GA AUCTION EXAMS EVALUATION QUESTIONS AND
ANSWERS 2025/2026 ALL GRADED A+
✔✔Grantee - ✔✔The buyer of real property, the grantee, receives title of the property
from the grantor, the
seller. The grantee must be correctly identified in the deed.
✔✔Deed - ✔✔A written document by which the grantor conveys to the grantee an
interest, usually
ownership, in real property. A deed must recognize that the grantor received valuable
consideration for the property and describe the property such that a competent surveyor
could locate the plot of the property. The deed should specify any exceptions or
reservations to the deed, including encumbrances, liens, mortgages, taxes, restrictions,
easements or limitations of the title. To be valid, a deed must be properly signed and
delivered. While it is recommended that a deed also be recorded, it is not required.
✔✔General Warranty - ✔✔A deed in which the g rantor warrants the gre atest
protection. This is the m ost common type of deed. The grantor warrants or guarantees
the following:
✔✔grantor warrants or guarantees: - ✔✔a. That the grantor has the right to convey title
to the property.
b. That there are no liens or encumbrances other than those stated in the deed.
c. That the title is good against any other claims.
d. That the grantor will deliver any other documents needed to make the title good.
e. That if the title fails at any time in the future, the grantor will compensate the grantee.
f. That the above guarantees cover not only the time that the grantor owned the
property, but also extends back through time to all previous owners.
✔✔Special Warranty - ✔✔A deed in which the grantor warrants or guarantees the title
against encumbrances or defects that m ay have occurred only during th e grantor's
period of ownership, other than as described in the deed. This deed limits the liability of
the grantor to the grantee.
✔✔quitclaim - ✔✔A deed which conveys only such ownership as the grantor m ay have.
If the grantor has good title, then the deed conveys that ownership, but without any
warranty or guarantee. A quitclaim deed provides the grantee with the least protection
of any type of deed and is often used to release doubtful claims, interests and liens.
✔✔Deed of Correction - ✔✔A deed that changes information or corrects a mistake in a
prior deed, but does not transfer ownership of the property.
✔✔from the standpoint of the grantor, which deed creates the least liability -
✔✔quitclaim
, ✔✔Estate - ✔✔A person's complete financial status or condition with reference to all
assets, possessions, and rights and all their debts, liabilities and obligations.
✔✔Testate - ✔✔To die with a valid will.
✔✔Intestate - ✔✔To die without a valid will.
✔✔Executor (male), Executrix (female) - ✔✔The person specified in a will (by the
person making the will) to carry out the wills provisions.
✔✔5. Administrator (male), Administratrix (female)- - ✔✔The person appointed by the
court to oversee thesettling of a n estate where there is no will, or the will is not valid, or
when the Executor or Executrix is not specified or cannot or will not serve.
✔✔Contract - ✔✔A voluntary oral or written mutual agreement by competent parties
with mutual promises upon legal consideration, that creates, modifies or destroys a
legal relationship.
✔✔Auction Listing Contract - ✔✔The agreement between the auction house operator or
the auctioneer and the seller (or his/her agent) where the parties agree to the offering of
certain goods at auction as set forth in the contract. All auction listing contracts are
required by law to be written.
✔✔Auction Sales Contract - ✔✔The agreement to sell and buy certain goods between
the seller and the buyer, with the auctioneer acting as the seller's agent. The majority of
auction sales contracts for personal property are oral. All auction sales and purchase
contracts for real property are required to be in writing.
✔✔Valid Contract - ✔✔An agreement that meets all legal requirements for a contract
and as such has legal force and binding effect.
✔✔Void Contract - ✔✔A contract that is null, having no legal force or binding effect and
as such is unenforceable.
✔✔Voidable Contract - ✔✔A contract which may be avoided or declared void by one or
more parties of that contract.
✔✔Enforceable Contract - ✔✔A contract which meets all of the legal requirements for a
contract and as such would be enforced by the courts. Contracts in certain situations
may be enforceable on one party but not another, such as a contract with a minor (see
Legal Capacity).
✔✔Real Property/Real Estate - ✔✔Means real estate in its ordinary meaning, including
but not limited to timeshares, options, leaseholds, and other interests less than
ANSWERS 2025/2026 ALL GRADED A+
✔✔Grantee - ✔✔The buyer of real property, the grantee, receives title of the property
from the grantor, the
seller. The grantee must be correctly identified in the deed.
✔✔Deed - ✔✔A written document by which the grantor conveys to the grantee an
interest, usually
ownership, in real property. A deed must recognize that the grantor received valuable
consideration for the property and describe the property such that a competent surveyor
could locate the plot of the property. The deed should specify any exceptions or
reservations to the deed, including encumbrances, liens, mortgages, taxes, restrictions,
easements or limitations of the title. To be valid, a deed must be properly signed and
delivered. While it is recommended that a deed also be recorded, it is not required.
✔✔General Warranty - ✔✔A deed in which the g rantor warrants the gre atest
protection. This is the m ost common type of deed. The grantor warrants or guarantees
the following:
✔✔grantor warrants or guarantees: - ✔✔a. That the grantor has the right to convey title
to the property.
b. That there are no liens or encumbrances other than those stated in the deed.
c. That the title is good against any other claims.
d. That the grantor will deliver any other documents needed to make the title good.
e. That if the title fails at any time in the future, the grantor will compensate the grantee.
f. That the above guarantees cover not only the time that the grantor owned the
property, but also extends back through time to all previous owners.
✔✔Special Warranty - ✔✔A deed in which the grantor warrants or guarantees the title
against encumbrances or defects that m ay have occurred only during th e grantor's
period of ownership, other than as described in the deed. This deed limits the liability of
the grantor to the grantee.
✔✔quitclaim - ✔✔A deed which conveys only such ownership as the grantor m ay have.
If the grantor has good title, then the deed conveys that ownership, but without any
warranty or guarantee. A quitclaim deed provides the grantee with the least protection
of any type of deed and is often used to release doubtful claims, interests and liens.
✔✔Deed of Correction - ✔✔A deed that changes information or corrects a mistake in a
prior deed, but does not transfer ownership of the property.
✔✔from the standpoint of the grantor, which deed creates the least liability -
✔✔quitclaim
, ✔✔Estate - ✔✔A person's complete financial status or condition with reference to all
assets, possessions, and rights and all their debts, liabilities and obligations.
✔✔Testate - ✔✔To die with a valid will.
✔✔Intestate - ✔✔To die without a valid will.
✔✔Executor (male), Executrix (female) - ✔✔The person specified in a will (by the
person making the will) to carry out the wills provisions.
✔✔5. Administrator (male), Administratrix (female)- - ✔✔The person appointed by the
court to oversee thesettling of a n estate where there is no will, or the will is not valid, or
when the Executor or Executrix is not specified or cannot or will not serve.
✔✔Contract - ✔✔A voluntary oral or written mutual agreement by competent parties
with mutual promises upon legal consideration, that creates, modifies or destroys a
legal relationship.
✔✔Auction Listing Contract - ✔✔The agreement between the auction house operator or
the auctioneer and the seller (or his/her agent) where the parties agree to the offering of
certain goods at auction as set forth in the contract. All auction listing contracts are
required by law to be written.
✔✔Auction Sales Contract - ✔✔The agreement to sell and buy certain goods between
the seller and the buyer, with the auctioneer acting as the seller's agent. The majority of
auction sales contracts for personal property are oral. All auction sales and purchase
contracts for real property are required to be in writing.
✔✔Valid Contract - ✔✔An agreement that meets all legal requirements for a contract
and as such has legal force and binding effect.
✔✔Void Contract - ✔✔A contract that is null, having no legal force or binding effect and
as such is unenforceable.
✔✔Voidable Contract - ✔✔A contract which may be avoided or declared void by one or
more parties of that contract.
✔✔Enforceable Contract - ✔✔A contract which meets all of the legal requirements for a
contract and as such would be enforced by the courts. Contracts in certain situations
may be enforceable on one party but not another, such as a contract with a minor (see
Legal Capacity).
✔✔Real Property/Real Estate - ✔✔Means real estate in its ordinary meaning, including
but not limited to timeshares, options, leaseholds, and other interests less than
