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Real Estate > Pre-License Exam > Flashcards

Pre-License Exam Flashcards

1
Q

Freehold means…

A

Ownership

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2
Q

Estate less than freehold means…

A

Rental

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3
Q

Estates less than freehold are also know as..

A

Leasehold Estates

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4
Q

Freehold estates are what type of property

A

Real Property

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5
Q

Possession Only is a characteristic of what type of estate?

A

Estate less than Freehold

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6
Q

Less than a lifetime is a characteristic of what type of estate?

A

Estate less than Freehold

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7
Q

Ownership and possession is a characteristic of what type of estate

A

freehold estate

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8
Q

Lifetime or longer is a characteristic of what type of estate?

A

Freehold estate

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9
Q

Estates less than freehold are considered to be what type of property?

A

Personal

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10
Q

The holder of an estate less than freehold

A

Lessee/Tenant

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11
Q

The owner of the property in an estate less than freehold

A

Lessor/Landlord

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12
Q

The right to regain possession of the property at the end of the lease period

A

Reversion interest

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13
Q

A lease which has a specific starting date and a specific ending date.

A

Estate for Years

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14
Q

Also called an estate from year to year. Fixed duration lease.

A

Periodic Estate

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15
Q

This type of lease automatically renews for another period of the same duration.

A

Periodic Estate

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16
Q

A month-to-month apartment lease is what type of estate?

A

Periodic Estate

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17
Q

Tenancy at will is also called

A

Estate at Will

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18
Q

This type of estate can be terminated at anytime by either party

A

Estate at Will/Tenancy at Will (Georgia at will estates have limitations)

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19
Q

In Georgia the landlord must give how much notice before termination of an estate at will/tenancy at will?

A

60 days

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20
Q

In Georgia, the tenant must give how much notice before termination of an estate at will/tenancy at will?

A

30 days

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21
Q

Occurs when a tenant remains in possession beyond his/her legal tenancy without consent of the landlord

A

Tenancy at Sufferance

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22
Q

Tenants who remain in a property beyond his/her legal tenancy without consent of the landlord are called…

A

holdover tenant

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23
Q

Occurs when a tenant remains in possession beyond his/her legal tenancy without consent of the landlord

A

Estate at Will/Tenancy at Will

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24
Q

Ownership by one person

A

Sole ownership

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25
Q

Ownership by more than one person

A

Concurrent ownership/Joint Ownership

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26
Q

Sole ownership, or ownership by one person is called

A

Estate in Severalty (one person)

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27
Q

This type of concurrent ownership carries surviorvorship

A

Joint Tenancy

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28
Q

When a tenant dies, his/her interest in the property automatically goes to the surviving joint tenant

A

Survivorship (In joint tenancy)

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29
Q

In Georgia, for joint tenancy to have survivorship, the granting instrument must specifically state that survivorship is intended.

A

In Georgia, for joint tenancy to have survivorship, the granting instrument must specifically state that survivorship is intended.

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30
Q

This type of tenancy is not inheritable

A

Joint Tenancy

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31
Q

Four unities of joint tenancy

A 
P-possession
I-interest
T-time
T-title
(S-survivorship)
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32
Q

All tenants must hold an undivided interested in the whole property (joint tenancy)

A

Possession

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33
Q

All tenants must hold equal degrees (shares) of interest (joint tenancy)

A

Interest

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34
Q

All tenants must acquire their interest at the same time (joint tenancy)

A

Time

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35
Q

All tenants must acquire title the same way in the form of one single title to the whole property (joint tenancy)

A

Title

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36
Q

A joint tenant may sell his/her interest without the consent of the remaining co-owners

A

A joint tenant may sell his/her interest without the consent of the remaining co-owners

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37
Q

If a joint tenant sells his/her interest in property, the new owner becomes…

A

Tenant in common with other remaining co owners. Co-owners remain joint tenants among themselves.

38
Q

Corporations may not hold property as joint tenants

A

Corporations may not hold property as joint tenants

39
Q

This type of concurrent ownership requires only the unity of possession, which requires that all owners hold a separate undivided interest in the property

A

Tenancy in common

40
Q

Each tenant holds a separate title to his/her undivided interest in this type of concurrent ownership

A

Tenancy in common

41
Q

The right of survivorship may not exist in this type of concurrent ownership

A

Tenancy in common

42
Q

Because there is no survivorship, this type of concurrent ownership is inheritable

A

Tenancy in common

43
Q

Co-owners may hold unequal shares in this type of concurrent ownership

A

Tenancy in common

44
Q

In Georgia, if no concurrent ownership is indicated, then owners are presumed to be tenants in common.

A

In Georgia, if no concurrent ownership is indicated, then owners are presumed to be tenants in common.

45
Q

The form of concurrent ownership based on the concept that each spouse has an equal interest in property acquired during the marriage

A

Community property

46
Q

This type of tenancy is a type of joint tenancy (PITTP)

A

Tenancy in Entirety

47
Q

P-unity for tenancy by the Entirety

A

It is limited to ownership jointly by husband and wife who are considered to be one person.

48
Q

Husband and wife, considered as one person, considered to be husband and wife.

A

Tenancy by the entirety

49
Q

Concurrent ownership where joint tenants may not dispose of title without consent of the other. It can be terminated only by joint action of husband and wife, or by the death of either spouse

A

Tenancy by the entirety

50
Q

Dividing of common interests into separate interests owned in severalty

A

Partition

51
Q

Joint tenancy and tenancy in common can be partitioned

A

Tenancy by the entirety cannont

52
Q

The property itself can be subdivided and split among the owners

A

Partition in kind

53
Q

The property can be sold and the proceeds divided among the owners.

A

Partition at law

54
Q

In Georgia, only two forms of concurrent ownership are recognized

A
  1. Tenancy in Common

2. Joint Tenancy

55
Q

When corporations owns property by itself it is owned…

A

IN SEVERALTY

56
Q

Even though owned by several people, this entity is consider to own property in severalty

A

Corporations

57
Q

Corporations can have only one type of concurrent ownership which is…

A

tenancy in common

58
Q

The right to use or occupy the property of another in a limited way

A

An easement

59
Q

Only the use of property for a specific purpose

A

An easement

60
Q

An easement is not an estate in land

A

An easement is not an estate in land

61
Q

This type of easement requires two or more properties, usually adjacent to each other

A

easement appurtenant

62
Q

Easements appurtenant runs with the …

A

LAND of the dominant estate

63
Q

In an easement appurtenant the holder of the easy is the owner of the…

A

dominant estate

64
Q

In an easement appurtenant, the easement is granted by the owner of the

A

servient estate

65
Q

This type of easement only involves one property

A

Easement in Gross

66
Q

Easements in gross’ one property is the

A

servient estate (there is no dominant estate)

67
Q

These type of easements belong to the government or business and are not attached to the land. There is no dominant estate

A

Commercial easement

68
Q

The hold of this type of easement in gross is a person-not a business or government

A

Personal easement in gross

69
Q

This type of easement terminates with the death of the holder

A

Personal easement in gross

70
Q

The holder of a personal easement in gross cannot transfer the easement.

A

The holder of a personal easement in gross cannot transfer the easement.

71
Q

This type of easement exists when a single wall which forms part of two buildings is located on a lot line

A

Party Wall Easement

72
Q

Each owner owns the golf of the wall of his/her property plus an easement in the other half of the wall on the adjacent property

A

Party Wall Easement

73
Q

Personal privilege to use another’s land in a limited manner

A

License

74
Q

A license can be revoked at any time by the person who granted it (covered in easements chapter)

A

A license can be revoked at any time by the person who granted it (covered in easements chapter)

75
Q

A written agreement between the landowner and the easement holder

A

Easement by PRIVATE GRANT

76
Q

The acquisition of an easement by continuous, hostile, uninterrupted possession for a period set by law (In GA, 7 years for private easement, 20 years for public easement)

A

Easement by PRESCRIPTION

77
Q

The acquisition of an easement by the government under its power of eminent domain

A

Easement by CONDEMNATION

78
Q

Occurs when a landowner reserves, or retains for himself/herself the easement in a deed which conveys title to the land to another party

A

Easement by RESERVATION

79
Q

Prevents landowner from becoming landlocked (no access to street or road)

A

Easement by NECESSITY

80
Q

Way to remember ways of creating easement (POPCORN)

A 
P-Private Grant
O
P-Prescription
C-Condemnation
O
R-Reservation
N-Necessity
81
Q

The party holding the easement gives written release to the owner of the servant estate, usually in the form of a quitclaim deed

A

Termination of Easement by RELEASE

82
Q

The party holding the easement fails to use it for a sufficient period to raise presumption of release.

A

Termination of Easement by ABANDONMENT

83
Q

Termination by court order when the need for the easement no longer exists.

A

Termination of easement by VACATION

84
Q

This occurs when the dominant and servant estates come under one ownership

A

Termination of easement by MERGER

85
Q

This occurs if the easement was created for a specific period of time (termination type)

A

Termination by EXPIRATION

86
Q

An unauthorized intrusion a building, fixture or other improvement on the land of another

A

Encroachment

87
Q

Encroachment on the land

A

trespass

88
Q

Encroachment violates the neighbor’s airspace

A

nuisance

89
Q

A month-to-month lease on an apartment is

A

A periodic estate and an estate from year to year

90
Q

A lease for two weeks of a vacation cottage is

A

an estate for years

Real Estate (1 decks)

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