Georgia Real Estate Exam
Appurtenant Easement Correct answers The permanent right to use
another's land. Easements for adjacent properties or neighbors, which
run with the land. Most protection.
Abstract of Title Correct answers A history of All recorded instruments
Affecting the title to a piece of land.
Statute of Frauds Correct answers A state statute under which certain types
of contracts must be in writing to be enforceable.
Statute of Limitations Correct answers A federal or state statute setting
the maximum time period during which a certain action can be brought or
certain rights enforced.
Radon Correct answers A naturally occurring gas that is suspected of
causing lung cancer.
Encumbrance Correct answers A claim or liability that attaches to a
property.
Lis Pendens Correct answers Latin for "litigation pending," which will help
you to remember that while a lis pendens isn't a lien, it is notice that
litigation (a possible lien) is pending.
Cloud on Title Correct answers A claim or interest revealed by a title search.
Balloon Payment Correct answers A final payment of a mortgage loan that
is considerably larger than the required periodic payments because the loan
amount was not fully amortized.
Alienation Payment Correct answers Lender can make the debt due, or allow
the buyer to assume the loan on the sale of a property.
Easement in Gross Correct answers Is not created for the benefit of the land
owned by the owner of the easement, but that ATTACHES PERSONALLY TO
THE EASEMENT OWNER.
Easement by Condemnation Correct answers An easement acquired
for a public purpose through the power of eminent domain.
Easement by Prescription Correct answers An easement acquired by
continuous, open, and hostile use of the property for the period of time
prescribed by state law. ONLY RIGHTS TO USE.
, Due-on-Sale Clause (Alienation Clause) Correct answers A clause, included
in many mortgages, permitting the lender to require the borrower to repay
the outstanding balance when the property is sold. Prevents loan
assumption.
Acceleration Clause Correct answers The clause in a mortgage or deed of
trust that can be enforced to make the entire debt due immediately if the
borrower DEFAULTS on an installment payment or other covenant.
Remainder Estate Correct answers The remnant of an estate that has been
conveyed to take effect and be enjoyed after the termination of a prior
estate, as when an owner conveys a life estate to one party and the
remainder to another.
Subrogation Correct answers If one creditor is substituted for
another, with the substituted person succeeding to the legal rights
of the original creditor.
Quitclaim Deed Correct answers A deed that contains no warranties, but in
which the grantor does give up his own rights or claims. All of the sellers
interests belong to the buyer.
Index Lease Correct answers The rental is tied to some commonly agreed to
price index such as the Consumer Price Index or the Wholesale Price Index.
Graduated Lease Correct answers A lease where the RENT will increase
periodically in amounts specified in the lease, as contained in the escalation
clause.
Leased fee interest Correct answers lessor's(person leasing) interest
in a leased property
Vendee Correct answers
buyer Vendor Correct
answers seller
fully amortized loan Correct answers A loan that requires payments of
both principal and interest. When the last payment is made, the loan is
retired.
Straight Loan Correct answers A loan in which only interest is paid during
the term of the loan, with the entire principal amount due with the final
interest payment.
Adjustable Rate Mortgage Correct answers a mortgage with an INTEREST
RATE that increases or decreases during the life of the loan
Mortgagor Correct answers
borrower Mortgagee Correct
answers lender
Appurtenant Easement Correct answers The permanent right to use
another's land. Easements for adjacent properties or neighbors, which
run with the land. Most protection.
Abstract of Title Correct answers A history of All recorded instruments
Affecting the title to a piece of land.
Statute of Frauds Correct answers A state statute under which certain types
of contracts must be in writing to be enforceable.
Statute of Limitations Correct answers A federal or state statute setting
the maximum time period during which a certain action can be brought or
certain rights enforced.
Radon Correct answers A naturally occurring gas that is suspected of
causing lung cancer.
Encumbrance Correct answers A claim or liability that attaches to a
property.
Lis Pendens Correct answers Latin for "litigation pending," which will help
you to remember that while a lis pendens isn't a lien, it is notice that
litigation (a possible lien) is pending.
Cloud on Title Correct answers A claim or interest revealed by a title search.
Balloon Payment Correct answers A final payment of a mortgage loan that
is considerably larger than the required periodic payments because the loan
amount was not fully amortized.
Alienation Payment Correct answers Lender can make the debt due, or allow
the buyer to assume the loan on the sale of a property.
Easement in Gross Correct answers Is not created for the benefit of the land
owned by the owner of the easement, but that ATTACHES PERSONALLY TO
THE EASEMENT OWNER.
Easement by Condemnation Correct answers An easement acquired
for a public purpose through the power of eminent domain.
Easement by Prescription Correct answers An easement acquired by
continuous, open, and hostile use of the property for the period of time
prescribed by state law. ONLY RIGHTS TO USE.
, Due-on-Sale Clause (Alienation Clause) Correct answers A clause, included
in many mortgages, permitting the lender to require the borrower to repay
the outstanding balance when the property is sold. Prevents loan
assumption.
Acceleration Clause Correct answers The clause in a mortgage or deed of
trust that can be enforced to make the entire debt due immediately if the
borrower DEFAULTS on an installment payment or other covenant.
Remainder Estate Correct answers The remnant of an estate that has been
conveyed to take effect and be enjoyed after the termination of a prior
estate, as when an owner conveys a life estate to one party and the
remainder to another.
Subrogation Correct answers If one creditor is substituted for
another, with the substituted person succeeding to the legal rights
of the original creditor.
Quitclaim Deed Correct answers A deed that contains no warranties, but in
which the grantor does give up his own rights or claims. All of the sellers
interests belong to the buyer.
Index Lease Correct answers The rental is tied to some commonly agreed to
price index such as the Consumer Price Index or the Wholesale Price Index.
Graduated Lease Correct answers A lease where the RENT will increase
periodically in amounts specified in the lease, as contained in the escalation
clause.
Leased fee interest Correct answers lessor's(person leasing) interest
in a leased property
Vendee Correct answers
buyer Vendor Correct
answers seller
fully amortized loan Correct answers A loan that requires payments of
both principal and interest. When the last payment is made, the loan is
retired.
Straight Loan Correct answers A loan in which only interest is paid during
the term of the loan, with the entire principal amount due with the final
interest payment.
Adjustable Rate Mortgage Correct answers a mortgage with an INTEREST
RATE that increases or decreases during the life of the loan
Mortgagor Correct answers
borrower Mortgagee Correct
answers lender
