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60 terms

Ga Real Estate Law

Georgia Real Estate Exam
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Real Property
land and buildings erected on land, permanently attached to land any interest in, dependent upon land or buildings, property consisting of houses and land
Real Property
vacant lots, crops, houses, gas stations
, etc, minerals exist below ground and airspace exists above.
riparian rights
Owner's rights in land that borders on or includes a stream, river or lake. Rights include access to and use of the water, reasonable manner that does not disrupt natural flow.
personal property
Movable objects, not real property, sometimes called chattels, such as cars, cash, stock
personal property attached to real property
Fixture
whether item is a fixture- georgia courts
level of attachment.
amount of damage
suggestion that it was fitted or built
intentions of parties
improved land
Land with man-made alterations such as streets, utilities, sewers.
bundle of rights
The rights of an owner to possess, control, enjoy, sell, lease, mortgage, and dispose of the property.
estate in land
The degree, quantity, nature, and extent of interest a person has in real property
freehold
an estate held in fee simple or for life
estates in land typically created by
written instruments- last will and testament, deed
fee simple
The highest interest in real estate recognized by the law; the holder is entitled to all rights to the property
life estate
An interest in land that exists only for the duration of the life of some person, usually the holder of the estate.
per autre vie
A life estate measured by a life other than the grantee's: "to A for the life of B."
conditional estate
An ownership interest in which the holder has the same interest as that in a fee simple absolute except that this interest is subject to a condition. If not satisfied, owner will loose ownership of property and return to previous owner.
fee simple condition precedent
title wont pass from one person to another until a particular condition is met
fee simple condition subsequent
An estate which is subject to a power in the original grantor, or the grantor's heirs, to terminate the estate upon the happening of an event. Back to court.
estate for years
An interest in lands by virtue of a contract for the possession of them for a definite and limited period of time. May be for a year or less. A lease may be said to be an estate for years.
leasehold estate
Tenant's right to occupy real estate during the term of a lease, generally considered to be a personal property interest, smallest bundle of rights.
usufruct
a legal right to use and derive profit from property belonging to someone else provided that the property itself is not injured in any way
leasehold may be created by oral or written
...
fixed term tenancy
A type of tenancy under which property is leased for a specified period of time, such as a month, a year, or a period of years; also called a tenancy for years. Not terminated by sale or by death of either party.
May be terminated lessor- 60 days, lessee- 30 days written notice
tenancy at will
A tenancy granted by landlords to tenants allowing them to remain in possession without written agreement and unspecified amount of time. termination same as above
tenancy at sufferance
arises when a tenant doesn't leave the premises after his or her tenancy has expired. converts the leasehold estate to month to month periodic tenancy.
purchase and sale
most common method of acquiring property, in exchange for consideration.
consideration
exchange of things of value
decedent
person who dies
dying intestate
dying w/o a will property will be distributed under state law
Georgia- first spouse
if spouse and child-spouse 1/2, child 1/2, spouse may not not less than 1/3
If no spouse- children, parents, siblings, grandparents, aunts uncles
escheat
the property that reverts to the state
adverse possession
The acquisition of title to real property by occupying it openly, without the consent of the owner, for a period of time specified by a state statute. The occupation must be actual, open, notorious, exclusive, and in opposition to all others, including the owner. In Georgia- 7 continuous years
Color of title
That which gives the appearance of title, but is not title in fact; that which, on its surface, appears to pass title but fails to do so.
quiet title action
A court action brought to establish clear title; to remove a cloud on the title. It is used to determine who has rightful ownership in real property.
eminent domain
The right of government to take private property for public use
severalty
Ownership of real property by one person only, also called sole ownership.
concurrent ownership
simultaneous ownership of a given piece of property by two or more persons - Tenancy in common; Joint tenancy with right of surviorship- georgia
tenants in common
shared ownership of a single property among two or more persons; interests need not be equal and no right of survivorship exists, favored by law
tenancy by entirety
A tenancy in which the owners must be husband and wife. Each has equal, undivided intrest, each owns the entire estate. NOT recognized in Georgia
encumbrance
Any interest in or claim on, the land of another, which in some manner burdens or diminishes the value of the property. Run with the land- attach to the property and are not extinguished by changes in ownership
easement
a right held by one property owner to make use of the land of another for a limited purpose
easement in gross
An easement that benefits a particular individual, not a parcel of property. Involves only a servient estate. A public utility easement is an example.
appurtenant easement
Easement that is attached to and travels with the ownership of one parcel allowing the owner the use of the use of the neighbor's land
ad valorem taxes
General real estate taxes that are levied for the general support of the government agency authorized to impose the levy. Upon appraises value of property- Georgia- multiplying 40% of appraised by millage rate.
real property tax lien
Ad Valorem Tax Lien-A lien for taxes in which your property is located.Real Property tax liens are SUPERIOR LIENS THAT TAKE PRECEDENCE OVER ALL OTHER LIENS.
Georgia property owners association act
HOA no longer required to file tax liens- automatic statuatory lien is placed
requirements valid contract
1. Agreement (offer and acceptance)
2. Consideration (any promises bargained for)something of value
3. Contractual capacity (must be able to enter into a contract)
4. Legality (must be legal)
consideration
Something of value that gets a person to enter into a contract; owner of property promises to convey marketable title and the buyer promises a certain amount of money. Money, goods , services, promises to do or refrain from something.
Georgia minor contract
contract voidable at election of minor,, has until he reaches the age of majority to rescind, if he benefits from voidable contract he will have to restitution seller for economic gains.
statue of fraud
certain types of contracts-purchase and sale of real estate be in writing to be valid. all offers and acceptances relating to the sale of real property are required to be in writing.
covenants
a covenant is an unconditional promise to perform. nonperformance of a covenant is a breach of contract that gives the other party the right to sue. Made be subject to the satisfaction of contingencies.
Lease agreement less than 1 year
may be oral
landlord-tenant relations governed
Federal level through fair housing and nondiscrimination
county and local-housing code ordinances
subordination clause lease
makes the rights of tenant subject to rights of any lender who obtains interest in leased premises, lender may continue lease or terminate. Nondisturbance clause acknowledges inferiority of lease to lender but provides lease will remain in effect after the foreclosure of premises.
transfer of title to real property
accomplished through written deed of conveyance that is property signed and delivered.
grantor
The person transferring title to or an interest in real property to a grantee
grantee
n. The person to whom property is transferred by deed.
vesting deed
deed by which the party takes title to real property
deeds in Georgia
Georgia must be signed by grantor and attested to by two witnesses, one must be a notary public.
Must be delivered to grantee, be accepted and be supported by good and valuable consideration to properly vest title in the grantee.
Georgia recognizes several types of deeds
warranty deeds, limited warranty deeds, and quitclaim deeds
general warranty deed
Contains covenants in which the grantor formally guarantees that good and marketable title is being conveyed. Highest deed - 5 covenants.
race notice statue
Under a race-notice statute, a later purchaser not only must be bona fide but also must record the deed before other purchasers.