REAL 4000 Test 1 - UGA Dr. Martin Questions And Answers Already Graded A+

1 square mile (acres) - 640 acres 1. limited in time 2. right of disposition 3. no titled interests - how do leasehold estates differ from freehold estates? 1. location monopoly 2. externalities 3. incomplete information - what is the economic basis for government regulation of real estate 1. mortgage 2. financial crisis 3. recession - 3 phases of 2007 collapse 1. user market 2. financial/capital market 3. government sector - Which markets is real estate influenced by? 3 ways to describe "Real Estate" - 1. identify the tangible assets of land and buildings 2. denote the bundle of rights associated with the ownership of property 3. activities related to the acquisition, operation, disposition of physical assets acknowledgement - evidence that the deed expresses the intent of the grantor and that it is voluntary Actual use - must physically use the land as a property owner would, in accordance with the type of property, location, and usesadverse possession - 1. hostile use 2. actual use 3. open and notorious 4. continuous 5. exclusive affirmative easement - allows dominant to use servant property for easement air rights - rights to the reasonable distance above the surface of your property, relates to the interference of enjoyment (drones) alienable - ability to transfer any part of property to someone else alienable property - the capacity for a piece of property or a property right to be sold or otherwise transferred from one party to another. basic rights - government is expected to support you in your claims non-revocable and enduring building codes - detailed standards for the construction of new buildings and the alternations of existing structures co-ownership - owning property with other individuals, jointly control the entire property condominiums - blend of fee simple ownership and tenancy in common Continuous use - uninterrupted use for a statutory period of time (usually 5 to 20 years)conveyance - permanent transfer of rights of a real property Conveyance (Deed) - Every instrument, in writing, except a will, by which any estate or interest in real property is created, transferred, assigned or surrendered. covenant against encumbrances - covenant that promises that there are no liens, easements, etc. except those listed in the deed covenant of quiet enjoyment - covenant that promises that there is no one with superior claims to the property covenant of seizin - covenant that promises that the grantor has good title and the right to convey it covenants - legally binding promise from the grantor to the grantee, provides legal basis if something goes wrong in transaction