unit 22 real estate Flashcards


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1

Georgia recognizes which of the following forms of concurrent ownership?

Joint tenancy and tenancy in common

2

Corporations owning real property in Georgia may

only execute deeds and contracts through officers authorized by the corporate resolution.

3

For a deed to be recorded in Georgia, it must be

signed by the grantor in front of an official and unofficial witness.

4

Real property legal descriptions in Georgia ALWAYS include

the county and the state.

5

A married couple purchases a home in Georgia. If either spouse wishes to obtain sole ownership if the other spouse dies, they should take title as

joint tenants.

The answer is joint tenants. Married couples in Georgia generally take title as joint tenants, in a form of concurrent ownership known as joint tenancy. The most widely recognized feature of joint tenancy is its right of survivorship; if one spouse dies, the other spouse becomes the sole owner. Tenancy in common, in which two or more persons share ownership of a single property, includes no right of survivorship; when one owner dies, the deceased's interest passes to that person's heirs, or to whoever is named in the deceased's will. Ownership in severalty is ownership by one person only.

6

In making zoning decisions, local planning commissions are required by the State of Georgia to adopt which of the following standards?

Evaluation of new zoning impact on surrounding neighborhoods

7

To make sure that property owners pay no more or no less to fully fund the budget, Georgia establishes a property tax assessment factor of

40 percent.

8

Victor and Norman are co-owners in fee simple of a small office building in Georgia. Norman dies intestate but has two adult children. Which of the following explanations would explain why Victor owns the building by himself after Norman's death?

Victor and Norman owned the building as joint tenants.

9

Zoning ordinances in Georgia basically provide provisions regarding

land use, height restrictions, and area or bulk restrictions.

10

To ensure that adequate funds will be available for public facilities to serve new community development, local governing authorities in Georgia might impose which type of revenue?

An impact fee charged to developers as part of approval for their new subdivisions

11

A legal description in Georgia would MOST commonly be found in a

seller’s warranty deed.

12

In a court-ordered sale of a decedent's real property estate in Georgia to satisfy creditors, which form of homestead protection would probably offer the highest benefit?

Year’s support statute

13

The statute of limitations period for an adverse possession claim in Georgia is

20 years under general right of claim and 7 years under color of title.

14

Which of the following statements about prescriptive easement laws in Georgia is TRUE?

The easement must be kept open and in repair for seven uninterrupted years.

15

A property owner's subsurface rights to minerals and water in Georgia

may be separated and transferred apart from the rest of the property.

16

Which element does NOT meet the standard to prove a prescriptive easement?

The width of the easement is less than 15 feet

17

When deeds are transferred through the power-of-attorney law in Georgia, that legal document

must be executed with the same formal requirements applied to the deed.

18

A person takes possession of a property and discovers that title evidence indicates flaws that will invalidate the deed. This results in adverse possession. The possessor holds what Georgia law describes as

color of title.

19

A buyer signs a contract to acquire a real property interest in Georgia. Before signing this agreement, the buyer is given a public offering statement. This document provides the buyer with complete property information, as well as a seven-day right to cancel after receiving this info. This type of property would most likely be a

time-share.

20

Which of the following items do NOT pertain to zoning ordinances in Georgia?

Building codes

21

Which of the following statements is TRUE regarding tax deeds purchased through property auctions in Georgia?

The delinquent owner may redeem the property anytime within a 12-month period following the sale.

22

The only acceptable forms of concurrent ownership in Georgia are

tenants in common and joint tenants.

23

The Georgia Condominium Act was amended in 2008 to clarify rules regarding

insurance requirements and liabilities.

24

A court-appointed administrator for a probated estate in Georgia distributes the proceeds from the sale of real property in the following manner: one-third to the surviving spouse and two-thirds to the surviving children. The administrator would probably be following what statutory policy in the state?

Intestate succession

25

If a mobile home is sold after July 1, 2006, and the owner has not been issued a certificate of title from the commissioner of motor vehicles, the house can be classified as real property if which of the following conditions is met?

The owner files a certificate of permanent location

26

The MOST commonly held ownership interest in the state of Georgia is

fee simple estate.

27

A buyer has just signed a contract with a seller. The seller's signature is by the managing partner. The seller is MOST likely a

limited liability corporation, LLC.

28

Under Georgia's riparian laws, real property ownership

includes waterbeds beneath nonnavigable property waterways.

29

In Georgia, good and marketable title is

legally sufficient and free from reasonable doubt or defects.

30

Property owner A owns property that adjoins nonnavigable bodies of water. Owner A's property borders property owner B's because the dividing line borders each owner's property. In this case,

each landowner’s boundaries extend to the center of the main river current.

31

A company in Georgia operates a business of buying, selling, and exchanging real property. The profits and losses of the business are reported on a personal income tax return. This company would be organized as what form of ownership?

Sole proprietorship

32

Police power in Georgia would be used to enforce which of the following?

Building codes

33

The condominium declaration filed by property developers in Georgia must include which of the following?

The name of the building or complex using the word “condominium”

34

A rule that requires developers to provide purchasers with written comprehensive property reports and disclosures with a sales contract is created by the

Georgia Land Sales Act.

35

In making zoning decisions, local planning commissions are required by the State of Georgia to adopt which of the following standards?

Evaluation of new zoning impact on surrounding neighborhoods