Barney Fletcher Real Estate Exam Questions & Answers

Assemblage - ANSWERScombining two or more contiguous parcels of real estate into a single parcel under one ownership plottage - ANSWERSan increase in value resulting from assemblage fixture - ANSWERSpersonal property that is permanently attached to real property and goes with the property when its sold what makes something a fixture - ANSWERSif object was fixed or installed with the intention of improving the home appurtenances - ANSWERSwhen new fixtures are attached ex. heat/air, roof have brokers license but are working for another broker - ANSWERSassociate broker principal/employing broker - ANSWERSin charge of and responsible for all real estate operations conducted by a real estate brokerage firm which type of land description are the properties described as they relate to meridians - ANSWERSgovernment / rectangular survey alienation of title - ANSWERSany change of ownership - transferring ownership rights or interests in real property from one person to another legal title - ANSWERSright of ownership of a parcel of real property held by an owner equitable title - ANSWERSinterest in a piece of real estate held by a buyer held under a contract to obtain absolute ownership of the property at a future date bare legal title - ANSWERSlacks the usual rights and privileges associated with ownership constructive notice - ANSWERSinformation has been made available to the public inquiry notice - ANSWERSwhen factors exist that make someone inquire further ex. dirt road running across you would inquire whether there is an easement in place marketable title - ANSWERSa title free from reasonable doubt as to who the owner is abstract of title - ANSWERSdetailed report of the title search torrens system - ANSWERSan owner petitions the state court to register his property transfer of land allodial system - ANSWERSindividuals are able to own land eminent domain - ANSWERSright of govs to assume property for necessary public use escheat - ANSWERSpower the gov has when someone dies intestate and leaves no known heirs PETE - powers of gov over title - ANSWERSpolice power, eminent domain, taxation, escheat encroachment - ANSWERSunauthorized infringement on a property owners rights as a result of physical intrusion freehold estate - ANSWERShighest and most complete form of ownership seisin - ANSWERSpossession of freehold estate qualified fee estate - ANSWERSa fee simple estate that has certain limitations / qualifications - owner holds fee simple title defeasible - ANSWERScapable of being voided/defeated life estate - ANSWERSfee simple estate that is conveyed to a person for the duration of their life remainder estate - ANSWERSfuture interest in real estate created at same time and by same instrument as other state statutory estate - ANSWERSany state created by the law/ gov Non-freehold estates - ANSWERSfor years, year to year, at will, sufferance for years - ANSWERSdefinite beginning and definite end year to year - ANSWERSindefinite number of time periods ex. month to month or week to week rental at will - ANSWERSwhen a tenant in lawful possession with no definite time specified as to when he may vacate sufferance - ANSWERSwhen a tenant occupies real estate after his lawful rights have run out - goes until tenant vacates or landlord takes action - termination doesn't require notice laches - ANSWERSstops a person from acting against another if they dont do it in a set amount of time PITT - four unities - ANSWERSproperty, interest, time, title tenancy by the entireties - ANSWERSfor married couples - only between husband and wife tenancy in common - ANSWERSmost common form of ownership can have unequal ownership interests can be willed general partnership - ANSWERSall partners have unlimited liability control the operation of the business and are individually and totally liable for debts/obligations limited partnership - ANSWERSlimited liability must take declared investment of property / money syndicate - ANSWERSpeople join together for a common investment purpose trust - ANSWERStitle held by a trustee for the beneficiary REIT - ANSWERSreal estate investment trust - 100 people minimum lien - ANSWERSmonetary claim making a property security for a payment of debt encumbrance - ANSWERSalso known as a lien blue sky laws - ANSWERSfailure to give accurate financial on an investment property to a buyer is misrepresentation recording a valid deed gives what kind of notice - ANSWERSconstructive notice divorced wife gets a house, husband disappears and is still on title, what action does wife file to sell the home - ANSWERStitle action is a license an encumbrance on a property - ANSWERSno alcohol restriction on a deed from the seller makes the borrower have what kind of estate - ANSWERSdefeasible estate deficiency judgment - ANSWERSlender gets balance due after foreclosure intestate succession - ANSWERSdies without a will attorney in fact is created through - ANSWERSpower of attorney do co-op owners receive individual tax bills? - ANSWERSno - they are buying stock what do a condo owner and an apartment dweller have in common - ANSWERSthey both have an estate in real property what does homestead protection do? - ANSWERSprotects home from being taken for debts - but NOT IN GA three general liens - ANSWERSgeneral, voluntary, statutory general lien - ANSWERSencumbers all of debtors property ex. income, estate, inheritance taxes voluntary lien - ANSWERSmortgage lien statutory lien - ANSWERScreated under statute ex. property taxes types of listings - ANSWERSexclusive and non-exlusive types of listings - ANSWERSmust prove procuring cause to earn a commission what do listings automatically end with - ANSWERSdeath of seller, broker destruction of property NOT death of salesperson seller pays full commission and then what - ANSWERSit is divided among the companies ministerial acts - ANSWERSfor clients and customers when working as this kind of agent you cant ask advice from other agents - only your broker - ANSWERSdesignated agent pass the state exam, must activate license within how many months of the exam - ANSWERS12 months deal falls apart and buyer and seller cant agree on earnest money dispersal, what do they do? - ANSWERSbroker should interplead in court forces a party to carry out his/her obligations under a contract - ANSWERSspecific performance lawsuit as this kind of agent,: if seller reveals his bottom line, only disclose with written contract - ANSWERSdual agent if seller asks you to hide a defect/material fact and you agree, who is liable - ANSWERSboth the seller and the broker three ways to handle trust funds - ANSWERSlist with your broker, put funds in his trust list with another broker, put funds in his account open your own trust w brokers permission and register with GREC what does hair housing not cover - ANSWERSillegal drug users can you always count on earnest money refund if you withdraw your offer to acceptancw - ANSWERSyes option to buy price is determined when negotiatin - ANSWERSthe original option agreement is earnest money a requirement of a valid, binding contract? - ANSWERSno who are commissions determined by? - ANSWERSbroker and seller you receive two offers - ANSWERStell seller to accept or counter on one offer and reject the other or reject both federal law against monopolies is what - ANSWERSshermin antitrust act used to fully express the intent of the parties when not covered in the pre-printed fill in the blank forms - ANSWERSspecial stipulations if the owner instructs you, as the property manager, to do something that might harm to owner/tenant, you must: - ANSWERSinform the owner of potential danger, ie. removing a loose railing on the deck when the seller receives and accepts an offer it becomes binding when: - ANSWERScommunicated back to the buyer redlining - ANSWERSunfair denial of a mortgage loan or insurance policy blockbusting - ANSWERSoverly creating the impression that the nbhd is about to change for the worse