Chapter 1 GA Real Estate Questions and Answers Rated A

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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 landLand ✔✔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 foundRipirian 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 RightsSevered 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 attachment ✔✔M - Modification A - Attachment R - Relationship of partiesI - Intentions of A - Annexing Test to determining if an item is a fixture Modification ✔✔Has the item or building been modified to fit Attachment ✔✔Legal attachments examples are: remote control that controls the garage not attached but relates to equipment that is attached. Key to the front door as well, not attached but considered to be attached Trade Fixtures ✔✔Paid for and attached by the tenant (Personal Property) for use in trade or buisness Note: As long as they are removed before the lease ends and any damage caused by removal is repaired. If the fixtures are not removed property by the end of the lease they become the landlords property by Accession - can claim ownership if tenant leaves it Intentions of Annexing Party ✔✔Was the intention to make it permanentAgreement ✔✔What is written in the contract. Everything needs to be specified. To list in writing any of these "doubtful" items to the seller intends to remove or that the buyer expects to acquire in the sales agreement Immobility ✔✔Cannot be removed Non Homogeneity ✔✔No two pieces of land are exactly the alike. Each parcel is "one of the kind" Indestructibility ✔✔Cannot be destroyed Situs ✔✔Location location location - area preference Improvements ✔✔What man does to improve land Fixed Investments ✔✔Economic life, return on investment. The return on the investment will be realized over a period of time that is called the Economic LifeScarcity ✔✔Supply and Demand Legal Description ✔✔This description will identify the property in such a way that it cannot be mistaken for any other parcel of land Spot Survey ✔✔The survey receives at closing Plat of Survey ✔✔Shows location and boundaries of a land of parcel and may show subdivided lots Metes and Bounds ✔✔Method of legal description identifies the parcel by describing its boundaries. It can be compared to a walk around the border of the property Monuments ✔✔Bounds are landmarks or "monuments" that serve as markers each time the distance and direction must change Natural Monuments ✔✔Objects like trees and rocksArtificial Monuments ✔✔Man made markers such as stakes, metal pins, concrete markers, roads, walls or fences Bearings ✔✔Are shown degrees, minutes and seconds Point of Beginning ✔✔A Metes and Bounds description must description must have a definite Bench Mark ✔✔Point of beginning is defined by a bench mark Call ✔✔Once the point of beginning is established the description continues with the compass direction and distance for each boundary line this is known as a call Closure ✔✔A call must then return to the point of beginning for the: Rectangular Survey System ✔✔Also called the government survey. A method of legally describing the surface of the land based upon a grid system formed by principal meridians, baselines, range lines and townships line / Not used in GAPrincipal Meridian ✔✔One of the north-south reference lines used in the rectangular survey to locate land Baseline ✔✔Certain reference lines which run east and west used in the rectangular survey system to locate land Recorded Plat ✔✔When a subdivision has been recorded the recorded plat provides the most convenient legal description 1 Acre ✔✔43,560 - 640 acre in one section Vertical Land Description ✔✔Describe air or subsurface rights Datum ✔✔Point from surface of the earth, which height and depth can be measured Topographic ✔✔Vertical land description often used by builders and developers is the topographic or contour map. Topographic maps are three dimensional showing the shape of the earths surface [Show More]

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