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 01:17:39 (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
1.1
Real vs. Personal Property
Real vs. Personal Property
Definition: Real Property includes the land, anything permanently attached to it (like a building), and the bundle of rights associated with it. Personal Property is all property that is not real property; it's movable (e.g., furniture, cars). Key Concept: Fixtures are items that were once personal property but have been permanently attached to the real estate, making them real property (e.g., a built-in dishwasher, a ceiling fan). The test for a fixture is Intent, Method of Annexation, Adaptation, and Relationship of the parties. Real-Life Examples:The Chandelier: A seller has a beautiful, expensive chandelier in the dining room. They want to take it with them. Is this allowed? It depends. If it's screwed into the ceiling and the wiring is integrated into the house, it's likely a fixture and must stay. If it's plugged into an outlet, it's personal property and can be taken. This must be clarified in the contract to avoid disputes.The Refrigerator: A seller is moving and plans to take their refrigerator. The buyer views the home and expects the refrigerator to be included. To prevent conflict, the sales contract should explicitly list which appliances are included (personal property) and which are not.The Tenant's Shelving: A tenant installs custom floor-to-ceiling bookshelves in the rented apartment. When they move out, they want to take them. These are likely trade fixtures (a tenant's property attached for business/trade), which the tenant can remove before the lease ends, as long as they repair any damage caused by removal.
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