Georgia Real Estate Study Guide

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1. All of the following items are personal property EXCEPT: *
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Terms in this set (35)
19. A metes and bounds description must have all of the following EXCEPT: *A. a definite point of beginning. B. the name of the county and state. C. the approximate square footage or acreage. D. compass directions and distances from one point to the next. Answer: C. the approximate square footage or acreage.20. A metes and bounds description might be insufficient if: I. it does not have enough sides to close. II. it is irregular in shape. *A. Only I is true2. Concerning liens, which of the following is INCORRECT?A. Liens are always encumbrances. B. Liens are either equitable or statutory. C. Liens increase the value of property. D. Liens are either specific or general. Answer: C. Liens increase the value of property.3. An easement created for the purpose of giving an owner ingress and egress to his/her landlocked property is:C. an easement appurtenant.6. A provision found only in a deed, which subjects the ownership of land to certain restrictions, is called a:B. condition.7. A remainder estate may exist at the same time with all but one of the following.A. Fee simple absolute. B. Life estate. C. Fee simple on a condition subsequent. D. Fee simple determinable. Answer: A. Fee simple absolute.8. Encroachments are usually discovered by a:C. survey.9. For ten (10) years, Mr. Jones had verbal permission to park a car in Mr. Smith's driveway. Mr. Smith sold to Mr. Johnson.A. Jones had a license from Smith: Johnson may continue it or discontinue it as he chooses.11. Amy Carson owns two hundred (200) acres that are rich in oil reserves. Her ownership interest is fee simple absolute. She may:A. sell the oil rights but retain fee simple ownership in the land. B. sell the land but reserve the oil rights. C. sell the oil rights to one party and all remaining rights in the land to another. D. do any of the other answers. Answer: D. do any of the other answers.15. Which of the following is an estate in land?A. Easement. B. Lien. C. Encumbrance. D. Lease. Answer: D. Lease.17. The types of leasehold estates include:A. estates from period-to-period. B. estates for years. C. estates at sufferance. D. All of the answers are correct. Answer: D. All of the answers are correct.18. General liens that encumber all real and personal property owned by the debtor include:D. judgement liens.1. If there is no indication in the deed as to how co-owners are taking title, the law presumes the parties intended to own the property as:A. tenants in common.3. A condominium may be used for which of the following?A. Parking garage. B. Shopping center. C. Office building. D. All of the answers are correct. Answer: D. All of the answers are correct.4. Husband and wife who own property as tenants by the entirety:D. must both consent to sell AND must both sign for any debt secured by the property.5. A tenancy in common form ownership entitles each co-tenant to:D. an undivided interest in the property.6. Al and Sue own property as joint tenants. Under which of the following circumstances will severalty ownership NOT result?B. Al sells his interest to Barry.10. An undivided interest of the whole is owned by a:A. tenant in common. B. joint tenant. C. tenant by the entireties. D. All of the answers are correct. Answer: D. All of the answers are correct.11. In the event of death, which form of ownership permits the deceased to name an heir?D. Tenants in Common.12. Carlos would like to liquidate his one-third interest in a business property. His cousin, who has a two-thirds interest, does not agree to selling. Can Carlos file a partition suit?B. Yes, because any concurrent owners, except for a tenant by the entireties, can file.13. Al, Bill, and Rob own property as joint tenants. Upon Rob's death his interest passes to:D. Al and Bill.15. Which of the following types of ownership cannot be created by operation of law, but must be created by the parties expressed intent?C. Joint Tenancy17. Kenneth and Randall buy a property as an investment. The deed names both as the new owners, but the instrument is silent as to their respective interests and says nothing about the form of ownership. Under these circumstances which of the following is INCORRECT?A. Each owns an undivided one-half interest. B. A Tenants-in-Common ownership exists. C. Their interests are subject to probate. D. They own the property with the Right of Survivorship. Answer: D. They own the property with the Right of Survivorship.18. The Georgia Condominium Act requires:D. a 7-day right-of-recission for the purchase of new condominium units only.19. Joint tenancy will most likely be chosen as a form of ownership by husband and wife to:D. assure the surviving spouse of sole ownership without probate