Wills & Leases

Question 1

Testate

Answer 1

The act of dying with a valid Will

Question 2

Intestate

Answer 2

The act of dying without a valid will. Probate following intestate succession

Question 3

Testator

Answer 3

The person that died with a valid will

Question 4

Devise

Answer 4

Transfer of real property with a will

Question 5

Devisee

Answer 5

Receiver of real property through a will. Receives an executor’s deed

Question 6

Bequest (Legacy)

Answer 6

Transfer of personal property with a will.

Question 7

Executor

Answer 7

Named by testator to carryout wishes of testator

Question 8

Administrator

Answer 8

Named by the court when one dies intestate

Question 9

Codicil

Answer 9

A change to an existing will

Question 10

GA wills must..?

Answer 10

Use two witnesses and be in writing

Question 11

Formal Will (GA)

Answer 11

Legal age and sound mind. must use 2 witnesses.

Question 12

Nuncupative Will (GA)

Answer 12

A verbal will given to two objective witnesses. Must be put in writing within 30 days (death bed will)

Question 13

Holographic will

Answer 13

Not recognized in GA; Handwritten will by testator without witnesses.

Question 14

Leasehold Estates (Renting)

Answer 14

have real property rights in GA

Question 15

Demise

Answer 15

Transfer of Real property rights through a lease.

Question 16

GA Landlord - Tenant Act

Answer 16

Requires certain duites of the landlord (Lessor) and Tenant (Lessee)

Question 17

Leasehold Estates/ Tenancy: Estate for years

Answer 17

Definite beginning and ending. No automatic renewal. No notice require to terminate.

Question 18

Leasehold Estates/Tenancy: Periodic Tenancy

Answer 18

A beginning and ending with an automatic renewal. Minimum notice of 60 days required (Landlord to tenant) 30 days (Tenant to landlord).

Question 19

Leasehold Estates/Tenancy: Tenancy at Will

Answer 19

Verbal Contract. Indefinite time. Always 60/30 days’ notice.

Question 20

Leasehold estates/Tenancy: Tenancy at Sufferance

Answer 20

No permission to stay. Tenant is called holdover tenant. Give notice then Actual eviction.

Question 21

Types of Leases: Gross Lease

Answer 21

Residential; Lessor pays taxes and insurance; contains an escalation clause - if landlord costs go up, can pass onto tenant

Question 22

Types of Leases: Net Lease

Answer 22

Commercial; Lessee pays taxes and insurance

Question 23

Types of Leases: Percentage Lease

Answer 23

Commercial ( Shopping Mall), Rent paid annually, pays a base/sqft. plus percent of sales.

Question 24

Types of Leases: Graduated Lease (Step up)

Answer 24

Storage unit; Pre-determined payments go up according to lease agreement.

Question 25

Types of Leases: Index Lease

Answer 25

Rent based on an index according to the lease agreement

Question 26

Types of Leases: Ground Lease

Answer 26

Long term, ex. agricultural lease. Ex. Cell phone tower from Verizon on personal land.

Question 27

What are the two types of Transfer of Rights

Answer 27

Assignment: Total transfer of rights. Both parties liable to landlord. Sublease: Partial transfer of rights. Only original tenant liable to landlord.

Question 28

Lease Termination

Answer 28

Time, breach, mutual agreement, condemnation, bankruptcy, and foreclosure. Sale of property or Death: Lease is still valid unless verbal (at will)

Question 29

What are the two types of Evictions?

Answer 29

Actual Eviction: Landlord sues for possession Constructive Eviction: Tenant must leave and stay gone then may be released from lease (Through Court only) ex. mold in home.