tenant had Conventional Life Estate - answerConveys to the life tenant ownership for the tenants life Reversionary interest - answerIf grantor does not name a remainderman, then ownership returns to the grantor when the life estate terminates. Homestead exemption - answerProtects the landowner against personal property judgments up to the amount of this exemption from unsecured creditors Forms of co-ownership - answerTenants in Common (TIC) Joint Tenancy Tenancy by the entirety Community property Severalty Ownership - answerOwned by one person only. Sole ownership. Joint Tenancy - answerA form of co-ownership that includes the RIGHT OF SURVIVORSHIP (conveying deed, will or living trust) (PITT) *RIGHT OF SURVIVORSHIP MUST BE STATED IN WRITING ON DEED in GA