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MIDTERM EXAM

Midterm Review Session

QuestionAnswer
Real Property is ○ Land and all natural attachments ○ All permanent attachments and fixtures ○ The bundle of legal rights
Water rights: ○ Littoral - pertains to: OCEANS LAKES SEAS
The process of converting personal property to real property: AFFIXMENT and/or ATTACHMENT
The process of converting real to personal: SEVERANCE
Types of ownership: ○ Joint Tenancy: Right of Survivorship; the 4 UNITIES of possession, time, title and interest.
Tenancy in Common: identical rights and indivisible interest, but can have different sized shares and retain the right to SELL and/or DEVISE their interest.
Freehold estates: Fee Simple Absolute
Freehold estates: Ordinary Life Estate: based on lifetime of the LIFE TENANT
Remainder: NAMED 3RD PARTY
Reversion: ORIGINAL SELLER and/or GRANTOR
○ Pur Autre Vie is: BASED ON LIFETIME OF ANOTHER
Legal Life Estate​: Statutory: through operation of law. Protection for surviving spouse: Homestead, Dower & Curtsey. GA: year’s support
Freehold estates: Fee Simple Defeasible (Conditional, Subsequent): rock house on UGA’s South campus.
Valuation ○ Cost value for land is derived and a cost for any improvement less depreciation; used for unique properties concept of substitution.
Sales Comparison: based on sales of similar properties, based on the concept of substitution.
Listings ○ Exclusive right to sell: commission is protected for broker no matter the procuring cause ○ Exclusive agency: commission is protected from brokers or agents; owner can still sell ○ Open: wide open. Whoever finds the buyer BROKERS
Eminent Domain: public good, just compensation, through the process of CONDEMNATION
Adverse possession open, notorious & hostile
What is Commingling: mixing trust and escrow funds with any other funds
Legal Descriptions ○ Rectangular Survey System. Also known as GOVERNMENT SURVEY
North-South lines are called MERIDIANS
East-West lines are called PARALLES
Once the sale is completed, it is an EXECUTED contract
Because of of sale clause, Georgia is a NON-JUDICIAL foreclosure state.
Georgia is a TITLE-THEORY state. the LENDER has LEGAL and the borrower holds EQUITABLE
A mill equals .001 or one out of a THOUSAND
The tax rate for a jurisdiction is computed by dividing the TAX REQUIReMENT by the TAX BASED
General - Broker Agent
General - Property Manager Property Owner
Special - Listing Broker/Agent Seller
Special Limited POA
Special: -Buyer's Broker/Agent Buyer
Number of square feet in an acre: 43,560
Number of acres in a section: 640
Two ways to clear up a defect or cloud on title: QUIT CLAIM DEED SUIT TO QUIET TITLE
Figuring parcel size with the Govt. survey system Multiply fractions of section size & then multiply into 640
CBS Comp Better Subtract
CIA Comp Inferior Add
Net Operating Income (NOI) Gross Income minus Operating Expenses
To find Value: NOI divided by Rate
Find Assessed Value then multiply by millage 1 mill = .001
Range: (NORTH/SOUTH) 6 MILE DISTANCE BETWEEN 2 MERIDIANS
Tier: (EAST/WEST) 6 MILE DISTANCE BETWEEN 2 PARALLELS
A section is 640 ACRES
The Description that describes a perimeter by landmarks, monuments, distances & angles is called: METES & BOUNDS
After a binding agreement is reached, then that is considered to be an EXECUTORY contract
Because of the clause, POWER OF SALE
Georgia is a NON JUDICIAL foreclosure state
Georgia is a title theory state which means that the lender
Fixtures: REAL
Trade Fixtures: PERSONAL
Fructus Naturales: REAL
Property extends to HIGH WATER MARK
Riparian: RIVERS & STREAMS
Navigable - property to WATER’S EDGE
Non-navigable - MIDPOINT OF WATERWAY SCARCITY
Distinction between Real & Personal Property: ○ Fructus Industriales: PERSONAL
Distinction between Real & Personal Property: ○ Emblements: PERSONAL
Distinction between Real & Personal Property: ○ Improvements: REAL
Distinction between Real & Personal Property: ○ Chattel: PERSONAL
Components of Value: DEMAND UTILITY SCARCITY TRANSFERABILITY
Contracts ○ A valid contract meets all requirements
Physical Characteristic INDESTRUCTABILITY UNIQUENESS (HETEROGENEITY/NON-HOMOGENEITY) IMMOBILITY
Township is the intersection of a range and a tier.
A township dimensions are 6 MILES BY 6 MILES. It contains 36 SQUARE MILES
A township Must have POINT OF BEGINNING - END
Recorded PLAT, also known as LOT and BLOCK, also known as SUBDIVISION.
Condo vs. Co-op Condo: FEE SIMPLE ownership of a unit (air rights if a high-rise), and a share of the common areas Co-op: shares in a corporation; Proprietary lease
Types of Leases: Gross: Landlord pays all operating expenses Net: Tenant pays some or all operating expenses Percentage: Tenant pays a flat amount and then pays a percentage of sales Step-up: rents will increase Escalator: rents may go up
Requirements of a valid deed ○ Valid grantor and grantee, grantor’s signature ○ In writing with a legal description ○ Consideration ○ Granting clause ○ Acknowledgement ○ Delivery ○ Acceptance
Easements: ○ Appurtenant runs with the land
Easements: ○By necessity is landlocked parcel Dominant Servient tenements.
Easements: ○ By prescription is continuous open hostile
Leasehold Estates. Right of the tenant of what two sticks of the bundle: POSSESS USE
The four types of Leasehold Estates are: ○ Estate FOR YEARS ○ Estate for PERIOD TO PERIOD ○ Estate At will ○ Estate at sufferance
Economic Characteristics of real estate ○ Location ○ Situs ○ Improvability ○ Permanence of investment ○ Scarcity
Created by: Mz Jade
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