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Ch. 4 Unit 12

GA Real Estate Exam Study Ch. 4 Unit 12

QuestionAnswer
An item associated with an item of real property may be distinguished as real or personal property by determining whether it is permanently attached to land or structures of the associated item.
Zoning ordinances are primarily intended to establish how every parcel in the zoning authority's area of control can be used.
One of the unique features of the Torrens System of recording is that conveyance occurs when it is registered on the certificate.
Except in a title-theory state, a mortgage lienor has a (an) _________ in the liened property. security interest
Which of the following is required for a legal description to be adequate? It must accurately locate and identify the boundaries of the property and distinguish it from all other properties.
Where do the overall guidelines for zoning, building codes, and development requirements in a jurisdiction come from? The jurisdiction's master plan
A court orders transfer of a mortgaged property to the lender in a ___________ foreclosure. strict
When the property is sold, the LAST lien to be paid off is the... Stan's home undergoes foreclosure. The property has the following liens recorded against it: an unpaid real estate tax bill for the current year; a first mortgage dated ten years earlier; a mechanic’s lien.
The primary agents of private land use control are property owners by means of deed restrictions.
What kind of clause in a mortgage or trust deed enables a non-judicial foreclosure to occur? Power of sale
If ABC Company has the right to build a structure on top of DEF's existing structure, ABC owns air rights.
When a contract is revoked, the revoking party may still have obligations to the other party.
A court orders Jerry to allow neighbor Loretta to drive across his property because it is the only way Loretta can reach her property from a public road. The easement created is an easement by necessity.
Unlike deed restrictions, declaration restrictions cannot be extinguished by a quitclaim deed.
What is the basis for determining the amount of a condominium owner's monthly assessment for operations and maintenance? The unit's pro rata ownership share as defined in the declaration
Two individuals own a house as tenants by the entireties. They can do this because they are married.
Bob can grant his sister Mary an estate for as long as she lives without the right to pass it to heirs by granting a(n) ordinary life estate.
A person who owns all ownership interests in real property is said to own legal title.
Legal title to an estate in trust is held by the trustee.
To own an "interest in real estate," one must own some part of the bundle of rights.
Ownership rights, such as those to possess and use a property, are subject to what the law allows.
When a joint tenant dies, that tenant's interest passes to the surviving joint tenants.
In a tenancy in common, the co-owners share an indivisible interest.
What does an owner own if the duration of his or her rights in an estate cannot be determined? A freehold estate
Included in the definition of "real estate" are fences and roads on a parcel of land.
When no legal heirs can be found for the deceased owner of a property, the laws of descent give the property to
the county or state.
Restrictive covenants take priority over less restrictive zoning ordinances.
Why do taxing entities sometimes use an equalization process when assessing properties? To level out the unevenness of valuations from one area to another
A seller accepts an offer without realizing that the buyer has died since making the offer. Which of the following best describes the status of the contract? The offer was terminated by the buyer's death; there is no contract.
A valid contract that conveys an interest in real estate must contain a legal description of the property.
An estate is transferred with the stipulation that trees on the premises will never be cut down or the seller will take back the property. This kind of estate is a fee simple defeasible.
Eminent domain can take a property from an unwilling property owner by a process of condemnation.
One day, a nosy visitor finds a deed in the attic of a house. The deed is signed by the grantor, who is deceased, but the grantee is not named. The visitor writes in his own name and attempts to record the deed. However, the deed will probably not hold up there was no consideration and no intent to deliver.
A deed in lieu of foreclosure avoids public notice of a foreclosure.
In a case of mortgage loan delinquency, it is the ______ that determines when foreclosure proceedings will commence. lender
A metes and bounds description must describe the parcel's boundaries as a complete, closed perimeter.
What is the purpose of Planned Unit Development zoning? To promote an efficient land use design that maximizes open space when whole tracts are developed
What is the result of a break in the chain of title to a property? There is a cloud on the title.
To be valid and enforceable, a contract must include valuable consideration.
At what level of government is the real estate business primarily regulated? The state legislature
What purpose is served by recording a deed? It gives constructive notice of ownership.
Conditions and covenants differ in that conditions can be created only at the time of transferring ownership.
Unlike other property taxes, a special assessment tax applies only to properties which will directly benefit from the project to be funded.
How is the tax base of an area calculated? Exemptions are subtracted from the sum of assessed values.
Plumbing fixtures in a building have a minimum and maximum pressure requirement that is dictated by the building code.
An encroachment arises when one property physically intrudes into another without authorization.
Of the wood framing systems used in residential construction today, the most common is platform-frame.
In a foundation, the load is transmitted to the soil by the footings.
The owner of a cooperative owns a(n) proprietary lease.
Bob signs a six-month apartment lease agreement with John. What kind of lease is this? Estate for years
Created by: b_radbrando
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