GA Real Estate Cram Course Exam Questions With Accurate Answers.

GA Real Estate Cram Course Exam Questions With Accurate Answers. Less than Freehold Estate - answera limited period of time Estate for years - answerLease for a definite period of time Periodic Tenancy - answerA lease interest in land for an indefinite period involving payment of rent at fixed intervals, such as week to week, month to month, or year to year. Estate at will - answerA lease that can be terminated by either party at will, without notice (ends any time) Estate at Sufferance - answerTenant remains on the property, without the landlord's permission, after the lease has expired Easment by Necessity - answerarises when land has no access to a street or public way Percentage Lease - answerA lease, commonly used for commercial property, whose rental is based on the tenant's gross sales at the premises; it usually stipulates a base monthly rental plus a percentage of any gross sales above a certain amount. Net Lease - answerTenant pays taxes, insurance and maintenance Gross Lease - answerTenant pays rents, landlord pays all expenses of property; most common form of residential lease Sandwich Lease - answerPrimary party is lessee and a lessor Deed of Trust - answerA deed to real property, which serves the same purpose as a mortgage, involving three parties instead of two. The third party holds naked title for the benefit of the lender. Beneficiary (Lender), Trustor (Borrower), Trustee (Third Party) Grant Deed - answerTransfer of real property from one person or entity to another person or entity. Each party transferring an interest in the property, or "grantor", is required to sign it. Quitclaim Deed - answerDeed releasing a persons interest with no warranties. Typically in non-sale situations Warranty Deed - answera deed that guarantees a clear title to the buyer of real property. Special Warranty Deed - answerSeller only warrants or guarantees the title against defects that may have arisen during the period of ownership of the property General Warranty Deed - answerSeller warrants or guarantees the title against defects that may have arisen during the entire life of the property Essentials of a valid contract - answerMutual consent, lawful object, consideration, capable parties Void Contract - answeran agreement of no legal effect bi-lateral contract - answerA promise made in exchange for another promise Uni-lateral Contract - answerpromise for an act Fidicuary - answerinvolving trust, especially with regard to the relationship between a trustee and a beneficiary Dual Agent (Limited Agent) - answerBuyer and seller have the same broker General Agent - answerone who is authorized to execute the principal's business of a particular kind, or all the principal's business at a particular place, if not all of one kind Special Agent - answerone authorized by the principal to execute specific acts Estoppel - answerA legal impediment to denying a fact or restoring a right that has been previously waived. Narrative Appraisal - answerA comprehensive appraisal report is a "Complete" Appraisal. Market Data Approach - answer-examination and comparison of actual sales of comparable properties -best used to find values of houses and vacant lots Cost (Replacement) Approach - answer-finding out how much would it cost to replace the building brand new -better for new buildings not old gross multipliers - answerPrice divided by rent Cap rate formula - answervalue / noi acre - answerA measure of land equal to 43,560 square feet. promissory note - answera written contract with a promise to pay a supplier a specific sum of money at a definite time