Georgia Real Estate

The right of Survivorship

every relationship in which a real estate broker acts for or represents

Any person who, for another, and who, for a fee, commission, or any other valuable consideration or with the intent or expectation of receiving the same from another: (A) Negotiates or attempts to negotiate, or assists in procuring prospects for the listing, sale, purchase, exchange, renting, lease, or option for any real estate or of the improvements thereon;

The business or occupation of a real estate broker.

An express written contract wherein the client promises to pay the real estate broker a valuable consideration or agrees that the real estate broker may receive a valuable consideration from another in consideration of the broker´s producing a seller, buyer, tenant, or landlord ready, able, and willing to sell, buy, or rent the property or in consideration of the broker´s performing property management services or performing community association management services

A written contract wherein the seller, buyer, landlord, or tenant becomes the client of the broker and promises to pay the broker a valuable consideration or agrees that the broker may receive a valuable consideration from another in consideration of the broker producing a seller, buyer, tenant, or landlord ready, able, and willing to sell, buy, or rent the property or performing other brokerage services

the agency and nonagency relationships which may be formed between the broker and the broker's clients and customers described in this chapter.

A person who is being represented by a real estate broker in an agency capacity pursuant to a brokerage engagement.

Any person, firm, or corporation that is a source, compiler, or supplier of information regarding real estate for sale or lease and other data and includes but is not limited to multiple listing services.

an owner organization of a residential or mixed use common interest realty association in which membership is mandatory as an incident of ownership within the development, such as condominiums, cooperatives, homeowner associations, timeshares, lot division with restrictions in management, and other forms of common interest or planned developments wherein there is a common management.

the provision, for a valuable consideration, to others of management or administrative services on, in, or to the operation of the affairs of a community association, including, but not limited to, collecting, controlling, or disbursing the funds; obtaining

A person who is not being represented by a real estate broker in an agency capacity pursuant to a brokerage engagement but for whom a broker may perform ministerial acts in a real estate transaction pursuant to either a verbal or written agreement

One or more licensees affiliated with a broker who are assigned by the broker to represent solely one client to the exclusion of all other clients in the same transaction and to the exclusion of all other licensees affiliated with the broker.

A broker who simultaneous

ly has a client relationship with both seller and buyer or both landlord and tenant in the same real estate transaction

any business entity, including, but not limited to, a corporation, partnership, limited liability company, or sole proprietorship.

means individuals and firms.

a person who acquired or attempts to acquire or succeeds to an interest in land.

means condominiums and leaseholds, as well as any other interest or estate in land, whether corporeal, incorporeal, freehold or nonfreehold and whether the real estate is situated in this state or elsewhere; and shall also include a mobile home when such mobile home is affixed to land. "Mobile home," as used in this paragraph, means any factory-built structure or structures equipped with the necessary service connections and made so as to be readily movable as a unit or units and designed to be used as a dwelling unit or units.

any person, other than an associate broker, who acts on behalf of a real estate broker in performing any act authorized by this chapter to be performed by the broker.

A broker who has not entered into a client relationship with any of the parties to a particular real estate transaction and who performs only ministerial acts on behalf of one or more of the parties, but who is paid valuable consideration by one or more parties to the transaction pursuant to a verbal or written agreement for performing brokerage services

a reasonable time under the particular circumstances.

any state, district, territory, possession, or province of the United States or Canada and any sovereign nation or any political subdivision of such sovereign nation.

Non-payment of taxes

A history of the ownership of a parcel of land which lists transfers of title, rights, and liabilities

States that upon default, all of the principal installments come due immediately.

The idea that the owner of land is entitled to all that the soil produces or all that is added to the land either intentionally or by mistake. Trade fixtures not removed are "assessed" by the owner of the property.

Refers to land which is accumulated by the gradual washing or motion of water.

An accumulation.

A formal declaration made by the grantor conveying the property to the grantee – a necessary element for validity of a deed

A measure of land equal to 43,560 square feet

The lawsuit filed by a person to remove or clear the claims of others against property

The actual knowledge that a person has about the existence of a particular fact

A prefix meaning "based on value". Most local governments levy an ad valorem tax on property

A method of acquiring original title to property by open, notorious and hostile possession for a statutory period of time; also referred to as prescription. POACH

A relationship in which one party (the principal) authorizes another party (the agent) to act as the principal's representative in dealing with third parties

One who acts for and in place of a principal for the purpose of affecting the principal's legal relations with third persons.

The right to use, control and occupy the space above a particular parcel of land.

A provision in a mortgage requiring full payment of the debt upon the transfer of title to the property, due on sale. Prevents loan assumptions.

The free and full ownership of rights in land by individuals, which is the basis of real property in the United States

The repayment of a financial obligation over a period of time in a series of periodic installments. In a level-payment mortgage, this is the portion of the debt service that reduces the principal

A financial debt that is paid off over a period of time by a series of periodic payments. A loan can be fully amortized or partially amortized requiring a balloon payment to satisfy the debt at the end of the term.

The yearly cost of credit. Interest Rate plus finance charge

An opinion or estimate of value performed by a person licensed to do so.

An increase in value.

Any right or privilege which belongs to and passes with land.

Occurs between willing buyer and willing seller with each party completely knowledgeable about the market. A purchaser of property between relatives (father & son) would not be an "arms length transaction"

Not on time; late in making payments or completing work. Interest is paid in arrears.

A phrase which disclaims any promises or warranties. A person purchasing real estate "as is" takes it in exactly the condition in which it is found. Seller cannot hide latent defects.

Bringing two or more lots together under one ownership

The value placed on property, by the tax assessor, for the purpose of determining the property tax.

1) the means by which a person transfers contract rights;(2) occurs when the lessee parts with the entire estate, retaining no interest.

The process of taking a person's property into legal custody by a court order called a writ of attachment. Property is frozen.

The act of witnessing a person’s signing of an instrument by a notary public

A person given the authority to act on behalf of another under a power of attorney

A statement issued by an attorney after analyzing an abstract as to quality of title.

Occurs in cases where there is a sudden loss of land through nature.

Title with defects making it unmarketable.

The remaining balance, at maturity, on a loan that has not been completely repaid through periodic payments. Once paid, the outstanding balance is zero. Partially amortized loan

An instrument conveying title which recites a valuable consideration and commonly uses the words "bargain and sale" or words of similar import.

A bronze disk permanently placed and precisely identified by government survey teams

A contract in which a promise is given for the promise of another. It becomes binding when mutual promises are communicated. (A real estate contract).

A document used to transfer ownership of personal property.

A mortgage which covers more than one piece of real estate. Often used by a developer in the financing of undeveloped lots. Contains a partial release clause.

Means of subdividing large tracts of land into smaller sections, each of which is numbered. For example, Lot 4, Block

Any activity which attempts to drive prices down for the purpose of causing transition from one ethnic group to another. This is a violation of Federal Fair Housing Laws. Also called "panic selling".

Refers to boundaries; used with the word "metes" in the metes and bounds method of land description

A failure to perform, as promised, at the time the performance was due.

A means by which planners use space to separate two adjoining districts which have incompatible uses. A buffer zone consists of uses which are compatible with uses in each adjoining district.

Ordinances passed by local governments with special minimum standards of construction for new buildings. They also apply to major additions to old construction

The rights of an owner to possess, control, enjoy, sell, lease, mortgage, and dispose of the property.

Legal documentation in a condominium regime which provides the establishment of the home-owner's association; provides the powers and authority given to the board of directors; and indicates various rights and responsibilities of the unit owner

The tax profit realized from the sale of property. (A "tax free" exchange is a deferment of capital gains)

Used in the income approach to value. To capitalize income means to convert future income into present (current) value.

The rate of return considered to be a reasonable return on investment - given the risk.

Means "Let the Buyer beware"

The first thing a veteran should request if attempting to purchase a property using VA eligibility.

Given to veterans bearing evidence of their qualifications for a VA mortgage loan.

Issued by the Veterans Administration to certify the value of property secured by a VA mortgage. Appraisal.

A document given by the title examiner stating the quality of title the seller possesses.

A history of the ownership affecting title to a parcel of land

One in which personal property is pledged to secure a note.

The effort on the part of the city to coordinate, direct and control the type of development taking place, so as to ensure maximum benefits to the populace

A law which prohibits discrimination in all real estate transactions based on race - commercial and residential.

The expenses incurred and paid at the time of settlement in the transferring of property.

Any claim affecting title to property.

Coinsurance is a common clause or provision in building insurance policies under which the insured agrees to maintain insurance on his or her property in an amount equal to at least 80% of the replacement cost. It the property is not insured to that amount and a loss is incurred the insurance company will make the insured share in the loss on a pro-rata basis.

Property which has been pledged as security for a loan.

Adverse possession.

Illegally mixing deposits or monies, collected from a client, with one's personal or business account. Taking money out too soon or putting it into escrow too late (10 banking days).

Property jointly owned on a pro-rata basis with other unit owners in a condominium regime.

(1) a body of legal rules derived from accepted customs and procedures in England. Serves as the foundation for most laws in every state except Louisiana, which uses the system of civil law; (2) system of judge-made law (“case law”) as opposed to codified or statutory law.

Any property acquired in certain states by purchase, or as compensation by either spouse during the period of marriage, is considered to be owned in an undivided half interest by each.

Comparable property recently sold which is used in the market data approach

A method of determining the value of property in which the selling prices of similar properties are used as the basis for estimating the value of the subject property.

Anything of value offered to induce someone to enter into a contractual agreement. For example, sale price, earnest money, a promise for a promise

Occurs when the tenant's use of the premises is substantially disturbed or interfered with by the landlord's actions or failure to act where there is a duty to act. The tenant is effectively forced to move out and terminate the lease without further liability for further rent.

The knowledge that the law presumes a person has about a particular fact irrespective of whether the person knows about the fact or not. (Recording).

An agreement resulting from the objective expression of mutual assent by competent parties, which the law recognizes in some way as a duty, and the breach of which the law gives a remedy.

A means by which the seller passes possession but retains title to the property until the total or a substantial portion of the purchase price is paid. Installment contract. The two parties here are the vendor (owner) and the vendee (buyer).

The transfer of title to land from one party to another.