Georgia Real Estate Exam
Reconveyance Deed Correct answers borrower is released from a mortgage
debt and transfers the property title from the lender to the borrower. Ex:
Mortgage is fully paid.
Bargain and Sale Deed Correct answers Grantor is implied to hold title, but
no warranty against encumbrance.
Warranty Deed Correct answers deed in which property owner warrants that
they OWN the property.
General Warranty Deed Correct answers Property owner (grantor) fully
warrants that property is free and clear of liens.
Special Warranty Deed Correct answers Grantor guarantees the title only
has defects arising during his ownership.
Quitclaim Deed Correct answers Deed that operates as a release.
Transfers property fast without any warranties.
Grant Deed Correct answers Includes two implied warranties:
1. grantor has not already given the title to another.
2. Estate has no undisclosed encumbrances.
*officially executed when signed*
Deed Correct answers Evidence of property transferred.
Estoppel Statement Correct answers Signed statement clarifying that facts
are correct. Cannot be later contradicted by signer.
Constructive Eviction Correct answers When landlord does something (or
fails to) that they are legally required to do-making property uninhabitable.
Surrender Correct answers giving up possession of a property.
Assignment Correct answers one party passes responsibility on to
another.
Abandonment Correct answers Voluntarily giving up rights/responsibility of
possession of a property.
Tenant improvement allowance Correct answers Amount a landlord is
willing to spend so the tenant can renovate the commercial space.
Reconveyance Deed Correct answers borrower is released from a mortgage
debt and transfers the property title from the lender to the borrower. Ex:
Mortgage is fully paid.
Bargain and Sale Deed Correct answers Grantor is implied to hold title, but
no warranty against encumbrance.
Warranty Deed Correct answers deed in which property owner warrants that
they OWN the property.
General Warranty Deed Correct answers Property owner (grantor) fully
warrants that property is free and clear of liens.
Special Warranty Deed Correct answers Grantor guarantees the title only
has defects arising during his ownership.
Quitclaim Deed Correct answers Deed that operates as a release.
Transfers property fast without any warranties.
Grant Deed Correct answers Includes two implied warranties:
1. grantor has not already given the title to another.
2. Estate has no undisclosed encumbrances.
*officially executed when signed*
Deed Correct answers Evidence of property transferred.
Estoppel Statement Correct answers Signed statement clarifying that facts
are correct. Cannot be later contradicted by signer.
Constructive Eviction Correct answers When landlord does something (or
fails to) that they are legally required to do-making property uninhabitable.
Surrender Correct answers giving up possession of a property.
Assignment Correct answers one party passes responsibility on to
another.
Abandonment Correct answers Voluntarily giving up rights/responsibility of
possession of a property.
Tenant improvement allowance Correct answers Amount a landlord is
willing to spend so the tenant can renovate the commercial space.
