Chapter 1
Property Ownership and Interests
Course: Georgia Real Estate Exam Prep
Subject: National Real Estate Salesperson Exam Prep
Chapter: Property Ownership And Interests Of National Real Estate Exam Prep
Property Ownership and Interests
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© 2026-10-04 01:17:41 (UTC)
National Real Estate Salesperson Exam Prep
20%
7 of 34 lessons completed
Chapter 1 Property Ownership and Interests
1.1
Real vs. Personal Property
1.2
Estates in Land
1.3
Forms of Ownership
1.4
Other Property Interests
Chapter 2 Real Estate Settlement Procedures
2.1
The Closing Process
2.2
Prorations and Calculations at Closing
2.3
Transfer of Funds and Title
Chapter 3 Land Use Controls and Regulations
3.1
Public Controls
3.2
Private Controls
3.3
Environmental Issues
Chapter 4 Laws of Agency
4.1
Agency Relationships
4.2
Creation and Termination of Agency
4.3
Disclosure Requirements
Chapter 5 Contracts
5.1
Contract Law Fundamentals
5.2
Real Estate Contracts
5.3
Discharge and Breach of Contract
Chapter 6 Transfer of Title
6.1
Deeds
6.2
The Title Process
6.3
Recording and Constructive Notice
Chapter 7 Leasing and Property Management
7.1
Essential Elements of a Lease
7.2
Leasehold Estates
7.3
Property Management
Chapter 8 Valuation and Market Analysis
8.1
Basic Principles of Value
8.2
The Appraisal Process
8.3
Real Estate Math Concepts
Chapter 9 Financing and Economics
9.1
Basic Economic Principles
9.2
The Money Market and Finance
9.3
Types of Loans
9.4
The Loan Process
9.5
Foreclosure and Default
Chapter 10 Professional Practices and Risk Management
10.1
Fair Housing Laws
10.2
Antitrust Laws
10.3
Ethics and Professional Conduct
10.4
Risk Reduction
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Chapter 1 - Property Ownership and Interests
1.2
Estates in Land
Estates in Land
Definition: An estate defines the degree, nature, and extent of a person's interest in real property. Freehold Estates: Ownership for an indefinite period.Fee Simple Absolute: The highest form of ownership. It is infinite in duration and can be freely inherited.Life Estate: Ownership for the duration of a person's life. The holder of the life estate is the life tenant. Leasehold Estates: A tenant's right to possess a property for a specific period under a lease. Real-Life Examples:Fee Simple (Most Common): John buys a house. He owns it in "Fee Simple." He can live in it, sell it, rent it out, or leave it to his heirs in his will. This is what 99% of homebuyers are purchasing.Life Estate (Elder Care): An elderly woman, Mary, deeds her house to her son but retains a "Life Estate" for herself. This means Mary has the full right to live in the house until she dies. Her son becomes the owner, but he cannot sell the house or force Mary out. Upon her death, he gains full Fee Simple ownership.Leasehold (Renting): Sarah signs a one-year lease for an apartment. She has a leasehold estate for years. She has the right to possess the property for that specific term, but the landlord (who holds Fee Simple) remains the ultimate owner.
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