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 01:17:42 (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
1.3
Forms of Ownership
Forms of Ownership
Definition: How title to the property is held by multiple individuals. Types:Tenancy in Common (TIC): Two or more owners with undivided interests. Interests can be unequal (60/40). There is no right of survivorship; if one owner dies, their share passes to their heirs, not the other owners.Joint Tenancy: Two or more owners with equal shares and the right of survivorship. When one joint tenant dies, their interest automatically passes to the surviving joint tenant(s), bypassing the will.Tenancy by the Entirety: A special form for married couples, similar to joint tenancy but with protections against creditors of only one spouse. Real-Life Examples:Tenancy in Common (Business Partners): Three business partners buy a commercial building. Partner A invests 50%, Partner B 30%, and Partner C 20%. They take title as "Tenants in Common" to reflect their unequal shares. If Partner B dies, his 30% share goes to his wife (his heir), not to Partners A and C.Joint Tenancy (Married Couple): A married couple buys their first home. They take title as "Joint Tenants with Right of Survivorship." If the husband dies, the wife automatically becomes the sole owner of the entire property without the need for probate.Sole Ownership (Ownership in Severalty): A single woman, Lisa, buys a condo entirely on her own. She holds title in Severalty, meaning she is the sole owner.
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