Legal estates in land - Study guides, Revision notes & Summaries

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 Prope...

Land - correct answer Surface and all natural things attached to it, subsurface and air above the surface Zoning Administration - correct answer Zoning Board of Adjustment oversees rule administration and appeals Real estate - correct answer land plus manmade permanent attachments Real property - correct answer real estate plus bundle of rights Bundle of Rights - correct answer Possess Use Transfer Exclude Encumber Physical Characteristics - correct answer Immobility; indestructib...

Exam Real Estate Version A Questions and Answers 100% Pass Which of the following are required of deeds to be enforceable: D. Grantors Signature Personal property could be: D. Emblements Real property is: B. Transferred by a deed What is it called when the government gives a parcel of real property back to a private citizen: B. Vacation A chain of title: D. Lists all the grantors and grantees since the beginning A grantor is: A. Person transferring real property Consider...

"Reasonable person" standard of care - Represents how persons in the relevant community ought to behave; a theoretical concept It describes a hypothetical person who acts in a reasonable manner under the circumstances. Perfection is not required but errors in judgment must be reasonable or excusable under circumstances, or negligence will be found 3 types of liability - 1. Design Defect 2. Inadequate Warning 3. Manufacturing Defect 51% Rule for contributory negligence - The plaintiff mu...

Real Property - The legal interests in land and things attached to, or growing on land. Personal Property - Referred to generally as chattel, the rights, powers, and privileges a person has in things that are not real property, may be transferred by sale, gift, or will. Chattels Real - An interest in land, such as a leasehold. Chattels Personal - Moveable personal property. Chattel Personal in Action - Something to which one has a right to possession, but concerning which one which m...

Default of contract and types of damages (pg 137) (Ans- Liquidated Damages - The seller can choose to accept the buyer's earnest money as liquidated damages, releasing all parties from any further obligation under the contract. Liquidated damages are damages that are established in the contract. Monetary Damages - The injured party may "seek such other relief as may be provided by law." This would be an award of monetary damages by the court. Because monetary damages are awarded by the ...

Real Estate Exam Questions and Answers Graded A+ Which of the following are required of deeds to be enforceable Grantors signature Personal property could be Emblements Real property is Transferred by a deed What is it called when the government gives a parcel of real property back to a private citizen Vacation A chain of title Lists all the grantors and grantees since the beginning A grantor is Person transferring real property Consideration is Money or valuables Emb...

What are the types of fee simple estates? - correct answer Fee Simple Absolute Fee Simple Defeasable Fee Simple Absolute - correct answer The best type of ownership you can get. Fee Simple Defeasible - correct answer Subject to occurrences or non occurrences of specified time. Two types of fee simple defeasible? - correct answer Fee simple determinable 2 Condition subsequent Fee Simple Defeasible - correct answer Will include: so long as, while, during and includes the term rever...

Colorado Law and Practice - Real Estate Questions and Answers 100% Pass Real Property - Correct Answer ️️ -- Land plus appurtenances. - Man-made appurtenances. - Natural appurtenances. - Air, gas, solar, light and sound, mineral and surface rights. - Water rights. Livery of Seisin - Correct Answer ️️ -I own it and I have the right to sell it. 5 Economic Characteristics of Land - Correct Answer ️️ -D - Demand U - Utility or Usefulness S - Scarcity: sells quickly if available...

What are the types of fee simple estates? - Fee Simple Absolute Fee Simple Defeasable Fee Simple Absolute - The best type of ownership you can get. Fee Simple Defeasible - Subject to occurrences or non occurrences of specified time. Two types of fee simple defeasible? - Fee simple determinable 2 Condition subsequent Fee Simple Defeasible - Will include: so long as, while, during and includes the term reverter. Reverter - Former owner can take back land with no legal action if ...