Podcast
Questions and Answers
What is the purpose of a subordination clause in a mortgage?
What is the purpose of a subordination clause in a mortgage?
What does the Statute of Frauds require?
What does the Statute of Frauds require?
Which of the following is NOT an obligation an agent owes their client?
Which of the following is NOT an obligation an agent owes their client?
What is one way a lease can be terminated?
What is one way a lease can be terminated?
Signup and view all the answers
In Georgia, which theory of property ownership does the state follow?
In Georgia, which theory of property ownership does the state follow?
Signup and view all the answers
What must a lender do in a non-judicial foreclosure state to proceed with foreclosure?
What must a lender do in a non-judicial foreclosure state to proceed with foreclosure?
Signup and view all the answers
What does 'meeting of the minds' refer to in contract law?
What does 'meeting of the minds' refer to in contract law?
Signup and view all the answers
For a contract to be legally binding, which of the following must be true?
For a contract to be legally binding, which of the following must be true?
Signup and view all the answers
Study Notes
Real Estate Questions
- Subordination Clause (in a mortgage): A clause that allows a lender to give another lender higher priority in lien position due to an increase in property value.
- Statute of Frauds: Real estate contracts must be in writing to be legally enforceable. Leases for one year or less are an exception.
- Agent's Obligations to Client: An agent owes their client performance, obedience, loyalty, accountability, and notice.
- Lease Termination: A lease can be terminated by merger (landlord selling to tenant).
- Lien Theory/Title Theory State: Georgia is a title theory state and a non-judicial foreclosure state.
- Non-Judicial Foreclosure: In a non-judicial foreclosure state, lenders must advertise in a county newspaper for four consecutive weeks, then foreclose the first Tuesday of the following month.
- Mutual Assent: Another name for the meeting of the minds in a contract.
- Valid Contract Requirements: A contract must be executed by competent parties, have consideration, mutual assent, and a legal purpose.
- Calculating Loan Amount: When given a purchase price, loan-to-value, and payment amount per thousand dollars, calculate the loan amount by multiplying the purchase price by the loan to value, then dividing the total by 1000, then multiplying this result by the payment amount per $1000.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Test your knowledge of key real estate concepts including contract laws, obligations of agents, and property lien theories. This quiz covers essential topics needed for understanding real estate transactions and legal requirements. Perfect for students and professionals in the real estate field.
