ownership

In Georgia, a buyer of a condominium or timeshare interval may rescind the contest to purchase within how many days after entering into the contract?

7 days

An item of personal property that, by the process of attachment and by intent, has become real property is called

A fixture

A common element that is restricted to a specific condominium unit, such as an assigned parking space is referred to as

A limited common element

Tenancy in Common

A married couple desire to acquire ownership of real property together without the right of survivorship. Which of the following forms of ownership would accomplish this?

Riparian Rights

A mountain cabin located along the banks of a river or stream

Which of the following would best describe interval ownership?

A timeshare ownership in which the owner acquires title to a specific property for a certain period of each year

Joint tenants

A unmarried couple bought property together in a residential community. They took title so that if either one died the survivor would automatically become the sole owner of the property. They took title as

Mary owns one of twenty townhouses in the River Woods development in fee simple, along with a 5 percent ownership share in the parking facilities. recreation are and grounds. What kind of ownership does Mary have? A. Condominium. B. Timeshare. C. Coopererative. D. Trust

A. Condominium

Something that runs with the land and transfer with the sale of real property

An appurtenance

fixture

An article that was once personal property but has been so affixed to land or real estate that it has become real property.

The owner of a residential condominium unit and a tenant under a lease both have

An estate in the property

remainder interest

An owner grants a life estate to her grandson and stipulates that upon her grandsons death the title will pass room her son-in-law. The son-in-law interest would be

condominium

An ownership interest in real property consisting of an individual fee simple interest in a commercial office or reta store and an undivided interest in the common areas

Baird,Carr and Falk hold title to farm land as joint tenants with rights of survivorship. Falk sells his ownership interest to Hart. which of the following statements is TRUE? A. Hart now has severalty ownership. B. Baird and Carr are still joint tenants and Hart is a tenant in common. C. Baird, Carr and Hart are tenants in common. D. Baird, Carr and Hart are joint tenants.

B. Baird and Carr are still joint tenants and Hart is a tenant in common

Baird, Carr and Falk own property as joint tenants. Falk dies intestate. Which is true?

Baird and Carr each own one half of the property as joint tenants.

Fee Simple Estate

Baird conveys property to Carr for Carr's lifetime and designates Leslie to be the remainderman. When Carr dies, what ownership interest would Leslie have in the property?

In a trust, legal title to real property is transferred to a person to be held and managed by the person for the benefit of the

Beneficiary

Under cooperative ownership the corporation is unable to make mortgage and tax payments because a few shareholders default on maintenance payments and the property and the property might be sold by court in a foreclosure suit. The results of the foreclosure action would: A. Destroy the interests of only defaulting shareholders. B. Make each shareholder responsible, including those who paid their payments. C. D. Destroy the interests of only the non-defaulting shareholders.

C. Destroy the interests of all shareholders, including those who have paid their payments.

The four unities necessary to create a joint tenancy.

C. Possession, interest, time and title

Fructus Naturales

Considered real property

A person who purchases shares of stock in a corporation that owns a building and receives a proprietary lease to a specific unit within the building has purchased a

Cooperative

Homestead Rights

Creditors are trying to force a homeowner to sell her home to pay debts such as charge accounts and personal loans she may be allowed protecrtion from judgements of creditors as a result of her ?

A father conveyed the family property to his daughter by will as a pur autre vie estate for the life of her mother. If the daughter should die before the mother, who gains possession of the property?

Daughter's heirs

In Ga, when locating the point of beginning in a meted and bounds description which of the following term would NOT render the legal description void

Exactly

Several persons own property as tenants in common. One of the owners dies and the heirs want to sell the property, whereas the other owners prefer to retain the property. If the parties cannot reach an agreement, which of the following actions would most likely be taken by the heirs who want to sell?

File a partition action

If the seller does not have a copy of his or her warranty deed, it may be found at the county courthouse. In locating the sellers deed in the record room of the courthouse your first point of reference would be

Grantor-grantee index

Emblements (fructus industriales)

Growing crops, such as tobacco, grapes and corn, that are produced annually through labor and industry. Usually considered to be personal property.

Fee Simple Estate

Highest form of ownership last a life time, complete ownership- most real estate transactions are fee simple

A person purchases a unit in a condominium complex. That person would hold which of the following interest?

Individual interest in the unit with a tenancy in common in the common areas.

Blue Sky Laws

Investors are purchasing securities in a corporation that purchases residential real estate foreclosures and turns them into rental properties. The state laws designed to protect the public from fraudulent practices in the promotion and sale of these securities are called

metes and bounds land description

It Starts at a well marked point of beginning. It is used to describe irregular shaped parcel of land. Trees and iron pins can be used as monuments to Mark the boundaries.

Which can make ownership of real estate investment properties by limited partnership desirable?

It permits investors with less capital to participate in large real estate projects

How would an unmarried couple take ownership to real property if they wanted full ownership upon the death of the other co-owner?

Joint tenancy

Which of the following would be a concurrent estate available in Georgia?

Joint tenancy

A fee simple defensible(determinable)estate

Land is conveyed to a university "so long as" the real estate is used for educational purposes this would be considered?

In Ga, the prevailing legal description is

Metes and bounds

In a limited partnership, can a limited partner be held liable for more than the extent of their investment?

No, liability cannot exceed their initial investment.

Severalty Ownership

Owned by one person only. Sole ownership.

Under cooperative ownership the lease that grants occupancy of a specific unit to the stockholder is called

Proprietary lease

In Ga, the Ga time-share Act requires developers of timeshare projects make disclosures to prospective buyers of all material facts about the property, including the buyers right to rescind the contract within seven days. This information would be contained in the

Public offering statement

Which of the following transaction would most likely be subject to the states blue-sky laws?

Purchase securities in a timeshare ownership plan

In Georgia, the legal description section of the listing agreement would NOT contain information about the following items

Range and townships

The method of land description that includes meridians, base lines and townships

Rectangular (government) survey system

In Georgia, which of the following would be considered a sufficient legal description of real property in a sales contract?

Reference to a recorded play map filed in public records

Tenants in Common

Several investors purchased property together, each having equal ownership interest. Each co-owner has the right to sell or leave their interest to his or her heirs. How did the investors take title to the real estate?

Which of the following is most likely evidence of ownership in a cooperative?

Shareholder's stock certificate

A property is in an area of the city which has become popular because of its proximity shopping, schools and transportation.

Situs

Johnson purchases a property from Stone. The warranty deed from Stone provides a legal description of the parcel but makes no mention of any other improvement or rights. Which of the following is TRUE concerning this transfer?

The deed will transfer all rights and improvements belonging to Johnson, regardless of whether they are specifically mentioned in the deed.

Bundle of Rights

The rights of an owner to possess, control, enjoy, sell, lease, mortgage, and dispose of the property.

In Ga, the principal source of the legal description is

The seller's warranty deed

The extent of an owners right in land would include

The surface of the earth extending down to the center and upwards to the sky.

Allodial System

The system of land ownership that allows ordinary private citizens to acquire ownership to real property.

Severance and the removed trees are personal property

Trees growing on the property are cut down by the owner

In Ga, when a corporation owns property, the listing agreement must have the corporate seal affixed and the signature of an authorized officer. In the absence of the corporate seal the listing must be signed by

Two authorized officers

Riparian Rights

Unrestricted rights granted to owners of land located along the course of a river, stream, or lake.

In Severalty

When a corporation of more than 10 stockholders takes title to property, the corporation would take title as

Tenancy by the Entirety

Which of the following forms of ownership require the owners to be lawfully married husband and wife and provides rights of survivorship?

In cooperative ownership the title to real property is

held in severalty by a corporation

In cooperative ownership, the stock of a cooperative owner is treated as

personal property