GEORGIA REAL ESTATE EXAM REVIEW QUESTIONS AND ANSWERS, GRADED A+/ VERIFIED.| latest update 2024/25|

GEORGIA REAL ESTATE EXAM REVIEW QUESTIONS AND ANSWERS, GRADED A+/ VERIFIED. Title - -Document that shows ownership Alienation - -To sell or convey Transfer: change of ownership Legal Title - -Ownership with right of possession and use Equitable Title - -Right to legal title upon completion of contract Buyer receives after they go into contract until seller meets all buyer's needs also closing costs Bare (naked) Title - -Ownership without possession rights or use Some states use a third party to hold the title (trustee) until the borrower pays off the loan Actual Notice - -Known as fact Individual has been given, seen, actual information or documents→ search public records Constructive Notice - -Should have known Recorded deed (legal notice) Anytime something is recorded Inquiry Notice - -Should have investigated Title Examniation - -Title Search Marketable Title - -reasonably free from doubt Chain on title - -history of conveyances and encumbrances Cloud on title - -a problem with the title; Ex: lien or forged deed Abstract of Title - -summary of chain of title Certification of Title - -written opinion of title Color of Title - -Appearance of title, but undiscovered defects Torren Systems - -registration of title with a court MOST STATES DO NOT USE THIS Acknowledgement - -seller declares they are free, willingly giving over their rights to the seller Fixtures - -items used to be personal property but have been attached to real property and are now considered real property Littoral Rights - -rights to water from a lake, sea or ocean Riparian rights - -rights to water from a fl