Georgia Real Estate Exam 2025 Latest Edition With Verified Questions And A+ Answers For Guaranteed Pass

◉ 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 property ◉ Origination fees - Cost for doing the loan. 1% of loan amount ◉ Brokerage relationships in real estate transactions act( BRRETA) - Governs real estate relationships