Unit 22 Key Terms

Question 1

a

Answer 1

administrators deed

Question 2

GA law requires a 20 year statue of limitations period for any legal claim. After this time the true owner cannot legally remove the land squatter.

Answer 2

adverse possession

Question 3

GA establishes 40% throughout the state and this is levied on fair market values to arrive at the taxable assessed value of real property.

Answer 3

assessment factor/rate

Question 4

The value set on property for taxation purposes

Answer 4

assessed value

Question 5

Focus on the spacial issues between buildings and the land area on which the structure sits.

Answer 5

bulk restrictions

Question 6

Request that has been filed for all legal purposes on a home to become part of the real property on which it is located and so it is noted in the property’s legal description.

Answer 6

certificate of permanent location

Question 7

Allowing one to perfect a title (make it legal) that was invalid by a flaw after a prescriptive seven-year period of continuous possession of the home.

Answer 7

color of title

Question 8

In GA title is held by whomever the deed identifies. If persons hold title together, married or not, they do so either as tenants in common or as joint tenants, the only two acceptable forms of ____ in the state.

Answer 8

concurrent ownership (Georgia)

Question 9

a

Answer 9

condition precedent and subsequent estates

Question 10

Regarding insurance requirements and liabilities, _____ are required to obtain a casualty insurance policy to cover all structural elements and common elements.

Answer 10

condominium associations

Question 11

Contains the legal boundaries of the units, list legal common elements, percentage of common element ownership.

Answer 11

condominium declaration

Question 12

Before signing sales contracts, the purchaser must receive specific documentation that include:

• declaration and amendments
• floor plan
• description of all common elements
• limited common elements of individual units

Answer 12

condominium ownership

Question 13

A document which will issue corporate approval of any property transaction and show the signatures of the duly authorized officers of the corporation.

Answer 13

corporate resolution

Question 14

The most common ownership in GA. Entitles the owner to the entire property with unconditional powers of disposition.

Answer 14

fee simple estate

Question 15

a

Answer 15

forfeiture for crime statue

Question 16

Under this Act developers must record three documents in public land records:

1) Condominium declaration
2) floor plans
3) plats

Answer 16

Georgia Condominium Act

Question 17

a

Answer 17

Georgia Joint Tenancy Act

Question 18

Community developments where individual lots are less than 5 acres, which requires developers to provide written comprehensive property reports and disclosures to purchase before written sales contracts are signed.

Answer 18

Georgia Land Sales Act

Question 19

Private real property developments in GA requiring state or local approval that may significantly impact the environment would fall under these laws….

Answer 19

Georgia’s little NEPA laws

Question 20

GA protects a person who performs work on another persons property and deserves payment for improving that property. These liens attach to the property.

Answer 20

Georgia’s mechanics lien law

Question 21

This law addresses the statewide promotion and sale of all time-share property located outside of GA.

Answer 21

Georgia’s Time-share Act

Question 22

a

Answer 22

Georgia Zoning Procedures Law

Question 23

The property owners last name will be listed alphabetically recorded in the public records of the county where the property is located using this, when searching for a property deed.

Answer 23

grantor/grantee index

Question 24

Property descriptions used to describe property along the coastal areas of the state.

Answer 24

headrights

Question 25

Pays for future improvements and services necessitated by new developments.

Answer 25

impact fees

Question 26

a

Answer 26

limited liability company LLC

Question 27

If the grantors warrant only to defend the title against claims that arose during their ownership, the grantees will receive a _____ in GA.

Answer 27

limited warranty deed

Question 28

a

Answer 28

millage rate

Question 29

Property tax rate equal to one-tenth of a penny.

Answer 29

mills

Question 30

Legal controlling method of describing real property in GA. Linear measurements, boundary references and compass directions.

Answer 30

metes and bounds

Question 31

These bonds would ensure that everyone gets paid as long as workers make their claims within an allotted time period, 60-90 days after work completed.

Answer 31

performance bond

Question 32

The state of GA uses ____ to regulate private and public use of water.

Answer 32

police power

Question 33

In GA, a deed is signed through a _____, that legal document must be in writing and executed with the same formality required for a deed- under seal and signed before two witnesses, one official and one unofficial.

Answer 33

power of attorney

Question 34

Under GA law, a claimant must prove four elements before a court will ratify this type of permanent use of property by a non-title holder. - use of land for an uninterrupted period of 7 or more years - width of easement is less than 20 ft - width of easement has not deviated from its original width - The easement has been open and in repair for 7 yrs.

Answer 34

prescriptive easement

Question 35

A written document containing all essential project information covering details on the management and operation of the program , including the buyers right to cancel the contract within seven days w/o penalty.

Answer 35

public offering statement

Question 36

Limitations in GA water rights are called_____. - landowners are prohibited from diverting water from its natural course. - surface and groundwater must be for reasonable use - Permits are required for withdrawals of 100,000 gallons or more water/day

Answer 36

regulated riparian state

Question 37

a

Answer 37

sheriff's deed

Question 38

a

Answer 38

short-form legal description

Question 39

One person owns the entire business and reports all profits and losses directly on a personal income tax return.

Answer 39

sole proprietorship

Question 40

The principal source of a property's legal description might be a homeowners ___ if the property has been secured by a loan. If the promise is to forever defend the title, even to the time before the grantors ownership, then the grantee receives a _______.

Answer 40

warranty deed

Question 41

This law addresses circumstances in which a surviving spouse claims the will does not provide sufficient inheritance for the family. This allows the spouse to petition the court to set aside enough property or the value thereof from the estate to sustain an accustomed standard living for 12 months.

Answer 41

year's support