Georgia Real Estate Exam Already Rated A

Georgia Real Estate Exam Already Rated A Deed Document used to transfer title. Title Land+ deed, (who are the owners and what are their rights?) Real Estate Land+appurtenances (right or improvement attached to the land) Two types of characteristics of land: Physical & economic What are the physical characteristics of land? Immovable, indestructible,unique(non-homogenous) What are the economic characteristics of land? Scarcity, improvable, permanence of investment; situs Situs Property location Non-homogenous Unique Personal propery Anything not real, Bill of sale (doc) chattel Chattel Personal property Bill of sale Document used in personal property Severance vs. Fixture Test MIAA= Method of attachment, Intention of the attaching parties, Adaption of the articles (house keys), Agreement (sellers disclosure statement) Trade fixture Personal property of the commercial tenant Enblements Crops, fructus industriales Severalty One and only one (sole) owner Concurrent More than one owner Tenancy in common Interest unequal, separate deeds, unity of possession, inheritable, Ga Joint tenancy (TTIP) Time: all parties must take title at the same time, Title: all parties on one deed. Interest: must be equal, unity of Possession: undivided interest. Right of survivorship (uninheritable) voluntary, Ga Tenancy by the entireties Husband/wife TTIP, not ga Community property What's mine is mine ; husband/wife. not ga What are the two types of freehold estates? Fee estates and life estates Fee estates Fee simple (absolute)-property deeded with no conditions. Best form of ownership. Conditional(defeasible) fee: property deeded with conditions attached What are the two types of Life estates? Voluntary life estates, legal life estates What are the Voluntary life estates? Reversionary: deeded to the grantee for the granted life. Reverts back to the grantor fee simple( or the grantors heirs) when life tenant dies. Remainder: goes to third party (Remainderman: has an estate in remainder until grantee dies) named by grantor when grantee dies (fee simple) Reservation: grantor reserves possession of all or a portion of the land for their rest of their life while deeding it to the grantee. Pour Autre Vie: grantee life based on someone else's life. Reversionary life estate Reversionary: deeded to the grantee for the granted life. Reverts back to the grantor fee simple( or the grantors heirs) when life tenant dies. Remainder Remainder: goes to third party (Remainderman: has an estate in remainder until grantee dies) named by grantor when grantee dies (fee simple) Reservation Reservation: grantor reserves possession of all or a portion of the land for their rest of their life while deeding it to the grantee Pour Autre vie Pour Autre Vie: grantee life based on someone else's life. What are the types of legal life estates? Dower( wife receives) curtesy( husband receives) Homestead( Family homestead (owned and occupied as a family residence is protected from judgements Can all life estates be sold? Tes Can all life estates be leased? Yes Can all life estates be mortgaged? Yes Can all life estates be wasted? No Can life estates be willed? No Who is the grantor? Seller Who is the grantee? Buyer