Georgia Real Estate Exam Study Guide /
Questions with Definitive Solutions.
Terms in this set (363)
Accession The acquisition of title by the owner of real property to
those things attached to the property by others, such as
tenants, trespassers, or by nature.
Acre A measure of land area equal to 43560 square feet.
43560 The number of squarefeet in one acre.
Active License Status of an individual who has met all qualifications to
practice real estate as a broker, associate broker, or
salesperson; and such license is held by a broker, rather than
by the Commission.
Air Lot A designated air space over a parcel of land. In
condominiums, each individual unit occupies a
separate one.
Air Rights The right to use and enjoy the air space above a parcel of
land. Such rights may be leased or sold separately from the
land.
Appurtenance Anything that may be used with the land for its benefit and
goes to the new owner when ownership of the land is
transferred. Mineral rights, air rights, water rights,
easements, improvements, and natural attachments are
examples.
Man-made objects such as streets, fences, iron pins, concrete
Artificial Monuments
posts, etc.
Terms in this set (363)
,Associate Broker A person who has met all qualifications to be licensed as a
broker, but who elects to act on behalf of another broker in
performing any act authorized by law to be performed by a
broker.
Attorney General Legal counsel for the state. Whenever the Commission
believes a serious violation of the License Law has occurred,
the ____________ may bring an action in the name of the
state to enforce compliance.
Baseline Certain reference lines which run east and west; used in
rectangular survey system to locate land.
Bench Mark A permanent reference point of known location used by
surveyors. A ________ may be a point established by a
government survey team or a fixed monument such as a
road right-of-way.
Bill of Sale A document which conveys ownership to personal property.
Broker An individual or legal entity licensed to act as the agent of
another in buying, selling, exchanging, renting, leasing,
managing, or auctioning real estate for another.
Call The compass direction and distance for each boundary line.
Censure Disciplinary power of the Commission whereby it
reprimands a licensee, usually for technical violations
occurring for the first time.
Chattel Personal property.
Closure The metes and bounds legal description must return to the
point of beginning or the description is incomplete.
Participation of more than one broker in a real estate
Co-brokering
transaction.
,Commingling Mixing funds held in trust with the brokers personal or business
accounts.
The Real Estate The state licensing authority charged with the enforcement of
Commission the Real Estate License Law.
Constructive Severance The transfer to someone other than the owner of the land
the rights to remove attachments such as timber, or buildings,
or the right to remove minerals.
Contour The shape of the earths surface.
Correlative Rights The doctrine of law which allows riparian owners in certain
states to use only a reasonable share of water during periods of
drought.
Datum A point of surface of known location from which heights
and depths are measured. The basic point from which
vertical land(air rights and mineral rights) is described.
Dual Agency Representing both the buyer and the seller in the same
transaction. This practice constitutes a violation of License
Law, unless both parties give their written consent.
Earnest Money The purchaser's initial commitment of something of value to
indicate that he/she wants to buy the property according to
the terms of the offer being submitted. _______ deposits
received by the broker must be placed in her/her designated
trust account, until the transaction is either closed or
otherwise terminated.
Crops that require annual cultivation. They are
Emblements considered personal property even though it is
attached to the land.
, Escrow Account A separate account which a broker must maintain for the
deposit of all funds coming into his/her possession that
belongs to others. Before a broker's license will be issued,
the broker must authorize the Commission to examine the
account at any time.
Executor Person named in a will to carry out the directions and requests
of the deceased.
Fixture An item that was once personal property but has become
real property because of the manner in which it was
attached to the land or its improvements.
Fructus Industriales Crops that are planted and harvested each year.
Fructus Naturales Growing things which require no annual cultivation.
Georgia Administrative A state law which requires administrative bodies such as the
Procedures Act Georgia Real Estate Commission to follow certain procedures
in its investigative process and before exercising its
disciplinary powers. For example, before the Commission can
impose a sanction against a license, the licensee must be
given a hearing.
Improvements Any permanent, man-made attachment to the land, such
as buildings, fences, roads, or pipelines. Also known as
arterial attachment.
Inactive License Statue of a licensee temporarily unemployed, or who has
otherwise ceased his/her active involvement in the real
estate business on behalf of a broker. During such time, the
license is held by the Commission and may remain there
indefinitely, but must be renewed and fees must be paid the
same as active licensees.
Land An area which starts at the center of the earth, passes through
the earth's surface and extends into space.
The law which allows a well drilled on one property to
Law of Capture
extract oil or gas reserves from under adjoin properties.
Questions with Definitive Solutions.
Terms in this set (363)
Accession The acquisition of title by the owner of real property to
those things attached to the property by others, such as
tenants, trespassers, or by nature.
Acre A measure of land area equal to 43560 square feet.
43560 The number of squarefeet in one acre.
Active License Status of an individual who has met all qualifications to
practice real estate as a broker, associate broker, or
salesperson; and such license is held by a broker, rather than
by the Commission.
Air Lot A designated air space over a parcel of land. In
condominiums, each individual unit occupies a
separate one.
Air Rights The right to use and enjoy the air space above a parcel of
land. Such rights may be leased or sold separately from the
land.
Appurtenance Anything that may be used with the land for its benefit and
goes to the new owner when ownership of the land is
transferred. Mineral rights, air rights, water rights,
easements, improvements, and natural attachments are
examples.
Man-made objects such as streets, fences, iron pins, concrete
Artificial Monuments
posts, etc.
Terms in this set (363)
,Associate Broker A person who has met all qualifications to be licensed as a
broker, but who elects to act on behalf of another broker in
performing any act authorized by law to be performed by a
broker.
Attorney General Legal counsel for the state. Whenever the Commission
believes a serious violation of the License Law has occurred,
the ____________ may bring an action in the name of the
state to enforce compliance.
Baseline Certain reference lines which run east and west; used in
rectangular survey system to locate land.
Bench Mark A permanent reference point of known location used by
surveyors. A ________ may be a point established by a
government survey team or a fixed monument such as a
road right-of-way.
Bill of Sale A document which conveys ownership to personal property.
Broker An individual or legal entity licensed to act as the agent of
another in buying, selling, exchanging, renting, leasing,
managing, or auctioning real estate for another.
Call The compass direction and distance for each boundary line.
Censure Disciplinary power of the Commission whereby it
reprimands a licensee, usually for technical violations
occurring for the first time.
Chattel Personal property.
Closure The metes and bounds legal description must return to the
point of beginning or the description is incomplete.
Participation of more than one broker in a real estate
Co-brokering
transaction.
,Commingling Mixing funds held in trust with the brokers personal or business
accounts.
The Real Estate The state licensing authority charged with the enforcement of
Commission the Real Estate License Law.
Constructive Severance The transfer to someone other than the owner of the land
the rights to remove attachments such as timber, or buildings,
or the right to remove minerals.
Contour The shape of the earths surface.
Correlative Rights The doctrine of law which allows riparian owners in certain
states to use only a reasonable share of water during periods of
drought.
Datum A point of surface of known location from which heights
and depths are measured. The basic point from which
vertical land(air rights and mineral rights) is described.
Dual Agency Representing both the buyer and the seller in the same
transaction. This practice constitutes a violation of License
Law, unless both parties give their written consent.
Earnest Money The purchaser's initial commitment of something of value to
indicate that he/she wants to buy the property according to
the terms of the offer being submitted. _______ deposits
received by the broker must be placed in her/her designated
trust account, until the transaction is either closed or
otherwise terminated.
Crops that require annual cultivation. They are
Emblements considered personal property even though it is
attached to the land.
, Escrow Account A separate account which a broker must maintain for the
deposit of all funds coming into his/her possession that
belongs to others. Before a broker's license will be issued,
the broker must authorize the Commission to examine the
account at any time.
Executor Person named in a will to carry out the directions and requests
of the deceased.
Fixture An item that was once personal property but has become
real property because of the manner in which it was
attached to the land or its improvements.
Fructus Industriales Crops that are planted and harvested each year.
Fructus Naturales Growing things which require no annual cultivation.
Georgia Administrative A state law which requires administrative bodies such as the
Procedures Act Georgia Real Estate Commission to follow certain procedures
in its investigative process and before exercising its
disciplinary powers. For example, before the Commission can
impose a sanction against a license, the licensee must be
given a hearing.
Improvements Any permanent, man-made attachment to the land, such
as buildings, fences, roads, or pipelines. Also known as
arterial attachment.
Inactive License Statue of a licensee temporarily unemployed, or who has
otherwise ceased his/her active involvement in the real
estate business on behalf of a broker. During such time, the
license is held by the Commission and may remain there
indefinitely, but must be renewed and fees must be paid the
same as active licensees.
Land An area which starts at the center of the earth, passes through
the earth's surface and extends into space.
The law which allows a well drilled on one property to
Law of Capture
extract oil or gas reserves from under adjoin properties.
