Unit 22 Key Terms Flashcards
a
administrators deed
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.
adverse possession
GA establishes 40% throughout the state and this is levied on fair market values to arrive at the taxable assessed value of real property.
assessment factor/rate
The value set on property for taxation purposes
assessed value
Focus on the spacial issues between buildings and the land area on which the structure sits.
bulk restrictions
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.
certificate of permanent location
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.
color of title
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.
concurrent ownership (Georgia)
a
condition precedent and subsequent estates
Regarding insurance requirements and liabilities, _____ are required to obtain a casualty insurance policy to cover all structural elements and common elements.
condominium associations
Contains the legal boundaries of the units, list legal common elements, percentage of common element ownership.
condominium declaration
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
condominium ownership
A document which will issue corporate approval of any property transaction and show the signatures of the duly authorized officers of the corporation.
corporate resolution
The most common ownership in GA. Entitles the owner to the entire property with unconditional powers of disposition.
fee simple estate
a
forfeiture for crime statue
Under this Act developers must record three documents in public land records:
1) Condominium declaration
2) floor plans
3) plats
Georgia Condominium Act
a
Georgia Joint Tenancy Act
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.
Georgia Land Sales Act
Private real property developments in GA requiring state or local approval that may significantly impact the environment would fall under these laws….
Georgia’s little NEPA laws
GA protects a person who performs work on another persons property and deserves payment for improving that property. These liens attach to the property.
Georgia’s mechanics lien law
This law addresses the statewide promotion and sale of all time-share property located outside of GA.
Georgia’s Time-share Act
a
Georgia Zoning Procedures Law
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.
grantor/grantee index
Property descriptions used to describe property along the coastal areas of the state.
headrights
Pays for future improvements and services necessitated by new developments.
impact fees
a
limited liability company LLC
If the grantors warrant only to defend the title against claims that arose during their ownership, the grantees will receive a _____ in GA.
limited warranty deed
a
millage rate
Property tax rate equal to one-tenth of a penny.
mills
Legal controlling method of describing real property in GA. Linear measurements, boundary references and compass directions.
metes and bounds
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.
performance bond
The state of GA uses ____ to regulate private and public use of water.
police power
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.
power of attorney
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.
prescriptive easement
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.
public offering statement
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
regulated riparian state
a
sheriff’s deed
a
short-form legal description
One person owns the entire business and reports all profits and losses directly on a personal income tax return.
sole proprietorship
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 _______.
warranty deed
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.
year’s support
