Things I Got Wrong Flashcards
Personal property
Things that are moveable
Can also be called chattels or personality
Severance
Detaching from land real property or personal
Annexation
Attaching item to property this creates a fixture
Emblements
Annual crops that belong to the tenant
Correlative use
Allows a property owner use of understand water for irrigation
Accretion
Soul is brought by water and increases size of the property
Estate at will
Can be ended at anytime by either party it is indefinite
Calculating GRMs
Purchase Price/ Annual rental income
Condemnation
Title is transferred from owner to government
Implied Easement
Created by the courts
Express Grant
Pay a neighbor to go over their property line if you need to build something
Express Reservation
Owner of a big piece of land breaks into two or more pieces places an easement to allow access
Constructive Eviction
Landlord does something or fails to do something and the tenant leaves
Periodic Tenancy
Notice must be given
Month to month
Week to week
Year to year
Estate for years
Fixed period of time beginning and end date
Material facts
Physical condition of property
Conventional life estate
Tied in duration to the life of the owner
Multiple violations the commission and fine you
5,000.00
A co-op owner owns
A proprietary lease
The Georgia uniform deceptive trade practices act
Covers a range of deceptive practices under which a consumer transaction takes place
Hours of classroom study for broker
60
Executors
Contract has yet to be preformed
Invest rate of return question
Take income per year/ Percent return
When question asks “reciprocal”
It is the opposite so 8/100 becomes 100/8
Cost basis of a property
This is the same as the selling price
Rate of profit
Profit/purchase price
Ostensible agency
Relationship is created by actions of the parties. 3rd party would reasonably believe an agency agreement exists
Commission complaints against agents
When someone wants to file a complaint it can be anyone. A formal complaint needs to be filed for an investigation DO NOT need notoriety.
The commission has 6 members appointed by the governor
5 year terms only one can expire per year
Licensed fir at least 5 years
One has no intrastate in real estate
The Real Estate commissioner is NOT a member of the real estate commission in GA
