Georgia real estate exam /
Questions with 100%
Correct Answers.
Easement by prescription Easement acquired by continuous open and hostile use of
the property for the period of time prescribed by state law
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The practice of one party canceling or terminating a contract.
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Fee simple subject to a condition
1 2 Freddie Mac
subsequent
3 PITI 4 Rescission
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Terms in this set (76)
, Easement by necessity Easement allowed by law as necessary for the full
enjoyment of parcel of real estate .(right of ingress and
egress over a grantors land)
Rescission The practice of one party canceling or terminating a contract.
Mortgagee The bank(receiving the house)
Tax prorations Taxes are paid July 1st, 365 days, seller pays the day of closing.
Alienation clause Clause stating that the balance of the secured debt
becomes immediately due and payable at the lenders
option if the property is sold by the borrower. Prevents the
borrower from assigning the debt without the lenders
approval.
Deed Does not need to be recorded to be valid.
Economic characteristics of Location
real estate ( LIPS) Improvements
Permanence of investment
Scarcity
Fiduciary relationship with Care
the principle (COLDAC) Obedience
Loyalty
Disclosure
Accountability
Confidentiality
Special purpose
Industrial
Types of real estate ( SIR Residential
MAC) Mixed use
Agricultural
Commercial
Questions with 100%
Correct Answers.
Easement by prescription Easement acquired by continuous open and hostile use of
the property for the period of time prescribed by state law
Warm up with practice questions
Learn 1/ 7 Study with Learn
The practice of one party canceling or terminating a contract.
Choose matching term
Fee simple subject to a condition
1 2 Freddie Mac
subsequent
3 PITI 4 Rescission
Don't know?
Terms in this set (76)
, Easement by necessity Easement allowed by law as necessary for the full
enjoyment of parcel of real estate .(right of ingress and
egress over a grantors land)
Rescission The practice of one party canceling or terminating a contract.
Mortgagee The bank(receiving the house)
Tax prorations Taxes are paid July 1st, 365 days, seller pays the day of closing.
Alienation clause Clause stating that the balance of the secured debt
becomes immediately due and payable at the lenders
option if the property is sold by the borrower. Prevents the
borrower from assigning the debt without the lenders
approval.
Deed Does not need to be recorded to be valid.
Economic characteristics of Location
real estate ( LIPS) Improvements
Permanence of investment
Scarcity
Fiduciary relationship with Care
the principle (COLDAC) Obedience
Loyalty
Disclosure
Accountability
Confidentiality
Special purpose
Industrial
Types of real estate ( SIR Residential
MAC) Mixed use
Agricultural
Commercial
