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Real Estate > Pre-License Exam > Flashcards

Pre-License Exam Flashcards

(90 cards)

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1
Q

Freehold means…

A

Ownership

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2
Q

Estate less than freehold means…

A

Rental

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3
Q

Estates less than freehold are also know as..

A

Leasehold Estates

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4
Q

Freehold estates are what type of property

A

Real Property

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5
Q

Possession Only is a characteristic of what type of estate?

A

Estate less than Freehold

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6
Q

Less than a lifetime is a characteristic of what type of estate?

A

Estate less than Freehold

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7
Q

Ownership and possession is a characteristic of what type of estate

A

freehold estate

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8
Q

Lifetime or longer is a characteristic of what type of estate?

A

Freehold estate

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9
Q

Estates less than freehold are considered to be what type of property?

A

Personal

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10
Q

The holder of an estate less than freehold

A

Lessee/Tenant

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11
Q

The owner of the property in an estate less than freehold

A

Lessor/Landlord

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12
Q

The right to regain possession of the property at the end of the lease period

A

Reversion interest

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13
Q

A lease which has a specific starting date and a specific ending date.

A

Estate for Years

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14
Q

Also called an estate from year to year. Fixed duration lease.

A

Periodic Estate

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15
Q

This type of lease automatically renews for another period of the same duration.

A

Periodic Estate

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16
Q

A month-to-month apartment lease is what type of estate?

A

Periodic Estate

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17
Q

Tenancy at will is also called

A

Estate at Will

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18
Q

This type of estate can be terminated at anytime by either party

A

Estate at Will/Tenancy at Will (Georgia at will estates have limitations)

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19
Q

In Georgia the landlord must give how much notice before termination of an estate at will/tenancy at will?

A

60 days

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20
Q

In Georgia, the tenant must give how much notice before termination of an estate at will/tenancy at will?

A

30 days

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21
Q

Occurs when a tenant remains in possession beyond his/her legal tenancy without consent of the landlord

A

Tenancy at Sufferance

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22
Q

Tenants who remain in a property beyond his/her legal tenancy without consent of the landlord are called…

A

holdover tenant

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23
Q

Occurs when a tenant remains in possession beyond his/her legal tenancy without consent of the landlord

A

Estate at Will/Tenancy at Will

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24
Q

Ownership by one person

A

Sole ownership

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25
Ownership by more than one person
Concurrent ownership/Joint Ownership
26
Sole ownership, or ownership by one person is called
Estate in Severalty (one person)
27
This type of concurrent ownership carries surviorvorship
Joint Tenancy
28
When a tenant dies, his/her interest in the property automatically goes to the surviving joint tenant
Survivorship (In joint tenancy)
29
In Georgia, for joint tenancy to have survivorship, the granting instrument must specifically state that survivorship is intended.
In Georgia, for joint tenancy to have survivorship, the granting instrument must specifically state that survivorship is intended.
30
This type of tenancy is not inheritable
Joint Tenancy
31
Four unities of joint tenancy
``` P-possession I-interest T-time T-title (S-survivorship) ```
32
All tenants must hold an undivided interested in the whole property (joint tenancy)
Possession
33
All tenants must hold equal degrees (shares) of interest (joint tenancy)
Interest
34
All tenants must acquire their interest at the same time (joint tenancy)
Time
35
All tenants must acquire title the same way in the form of one single title to the whole property (joint tenancy)
Title
36
A joint tenant may sell his/her interest without the consent of the remaining co-owners
A joint tenant may sell his/her interest without the consent of the remaining co-owners
37
If a joint tenant sells his/her interest in property, the new owner becomes...
Tenant in common with other remaining co owners. Co-owners remain joint tenants among themselves.
38
Corporations may not hold property as joint tenants
Corporations may not hold property as joint tenants
39
This type of concurrent ownership requires only the unity of possession, which requires that all owners hold a separate undivided interest in the property
Tenancy in common
40
Each tenant holds a separate title to his/her undivided interest in this type of concurrent ownership
Tenancy in common
41
The right of survivorship may not exist in this type of concurrent ownership
Tenancy in common
42
Because there is no survivorship, this type of concurrent ownership is inheritable
Tenancy in common
43
Co-owners may hold unequal shares in this type of concurrent ownership
Tenancy in common
44
In Georgia, if no concurrent ownership is indicated, then owners are presumed to be tenants in common.
In Georgia, if no concurrent ownership is indicated, then owners are presumed to be tenants in common.
45
The form of concurrent ownership based on the concept that each spouse has an equal interest in property acquired during the marriage
Community property
46
This type of tenancy is a type of joint tenancy (PITTP)
Tenancy in Entirety
47
P-unity for tenancy by the Entirety
It is limited to ownership jointly by husband and wife who are considered to be one person.
48
Husband and wife, considered as one person, considered to be husband and wife.
Tenancy by the entirety
49
Concurrent ownership where joint tenants may not dispose of title without consent of the other. It can be terminated only by joint action of husband and wife, or by the death of either spouse
Tenancy by the entirety
50
Dividing of common interests into separate interests owned in severalty
Partition
51
Joint tenancy and tenancy in common can be partitioned
Tenancy by the entirety cannont
52
The property itself can be subdivided and split among the owners
Partition in kind
53
The property can be sold and the proceeds divided among the owners.
Partition at law
54
In Georgia, only two forms of concurrent ownership are recognized
1. Tenancy in Common | 2. Joint Tenancy
55
When corporations owns property by itself it is owned...
IN SEVERALTY
56
Even though owned by several people, this entity is consider to own property in severalty
Corporations
57
Corporations can have only one type of concurrent ownership which is...
tenancy in common
58
The right to use or occupy the property of another in a limited way
An easement
59
Only the use of property for a specific purpose
An easement
60
An easement is not an estate in land
An easement is not an estate in land
61
This type of easement requires two or more properties, usually adjacent to each other
easement appurtenant
62
Easements appurtenant runs with the ...
LAND of the dominant estate
63
In an easement appurtenant the holder of the easy is the owner of the...
dominant estate
64
In an easement appurtenant, the easement is granted by the owner of the
servient estate
65
This type of easement only involves one property
Easement in Gross
66
Easements in gross' one property is the
servient estate (there is no dominant estate)
67
These type of easements belong to the government or business and are not attached to the land. There is no dominant estate
Commercial easement
68
The hold of this type of easement in gross is a person-not a business or government
Personal easement in gross
69
This type of easement terminates with the death of the holder
Personal easement in gross
70
The holder of a personal easement in gross cannot transfer the easement.
The holder of a personal easement in gross cannot transfer the easement.
71
This type of easement exists when a single wall which forms part of two buildings is located on a lot line
Party Wall Easement
72
Each owner owns the golf of the wall of his/her property plus an easement in the other half of the wall on the adjacent property
Party Wall Easement
73
Personal privilege to use another's land in a limited manner
License
74
A license can be revoked at any time by the person who granted it (covered in easements chapter)
A license can be revoked at any time by the person who granted it (covered in easements chapter)
75
A written agreement between the landowner and the easement holder
Easement by PRIVATE GRANT
76
The acquisition of an easement by continuous, hostile, uninterrupted possession for a period set by law (In GA, 7 years for private easement, 20 years for public easement)
Easement by PRESCRIPTION
77
The acquisition of an easement by the government under its power of eminent domain
Easement by CONDEMNATION
78
Occurs when a landowner reserves, or retains for himself/herself the easement in a deed which conveys title to the land to another party
Easement by RESERVATION
79
Prevents landowner from becoming landlocked (no access to street or road)
Easement by NECESSITY
80
Way to remember ways of creating easement (POPCORN)
``` P-Private Grant O P-Prescription C-Condemnation O R-Reservation N-Necessity ```
81
The party holding the easement gives written release to the owner of the servant estate, usually in the form of a quitclaim deed
Termination of Easement by RELEASE
82
The party holding the easement fails to use it for a sufficient period to raise presumption of release.
Termination of Easement by ABANDONMENT
83
Termination by court order when the need for the easement no longer exists.
Termination of easement by VACATION
84
This occurs when the dominant and servant estates come under one ownership
Termination of easement by MERGER
85
This occurs if the easement was created for a specific period of time (termination type)
Termination by EXPIRATION
86
An unauthorized intrusion a building, fixture or other improvement on the land of another
Encroachment
87
Encroachment on the land
trespass
88
Encroachment violates the neighbor's airspace
nuisance
89
A month-to-month lease on an apartment is
A periodic estate and an estate from year to year
90
A lease for two weeks of a vacation cottage is
an estate for years

Real Estate (1 decks)

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