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Georgia Real Estate Exam Prep > GA Real Estate Exam Prep > Flashcards

GA Real Estate Exam Prep Flashcards

1
Q

What is a lease option agreement?

A

Gives renter a choice to purchase the rented property during or at the end of their lease. (Option to buy)

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2
Q

Fee Simple Defeasible

A

Own title but if you do something it goes back to the original owner.

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3
Q

Ad Valorem

A

A tax based on the assessed value of an item. (Latin for according to value)

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4
Q

Novation

A

When an existing contract or legal obligation is replaced with a new one of equal value. (Latin for new)

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5
Q

Joint Tenancy

A

Two or more individuals living together and sharing living expenses.

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6
Q

Chattel Real

A

Personal property.

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7
Q

1 acre

A

Equals 43,560 square miles.

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8
Q

Escheat

A

Government taking a property if there is no will or heirs.

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9
Q

Essentials of a Valid Contract

A

Mutual consent, lawful object, capable parties, consideration.

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10
Q

Protection Period Clause

Safety Clause

A

A broker or agent proving they found a buyer after the listing expires, so they still get paid.

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11
Q

General Liens

A

Liens on all property, real and personal property.

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12
Q

Redlining

A

A method that is illegal, to not give loans to residents of certain areas based on their race or ethnicity.

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13
Q

Secondary Mortgage Market

A

Lenders selling loans to larger agencies or investors.

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14
Q

Primary Mortgage Market

A

Where loans are originated.

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15
Q

Net Lease

A

Lessee pays taxes, insurance and maintenance in addition to rental payments.

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16
Q

Nonconforming Use

A

Property built under zoning regulations that have changed.

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17
Q

Caveat Emptor

A

Buyer gets what they pay for, even if it has major flaws. (Buyer beware) (Sold As Is)

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18
Q

Inverse Condemnation

A

Government taking property for public use that causes damages to the value of near by property.

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19
Q

Mechanic’s Lien

A

Lein placed on real property for unpaid individuals who have worked on property.

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20
Q

Prepayment Clause

A

Allowing borrowers to pay before the due date.

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21
Q

Hold Harmless Clause

A

Moves any property liability from the seller and places it with the buyer.

22
Q

Real Property

A

Anything that is attached to the land and underneath. (Bundle of rights)

23
Q

Cost (replacement) Approach

A

Estimates the price a buyer should pay for a piece of property that is equal to the cost to build a new building.

24
Q

Listing

A

Employment contract b/w broker and seller, to find an able, willing buyer.

25
Q

Bilateral Contract

A

Contract in which each party promises to do something.

26
Q

Open Listing

A

Property owner gives agent the nonexclusive right to secure a buyer.

27
Q

Economic Obsolescence

A

The loss of value of a real estate property.

28
Q

Encumbrance

A

Anything that affects the value of property.

29
Q

Constructive Notice

A

Notice that is given to the public via recorded documents or newspaper about interests and rights in real estate when the court is unable to reach someone.

30
Q

Lease

A

Contract between owner and tenant.

31
Q

Sandwich Lease

A

Where a lessee leases a property to an individual with the owners permission. (Subleasing)

32
Q

Building Codes

A

Requirements for building.

33
Q

Government Powers

A

PETE; Police Power, Escheat, Taxation, Eminent Domain.

34
Q

Eminent Domain

A

The right of the government to take over property.

35
Q

Taxation

A

Property taxes.

36
Q

Police Power

A

How the government regulates real estate; zoning laws, building codes, fire codes, rent control, safety hazards, and tenant rights.

37
Q

Exclusive Agency Listing

A

An agreement where the broker acts as the agent and is entitled to a commission regardless of who sold the property.

38
Q

Negative Amortization

A

Payments are not covering the interest, so the loan doesn’t decrease.

39
Q

Gross Lease

A

Tenant pays a set amount.

40
Q

Sherman Anti-Trust Act

A

Free market competition, stops price fixing.

41
Q

Amortization

A

Method of paying down a loan by knowing how much goes toward interest and principal.

42
Q

Short Rate

A

Cancelling insurance policy earlier than originally agreed upon, and causing higher insurance rates for new policy.

43
Q

Principal of Regression

A

The value of high-end real estate goes down because of lower-end properties in the same area.

44
Q

Narrative Appraisal

A

The most detailed appraisal there is.

45
Q

Market Data Comparison Approach

A

Comparing properties of similar size and condition in the same area.

46
Q

Physical Deterioration

A

Physical aspect of the property is going down over the years.

47
Q

1031 Tax Deferred Exchange

A

Taking money made from one investment property to put on another that allows taxes to be deferred.

48
Q

Executory Contract

A

When one or both parties still have things to do.

49
Q

Quiet Title Action

A

A special legal proceeding to determine ownership of real property.

50
Q

Puffing

A

Done to make property seem nicer. (Exaggeration)

Georgia Real Estate Exam Prep (2 decks)

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