Georgia Real Estate Exam
Accession Correct answers The acquisition of title by the owner of real
property to those things attached to the property by others, such as tenants,
trespassers, or by nature.
Acre Correct answers A measure of land area equal to 43560
square feet. 43560 Correct answers The number of squarefeet in
one acre.
Active License Correct answers Status of an individual who has met all
qualifications to practice real estate as a broker, associate broker, or
salesperson; and such license is held by a broker, rather than by the
Commission.
Air Lot Correct answers A designated air space over a parcel of land. In
condominiums, each individual unit occupies a separate one.
Air Rights Correct answers The right to use and enjoy the air space above
a parcel of land. Such rights may be leased or sold separately from the
land.
Appurtenance Correct answers Anything that may be used with the land for
its benefit and goes to the new owner when ownership of the land is
transferred. Mineral rights, air rights, water rights, easements,
improvements, and natural attachments are examples.
Artificial Monuments Correct answers Man-made objects such as streets,
fences, iron pins, concrete posts, etc.
Associate Broker Correct answers A person who has met all qualifications to
be licensed as a broker, but who elects to act on behalf of another broker in
performing any act authorized by law to be performed by a broker.
Attorney General Correct answers Legal counsel for the state.
Whenever the Commission believes a serious violation of the
License Law has occurred, the
may bring an action in the name of the state to
enforce compliance.
Baseline Correct answers Certain reference lines which run east and
west; used in rectangular survey system to locate land.
Bench Mark Correct answers A permanent reference point of known
location used by surveyors. A may be a point established by a
government survey team or a fixed monument such as a road right-of-way.
Bill of Sale Correct answers A document which conveys ownership to
personal property.
,Broker Correct answers An individual or legal entity licensed to act as the
agent of another in buying, selling, exchanging, renting, leasing,
managing, or auctioning real estate for another.
Call Correct answers The compass direction and distance for each
boundary line.
Censure Correct answers Disciplinary power of the Commission whereby it
reprimands a licensee, usually for technical violations occurring for the first
time.
Chattel Correct answers Personal property.
Closure Correct answers The metes and bounds legal description must
return to the point of beginning or the description is incomplete.
Co-brokering Correct answers Participation of more than one broker in a
real estate transaction.
Commingling Correct answers Mixing funds held in trust with the brokers
personal or business accounts.
The Real Estate Commission Correct answers The state licensing
authority charged with the enforcement of the Real Estate License Law.
Constructive Severance Correct answers The transfer to someone other than
the owner of the land the rights to remove attachments such as timber, or
buildings, or the right to remove minerals.
Contour Correct answers The shape of the earths surface.
Correlative Rights Correct answers The doctrine of law which allows riparian
owners in certain states to use only a reasonable share of water during
periods of drought.
Datum Correct answers A point of surface of known location from which
heights and depths are measured. The basic point from which vertical
land(air rights and mineral rights) is described.
Dual Agency Correct answers Representing both the buyer and the seller in
the same transaction. This practice constitutes a violation of License Law,
unless both parties give their written consent.
Earnest Money Correct answers The purchaser's initial commitment of
something of value to indicate that he/she wants to buy the property
according to the terms of the offer being submitted. deposits received
by the broker must be placed in her/her designated trust account, until
the transaction is either closed or otherwise terminated.
, Emblements Correct answers Crops that require annual cultivation.
They are considered personal property even though it is attached
to the land.
Escrow Account Correct answers A separate account which a broker must
maintain for the deposit of all funds coming into his/her possession that
belongs to others. Before a broker's license will be issued, the broker must
authorize the Commission to examine the account at any time.
Executor Correct answers Person named in a will to carry out the
directions and requests of the deceased.
Fixture Correct answers An item that was once personal property but has
become real property because of the manner in which it was attached to
the land or its improvements.
Fructus Industriales Correct answers Crops that are planted and harvested
each year. Fructus Naturales Correct answers Growing things which require
no annual cultivation.
Georgia Administrative Procedures Act Correct answers A state law which
requires administrative bodies such as the Georgia Real Estate Commission
to follow certain procedures in its investigative process and before exercising
its disciplinary powers. For example, before the Commission can impose a
sanction against a license, the licensee must be given a hearing.
Improvements Correct answers Any permanent, man-made attachment
to the land, such as buildings, fences, roads, or pipelines. Also known as
arterial attachment.
Inactive License Correct answers Statue of a licensee temporarily
unemployed, or who has otherwise ceased his/her active involvement in the
real estate business on behalf of a broker. During such time, the license is
held by the Commission and may remain there indefinitely, but must be
renewed and fees must be paid the same as active licensees.
Land Correct answers An area which starts at the center of the earth,
passes through the earth's surface and extends into space.
Law of Capture Correct answers The law which allows a well drilled on one
property to extract oil or gas reserves from under adjoin properties.
Legal Description Correct answers A description of land legally sufficient to
distinguish it from all other parcels.
Littoral Rights Correct answers A landowners lawful claim to use and enjoy
the water of a large lake or ocean bordering the owned property.
Accession Correct answers The acquisition of title by the owner of real
property to those things attached to the property by others, such as tenants,
trespassers, or by nature.
Acre Correct answers A measure of land area equal to 43560
square feet. 43560 Correct answers The number of squarefeet in
one acre.
Active License Correct answers Status of an individual who has met all
qualifications to practice real estate as a broker, associate broker, or
salesperson; and such license is held by a broker, rather than by the
Commission.
Air Lot Correct answers A designated air space over a parcel of land. In
condominiums, each individual unit occupies a separate one.
Air Rights Correct answers The right to use and enjoy the air space above
a parcel of land. Such rights may be leased or sold separately from the
land.
Appurtenance Correct answers Anything that may be used with the land for
its benefit and goes to the new owner when ownership of the land is
transferred. Mineral rights, air rights, water rights, easements,
improvements, and natural attachments are examples.
Artificial Monuments Correct answers Man-made objects such as streets,
fences, iron pins, concrete posts, etc.
Associate Broker Correct answers A person who has met all qualifications to
be licensed as a broker, but who elects to act on behalf of another broker in
performing any act authorized by law to be performed by a broker.
Attorney General Correct answers Legal counsel for the state.
Whenever the Commission believes a serious violation of the
License Law has occurred, the
may bring an action in the name of the state to
enforce compliance.
Baseline Correct answers Certain reference lines which run east and
west; used in rectangular survey system to locate land.
Bench Mark Correct answers A permanent reference point of known
location used by surveyors. A may be a point established by a
government survey team or a fixed monument such as a road right-of-way.
Bill of Sale Correct answers A document which conveys ownership to
personal property.
,Broker Correct answers An individual or legal entity licensed to act as the
agent of another in buying, selling, exchanging, renting, leasing,
managing, or auctioning real estate for another.
Call Correct answers The compass direction and distance for each
boundary line.
Censure Correct answers Disciplinary power of the Commission whereby it
reprimands a licensee, usually for technical violations occurring for the first
time.
Chattel Correct answers Personal property.
Closure Correct answers The metes and bounds legal description must
return to the point of beginning or the description is incomplete.
Co-brokering Correct answers Participation of more than one broker in a
real estate transaction.
Commingling Correct answers Mixing funds held in trust with the brokers
personal or business accounts.
The Real Estate Commission Correct answers The state licensing
authority charged with the enforcement of the Real Estate License Law.
Constructive Severance Correct answers The transfer to someone other than
the owner of the land the rights to remove attachments such as timber, or
buildings, or the right to remove minerals.
Contour Correct answers The shape of the earths surface.
Correlative Rights Correct answers The doctrine of law which allows riparian
owners in certain states to use only a reasonable share of water during
periods of drought.
Datum Correct answers A point of surface of known location from which
heights and depths are measured. The basic point from which vertical
land(air rights and mineral rights) is described.
Dual Agency Correct answers Representing both the buyer and the seller in
the same transaction. This practice constitutes a violation of License Law,
unless both parties give their written consent.
Earnest Money Correct answers The purchaser's initial commitment of
something of value to indicate that he/she wants to buy the property
according to the terms of the offer being submitted. deposits received
by the broker must be placed in her/her designated trust account, until
the transaction is either closed or otherwise terminated.
, Emblements Correct answers Crops that require annual cultivation.
They are considered personal property even though it is attached
to the land.
Escrow Account Correct answers A separate account which a broker must
maintain for the deposit of all funds coming into his/her possession that
belongs to others. Before a broker's license will be issued, the broker must
authorize the Commission to examine the account at any time.
Executor Correct answers Person named in a will to carry out the
directions and requests of the deceased.
Fixture Correct answers An item that was once personal property but has
become real property because of the manner in which it was attached to
the land or its improvements.
Fructus Industriales Correct answers Crops that are planted and harvested
each year. Fructus Naturales Correct answers Growing things which require
no annual cultivation.
Georgia Administrative Procedures Act Correct answers A state law which
requires administrative bodies such as the Georgia Real Estate Commission
to follow certain procedures in its investigative process and before exercising
its disciplinary powers. For example, before the Commission can impose a
sanction against a license, the licensee must be given a hearing.
Improvements Correct answers Any permanent, man-made attachment
to the land, such as buildings, fences, roads, or pipelines. Also known as
arterial attachment.
Inactive License Correct answers Statue of a licensee temporarily
unemployed, or who has otherwise ceased his/her active involvement in the
real estate business on behalf of a broker. During such time, the license is
held by the Commission and may remain there indefinitely, but must be
renewed and fees must be paid the same as active licensees.
Land Correct answers An area which starts at the center of the earth,
passes through the earth's surface and extends into space.
Law of Capture Correct answers The law which allows a well drilled on one
property to extract oil or gas reserves from under adjoin properties.
Legal Description Correct answers A description of land legally sufficient to
distinguish it from all other parcels.
Littoral Rights Correct answers A landowners lawful claim to use and enjoy
the water of a large lake or ocean bordering the owned property.
