Georgia Real Estate Exam Vocabulary Flashcards

Georgia Real Estate Exam Vocabulary Flashcards attorney-in-factthe recipient of a power of attorney ecumberancea burden on title (monetary or non-monetary) 43,560number of square feet in an acre power of attorneya document which allows someone else to sign a contract for you appurtenanta type of easement that runs with the land master plana city's document that determines future growth title searchexamination of public records regarding ownership of a particular parcel of land government surveymethod of legal description which describes the property's intersection of a baseline and meridian mechanics liena lien related to construction costs property taxa lien that always has first priority valid contractsa contract that has all the essential elements executeda contract which has been fulfilled statue of limiationsstate laws that prescribe time limits on legal actions fiduciarya person in a position of trust for someone else personal propertychattel Marketable Titlereasonably free from doubt 5,280number of feet in a mile Constructive NoticeShould have knownRecorded deed (legal notice)Anytime something is recorded general agenta person who represents someone else in many transactions within one general field Fixturesitems used to be personal property but have been attached to real property and are now considered real property misrepresenatioinfalse statement or concealment of a material fact implieda contract created by the actions of the parties Riparian rightsrights to water from a flowing source Littoral Rightsrights to water from a lake, sea or ocean price fixingcollusion or cooperating between competitors regarding price easementa right to use another's property without ownership dominant tenementthe lot that benefits from an easement Equitable TitleRight to legal title upon completion of contractBuyer receives after they go into contract until seller meets all buyer's needs also closing costs Bare (naked) TitleOwnership without possession rights or useSome states use a third party to hold the title (trustee) until the borrower pays off the loan

assignmenttransfer of all parties interest in a contract Acknowledgementseller declares they are free, willingly giving over their rights to the seller severaltyholding title to property as a sole owner recissionthe canceling of a contact easement in grossa type of easement that attaches to a person or company (both personal/commercial) esstopela legal concept which prevents someone from asserting or denying rights inconsistent with a pervious position Certification of Titlewritten opinion of title covenanta term of a contract or deed which is enforced only by a lawsuit

Cloud on titlea problem with the title;Ex: lien or forged deed

dual agenta person who represents both parties in a transaction statue of fraudslaw which states which contracts must be in writing Abstract of Titlesummary of chain of title Eminent DomaninThe power of government to take property when needed for public use executora person named in a will to carry out the will sectiona one mile by one mile parcel of land Prior Appropriationwater rights based on "first in time" first in right fee simple defeasible (qualified fee)a type of estate where title can be lost if some condition is violated propriety leasethe lease given to shareholders in a cooperative expressa contract where the terms are at least discussed estate for yearsa type of estate whereby a tenant may occupy a property for a definite and specified period of time planned unit development (PUD)a type of development where density requirements apply to the project, rather than each lot necessitya type of easement for landlocked parcels perscriptionan easement created by hostile use Torren Systemsregistration of title with a courtMOST STATES DO NOT

USE THIS

Title ExamniationTitle Search color of titletitle that appears to be valid but is not unilateral (open/option listings)a contract where only one party makes a promise conditiona term of a contract or deed whereby the holder could lose title Legal TitleOwnership with right of possession and use grantorthe person conveying title in a deed police powerpower of government to regulate use of property (zoning) deed of trusta type of deed used instead of a mortgage cloud on titlea burden or problem with title to a property general warranty deedthe type of deed which includes the highest assurance to the buyer

TitleDocument that shows ownership breachviolation of the terms of a contract without excuse appurtenancesthings that "run with the land" frauddeliberate deceit to gain an advantage metes & boundsa type of modern legal description which describes the property's shapes and dimensions novationa new contract which replaces an old one puffinga harmless statement of exaggerator special assessment liena lien used to finance improvements serving a limited area severancethe act of removing something that was attached to the land so that is becomes personal property general liena legal claim against all property owned by the debtor Actual NoticeKnown as factIndividual has been given, seen, actual information or documents search public records market allocationan agreement not to compete in a particular area voidable contracta contract that appears valid but could be recinded servient tenementthe lot that is burdened by an easement plottagethe increase in value that results from assembling small parcels into one larger one special agenta person who represents someone else in a transaction in a particular transaction associate brokera person who has his or her broker's license but is acting in the capacity of a salesperson for another broker void contracta contract which lacks on or more essential element lis pendensa lien related to pending litigation trade fixturespersonal property attached to real property which is used as apart of a trade or profession lienthe legal claim that makes a property security for repayment of a debt legally competenta person who is at least 18 and of sound mind comminglingthe act of mixing one's own money with someone else's Chain on titlehistory of conveyances and encumbrances duressthe use of force or threatened force Color of TitleAppearance of title, but undiscovered defects universal agenta person who represents someone else in matters of all types

AlienationTo sell or conveyTransfer: change of ownership

ratificationto approve or sanction an act after the fact executorya contract which has yet to be fulfilled subagenta agent of an agent antitrust lawslaws which prohibit monopolistic practices Inquiry NoticeShould have investigated bilaterala contract where both parties make promises esstopel certificatea document which shows the exact amount of debt owed by the debtor

Estate in reversiona type of estate whereby the original grantor takes back title upon the death of the life tenant townshipa six mile by six mile parcel of land