GA Real Estate Practice Exam 1 Questions and Correct Answers
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Course
GA REAL ESTATE
Institution
GA REAL ESTATE
GA Real Estate Practice Exam 1 GA Real Estate Practice Exam 1 GA Real Estate Practice Exam 1 GA Real Estate Practice Exam 1 GA Real Estate Practice Exam 1 GA Real Estate Practice Exam 1 GA Real Estate Practice Exam 1 GA Real Estate Practice Exam 1 GA Real Estate Practice Exam 1 GA Real Estate Pract...
GA Real Estate Practice Exam 1 Questions and
Correct Answers
There are various ways to take ownership of real property. Which type of ownership
includes the right of survivorship?
✓ ~~~ Joint tenancy
Surface Rights, Air Rights, and Subsurface Rights are all rights that can be sold by a
property owner while still retaining the property itself. These rights are known as:
✓ ~~~ Severable Rights
What is the status of a contract when all the terms have been fulfilled and the
transaction has been closed?
✓ ~~~ Fully executed
Linda purchased a fee simple interest for the private use of a residential property for
one week every single year. What did Linda purchase?
✓ ~~~ Resort Timeshare
When an easement allows the use of a neighboring property which automatically
transfers upon the sale of either dominant or servient property, it is called what type
of easement?
✓ ~~~ Easement Appurtenant
Appurtenant means "runs with the land". An easement Appurtenant is an easement
allowing the use of a neighboring property which automatically transfers upon the
sale of either dominant or servient property.
What is the highest form of land ownership which includes the full and complete
bundle of property rights?
✓ ~~~ Fee Simple Absolute
It is the highest level of property ownership giving the owner(s) the right of
possession, control, exclusion, enjoyment, & disposition.
What type of ownership would allow two or more owners to have various unequal
percentages of ownership?
✓ ~~~ Tenancy in Common
It grants owners to have an equal, undivided interest in a property, but also allows for
owners to have varying percentages of unequal ownership as well.
, Tenancy in Severalty is best described as:
✓ ~~~ One property owner
'Severing all other owners'
Which of the following is NOT one of the four land use controls?
✓ ~~~ Intestate
What is the general purpose for cities to require building permits?
✓ ~~~ To require a minimum level of construction standards
Andy's Arcade has been in business in the same location for 15 years. The city
recently rezoned the area, no longer allowing commercial usage. Soon after the
rezoning, Andy's suffered a devastating fire and the arcade was a total loss. What
will Andy need to obtain from the city in order to rebuild the arcade in the same
location?
✓ ~~~ Andy will need to obtain a variance
The city of Brownwood plans to build a new water treatment facility but the land that
is required is privately owned. Eminent domain allows the city to:
✓ ~~~ Take possession of the land against the owner's wishes, yet the owner must be
compensated
Mr. Thompson passed away. He had no heirs and left no will or instructions as to
whom he wanted to leave his property to. In this situation, his property will revert
back to the state under the doctrine of:
✓ ~~~ Escheat
Agent Brook is preparing for a listing appointment and has gathered information to
prepare a report of recent market data for the seller to review. The report agents
reconcile to obtain a reasonable list price for a property based on current listings,
recent sales, and expireds would be called:
✓ ~~~ Comparative Market Analysis (CMA)
Paul owns an older residential property in an area now zoned for commercial use.
Paul decides to renovate the home into a laundry mat. The change in the properties
functionality for Paul's financial gain is an example of what:
✓ ~~~ Highest and best use
Jon's Tire Store is being built across the street from Big Bob's Tires. What appraisal
principle describes this situation?
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