GA Real Estate flashcards
GA Real Estate · Build recall with a focused review session.
32 cards. Read the term and the definition here. The deck at the top of this page is optional.
- Fee simple absolute
- The most complete freehold estate; it lasts indefinitely, is freely transferable and inheritable, and is subject only to government powers and private restrictions.
- Easement appurtenant
- An easement that benefits a dominant parcel and burdens a servient parcel; it runs with the land and passes automatically when the benefited property is transferred.
- Nonconforming use
- A use that was lawful before a zoning ordinance made it prohibited; it may generally continue but cannot be expanded or revived after abandonment.
- Fiduciary duty of loyalty
- A licensee must put the principal's interests first, avoid undisclosed conflicts, and refrain from secret profits or self-dealing in the transaction.
- Dual agency consent
- Representing both sides in one transaction; Georgia allows it only after informed written consent from both parties and requires impartial treatment.
- Market value
- The most probable price a property should bring in an open, competitive market with informed parties, reasonable exposure, and no undue pressure.
- Capitalization rate
- The ratio of net operating income to value or price; value is calculated by dividing net operating income by the capitalization rate.
- Gross rent multiplier
- Sale price divided by gross monthly rent; estimated value equals the multiplier times the subject property's gross monthly rent.
- Loan-to-value ratio
- The loan amount divided by the lower of appraised value or purchase price; it measures leverage and the lender's risk.
- Discount points
- Prepaid interest equal to one percent of the loan amount per point; borrowers pay points to obtain a lower interest rate.
- PITI payment
- The four parts of a typical monthly housing payment: principal, interest, property taxes, and hazard insurance; escrow often collects taxes and insurance.
- Statute of Frauds
- A legal rule requiring certain contracts, including real estate sales and leases over one year, to be written and signed by the party to be charged.
- Counteroffer
- A reply that changes an offer's terms; it rejects the original offer and creates a new offer that the other party may accept or reject.
- Specific performance
- An equitable remedy ordering a breaching party to complete the contract; courts often grant it for unique real property when money damages are inadequate.
- General warranty deed
- A deed with broad grantor covenants, including seisin, right to convey, against encumbrances, quiet enjoyment, warranty, and further assurances.
- Quitclaim deed
- A deed transferring whatever interest the grantor may have without warranties; it does not guarantee title or defend against conflicting claims.
- Title insurance
- An indemnity policy protecting an owner or lender against covered title defects existing when the policy is issued; owner's and lender's policies differ.
- Latent defect disclosure
- Georgia generally follows caveat emptor, but a seller may be liable for fraud or for concealing known hidden defects that affect the property.
- RESPA Section 8
- A federal prohibition on fees, kickbacks, or things of value for referrals of settlement services; affiliated business arrangements require written disclosure.
- Unlicensed assistant limits
- In Georgia, unlicensed assistants may perform administrative tasks but may not negotiate, solicit business, or perform activities that require a real estate license.
- Commission calculation
- Commission equals the sale price multiplied by the agreed rate; a six percent commission on a $250,000 sale is $15,000 before any split.
- Acre measurement
- A land area equal to 43,560 square feet; one square mile contains 640 acres, and one section of land also contains 640 acres.
- Net operating income
- Effective gross income minus operating expenses, excluding debt service and income taxes; it is used in capitalization and debt coverage analysis.
- GREC authority
- The Georgia Real Estate Commission regulates licensees under state law and commission rules, investigates complaints, and may impose sanctions including fines and revocation.
- Georgia CE renewal
- Georgia licenses renew every four years; licensees complete 36 hours of continuing education per cycle, including a required license-law component.
- Trust account rules
- Georgia brokers must place client funds in a designated escrow or trust account, keep records, and avoid commingling funds with personal or brokerage money.
- BRRETA
- Georgia's Brokerage Relationships in Real Estate Transactions Act governs agency relationships, disclosure, designated agency, and dual agency in brokerage transactions.
- Agency Fact Sheet
- A Georgia disclosure document explaining brokerage relationships; licensees provide it at first substantial contact with a consumer under commission rules.
- Georgia advertising name rule
- Georgia advertising by a licensee must identify the brokerage firm and the licensee's licensed name; advertisements must not be misleading or omit required identification.
- Fair housing classes
- Federal protected classes are race, color, religion, sex, national origin, familial status, and disability; Georgia law mirrors these protections.
- Security deposit return
- Georgia has no statutory cap on residential security deposits; the landlord must return the deposit within 30 days after termination with an itemized deduction list.
- Dispossessory proceeding
- Georgia eviction action filed in magistrate court; after service, the tenant generally has seven days to answer before a hearing and possible writ.