Exam (elaborations)
GA MLS midterm review questions and answers
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GA MLS midterm review questions and answers
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GA MLS midterm review questions andanswers
Conditions of terminating a contract - REEP SAD
-Revocation (client) or Renunciation (agent)
-Expiration
-Extinction
-Performance (BEST WAY TO TERMINATE CONTRACT!!)
-Supervening Illegality (eminent domain)
-Agreement
-Death
Bundle of Legal rights - Ownership rights to real property
DEEP-C
disposition
enjoyment
exclusion
Possession
control
Economic Characteristics of Real Estate - SLIP:
,GA MLS midterm review questions and
answers
Scarcity,
Location (area preference),
Improvements,
Permanence of Investment
The extent of owner's rights in land - The surface of the earth extending down to
the center and upward to infinity
Physical Characteristics of Land - Immobility,
Indestructibility,
Uniqueness
Most important economic characteristic of land - location
Other terms for location - Area preference, situs
Baseline - Primary survey line running east and west in rectangular survey system
,GA MLS midterm review questions and
answers
In a government (rectangular) survey system, a section contains how many acres?
- 640
In a rectangular survey, normally the longer the legal descriptions, the parcel of
land is smaller or larger? - smaller
metes and bounds system - A system that relies on descriptions of land ownership
and natural features such as streams or trees. Starts at a definite point and
describes boundaries using directions, distance and terminal points. Can mark
irregular shaped parcel of land. Trees and iron pins can be used as monuments
A parcel of land in a subdivision is usually described using this system - Lot and
Block
Appurtanance - Runs with the land
Littoral rights - rights of a landowner adjacent to a lake, sea or ocean
Remember "L" - Littoral/Lake
, GA MLS midterm review questions and
answers
Riparian Rights - R-River.....Common-law rights granted to owners of land along
the course of a river, stream, or similar flowing body of water.
Improvement - any artificial thing attached on or below ground, such as a building,
fence, water line or sewer pipe, as well as growing things that are made part of
the landscaping (fixtures)
Fixture - An item of personal property that has been converted to real property by
being permanently affixed to the realty.
Legal Tests of a fixture - MARIA
-method of annexation
-adaptability of the item for the land's ordinary use
-relationship of the parties
-intention of the person in placing the item on the land
-agreement of the parties
Trade fixtures - Property used in course of a business, owned by a tenant,
attached to a rented space or building. (also chattel fixture)
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