Real Estate Foundations: Level 1 Assessment Flashcards

Real Estate Foundations: Level 1 Assessment Flashcards

Clayton tells trespassers to get off of his land. In doing so, which right is Clayton exercising?the right of exclusion When someone buys real estate, they are buying an asset, or item of value, that they hope will increase in value,

earning them equity. In this sense, equity is:

the portion of a property's total value owned by the holder to title, equal to the difference between market value and outstanding property debts Haseena grants a life estate to John. John owns the estate until he dies. Haseena designated that after John's death, the estate would pass to Hila (a third party). What can Hila be described as?the remainderman A fee simple estate is an estate that:grants the most unlimited, most absolute interest in real property Which of the following is NOT an example of an improvement?OAK TREEpicket fencebackyard deckoffice building When Colby decides to sell his property to Chadwick, he is exercising which right?right of disposition What is common law?the side of law that arises from judgements and decisions made in courts rather than explicit legislation Rights that run with real property ownership that are most often transferred with the property, but are possible to sell

separately is the definition of:

appurtenances Which of the following is TRUE regarding Georgia and elective share laws?Georgia does NOT recognize elective share laws.Manuela is a license holder. She deals primarily with family residences, like townhomes and condominiums. Which type of property does Manuela most often work with?residential property Which of the following is an example of an improvement?a house The process of converting personal property to real

property is known as:

affixation What is real property?land and improvements PLUS the set of rights associated with real estate ownership

When property changes hands, that property is being:conveyed

What rights govern the use of flowing water, such as rivers and streams?riparian rights What rights hold owners liable for damages caused by activities such as land collapsing from the excavation of a neighboring property? These rights address the legal concept of the responsibility adjacent landowners share.supporting rights Which of the following is TRUE regarding Georgia law?Georgia does NOT recognize dower or curtesy.Which of the following fall under the category of legal life estates?homestead, dower, curtesy, and elective share

What is a trade fixture?personal property owned by and needed for a tenant's business What is legal title?the complete legal ownership of real property and the bundle of rights associated What is the difference between a determinable estate and condition subsequent estate?the need for court approval before the grantor of the estate can retake title Rashid grants a life estate to Lily. Upon Lily's death, Rashid regains ownership of the estate. What type of interest did Rashid hold in this estate?reversionary interest Which of the following is NOT a natural factor that affects land?non-homogeneity When land is described as a freehold estate, it means that

the individual with interest:

has some degree of ownership for an undetermined or unspecified (and therefore unlimited) time Which of the following is NOT true of fee simple estates?a fee simple estate depends on a measuring life What is common law?the side of law which arises from judgments and decisions made in courts rather than explicit legislation What is a life estate?an interest in real estate that is limited to the duration of a measuring life What is property?any item that may be owned, including the rights associated with ownership A conceptual linkage to real property, such as a garage

door opener, is an example of:

close association All of the following are examples of tangible property

EXCEPT:

STOCKShouseleather walletcar Condoleezza loses a large portion of her property due to a sudden flood, but she does not lose title to her land. What term describes this sudden loss of land?avulsion What is the portion of a property's total value owned outright by the holder to title, equal to the difference between the market value and all outstanding debts on the property?equity Are fructus naturales and fructus industriales considered real property or personal property?Fructus naturales are considered real property. Fructus industriales are considered personal property.

Land plus improvements can be defined as: real estate

Which of the following is NOT a unique characteristic of land?malleability Jeremiah lives on a lakefront property. The water level in the lake shifts over time, causing Jeremiah's land area to increase as the water gradually withdraws. This process is

known as:

reliction What is real estate?the land plus improvements What is an improvement?any non-natural item permanently attached to land Which of the following statements about improvements is TRUE?Improvements MUST be permanently attached to land, and are therefore considered real estate.

Tyrell needs to sell his home immediately. He is worried that he will lose value when he sells, however, as it is often difficult to convert real estate to cash quickly without a loss of value. What concept speaks to Tyrell's worries?illiquidity Lola loses her husband in a traffic accident after being married for one year. Regarding estates in Georgia, which of the following is TRUE about Lola's right of survivorship?Lola has NO right of survivorship, as Georgia does NOT recognize right of survivorship for spouses.What is land?the surface of the earth, including permanently attached natural features, extending downwards to the center of the earth and upwards to infinity Land can be defined as:the surface of the earth, including all permanently attached natural features, extending downwards to the center of the earth and upwards to infinity Which of the following includes not only the natural resources seen on the surface of the earth but also the minerals below the surface and the air above the surface?land What is the process that results in the gradual increase in land area through deposits of soil by natural forces?accretion Hunter Hal lives on a heavily wooded, large lot with many pine trees and wildlife. As a result, many hunters come onto his land during hunting seasons. What does Hunter Hal have the right to do in this scenario?The right of exclusion gives Hunter Hal the right to prevent hunters from coming onto his land.What is the main difference between how real and personal property are conveyed?Real property is conveyed by deed. Personal property is conveyed by a bill of sale.