Chapter 1 GA Real Estate Questions and Answers Rated A

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Chapter 1 GA Real Estate Questions and Answers Rated A Property ✔✔All property is divided into 2 categories Real Property and Personal Property Personal Property ✔✔Chattels Real - Mobility ... Chattels Personal ✔✔Such as cars, boats, furniture, clothes, stocks, money, tools etc are known as Chattels Real Real Estate ✔✔Consists of land itself plus those things which are permanently attached to the land by man (such as buildings) or nature (such as trees). Bill of Sale ✔✔Personal Property sold, ownership is transferred by a Bill of Sale - Ownership to be transfered Appurtenances ✔✔Run with the land, conveyed, stay with the land transfer with the land. Interest or improvements run with the land Land ✔✔To the center of the earth, infinity-cone shape above surface Tenements ✔✔Attached to the land, things perm attached Fructus Naturales ✔✔Grown naturally and requiring no annual cultivation, like shade trees, shrubbery, perennial plants Improvements ✔✔Man made improvements Water Rights ✔✔Underground waters that is not confined to a specific waterway is called percolating water Perc Test ✔✔Used to determine the feasibility of installing a septic system by observing how quickly water is absorbed by the land Water Table ✔✔Level at which percolating water is found Ripirian Rights ✔✔Property adjoins to a river on a stream/river bank. Owner can use it for boating, swimming of fishing Correlative Right ✔✔Allows the owner only a reasonable share of the water during times of short supply Prior Appropriation ✔✔The right to use is secured by a permit. "First Come First Serve" Navigable Waters ✔✔Rivers and Oceans used for commercials shipping and are identified on government survey map. Littoral Rights ✔✔Large body of water - properties which border large navigable lakes, oceans or seas and typically involve the use and enjoyment of the shore Mineral Rights ✔✔Minerals below the earths surface are considered Real Property. Once removed they are Personal Property. Landowners rights to such things as coal, oil, gas and ores are called Mineral Rights Severed Mineral Rights ✔✔Are personal property, Individual who acquires mineral rights has implied right of access to extract minerals Right of Lateral Support ✔✔Cannot damage adjoining property while extracting or making improvements Law of Capture ✔✔May extract oil or gas from adjoining land Air Rights ✔✔Extend to infinity - Sold or leased separately - Own to infinity Severance ✔✔Describes the process by which an item of real property becomes personal property Fixture ✔✔Would automatically be conveyed to buyer with the purchase. Five test to make it clear of the attach [Show More]

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