Primary purpose of real estate law?
Regulate the industry for the protection of the public
Confidential information can only be disclosed if
The client permits,required by law, info becomes public
Who has oversight responsibilities of home inspectors
Illinois department of financial and professional regulation
What part of a non-navigable waterway does the owner of an abutting property own?
To the middle of the waterway
The primary distinction between the legal concepts of land and real estate is that
Land doesn't include man-made structures
Which government entity is the primary regulator of the real estate business?
The State
Which of these is the best definition for personal property?
Any property that is not classified as real property
Surface rights include
Water Rights
What do we call the conversion of real property to personal property by detaching it from the real estate?
Severance
3 Unique Physical Characteristics of Land
immobile, indestructible, heterogeneous
The level of government that focuses on land-use regulations and taxation is the
County and local
Which of the following is included in the legal concept of land?
The surface of the earth, downward, and all natural things permanently attached to the earth.
Which of the following terms refers to the rights of a property that abuts a navigable body of water?
Littoral
When may an item attached to a structure be considered personal property rather than real property?
When the owner originally intended to remove it before conveying the property.
The concept that the state controls all bodies of water is called
the doctrine of prior appropriation.
An affirmative easement gives the benefited party
the right to a defined use of a portion of another's real property.
Upon the death of the life tenant, a life estate passes to
the original owner or other named person.
When an interest-holder lacks the right of ownership, what kind of interest is it that he or she has?
An encumbrance
An interest in real estate is best defined as ownership of
one or more of the bundle of rights to real property.
Who are the essential parties involved when real estate is placed into a trust?
Trustor, trustee, and beneficiary
A tenancy at will
remains in effect as long as lease conditions are met.
A tenant has refused to vacate an apartment after his lease expires. This is called
a tenancy at sufferance.
A property owner who is selling her land wants to control how it is used in the future. She might accomplish her aim by means of
a deed restriction.
There are two adjoining properties. An easement allows property A to use the access road that belongs to property B. In this situation, property A is said to be which of the following in relation to property B?
Dominant tenement
In a cooperative, unit owners/members own
Stock
An encumbrance
Limits a freehold interest
Which of the following describes a situation in which an easement might be created against the wishes of the property owner?
The property has been continuously used as a prescriptive easement with the knowledge but not the permission of the owner for a period of time.
When a single individual or entity owns a fee or life estate in a real property, the type of ownership is
tenancy in severalty.
The distinguishing features of a condominium estate are
fee simple ownership of the airspace in a unit and an undivided share of the entire property's common areas.
Which of the following statements regarding month-to-month leases is FALSE?
They have a definite ending date
Three people have identical rights but unequal shares in a property, share an indivisible interest, and may sell or transfer their interest without consent of the others. This type of ownership is
tenancy in common
The highest form of ownership interest one can acquire in real estate is the
Fee simple estate
Which of the following is a feature of a testamentary trust?
It takes effect only when the trustor dies.
Jim knowingly acquired a property with a lien attached. What happens to the lien?
The lien continues to be against Jim's property.
How is a conventional life estate created?
A fee simple owner grants the life estate to a life tenant.
What distinguishes a freehold estate from a leasehold estate?
The duration of the owner's rights cannot be determined in a freehold.
The "four unities" required to create a joint tenancy include which of the following conditions?
Parties must acquire respective interests at the same time.
What distinguishes a lien from other types of encumbrance?
It involves a monetary claim against the value of the property.
A certain property has the following lien recorded against it: a mortgage lien dating from three years ago; a mechanic's lien dating from two years ago; a mechanic's lien dating from two years ago; a real estate tax lien for the current year; and a second
Real estate tax lien
A person claims ownership of a parcel of real estate to a prospective buyer, stating that she has lived on the property for five years and nobody has ever bothered her. The claimant also shows the buyer a copy of the deed. The legal basis of this claim is
Actual Notice
Uncle Jake wrote his will out on a notepad. This type of will is called
Holographic
Which of the following best describes the concept of "legal title" to real estate?
Ownership of the bundle of rights to real estate.
A hermit lives secretly in a cave on a large property. After twenty years, the hermit makes a claim of ownership. This claim will most likely be
declined because possession was secretive.
Constructive notice of ownership of a parcel of real estate is primarily demonstrated through
title records.
For a deed to convey title, it is necessary for the deed to be
accepted by the grantee.
Which authority regulates involuntary title transfers?
State law
A lender forecloses on a property. The type of deed that will convey ownership after a public auction is reconfirmed by the court is a
sheriff's deed
A deed is not valid unless it is
accompanied by a consideration.
Aunt Molly, who had no legal heirs, died without leaving a will. What will happen to her estate?
It will escheat to the state or county after all claims have been settled.
Which document contains a summary of the title search?
Title Certificate
A break in the chain of title to a property results in
A cloud on title
The amount of the transfer tax is based on
the actual sales price of the property conveyed. *Note, in Illinois the tax can be reduced if a buyer has assumed the seller's mortgage "subject to.
The type of deed that gives the highest assurances of good title is the
general warranty deed.
An owner transfers title to a property to a buyer in exchange for a consideration. This is an example of
voluntary alienation.
Title records do all of the following EXCEPT
transfer ownership.
The only required clause in a deed of conveyance is one that
names the parties, describes the property, and indicates a consideration.
Of the principal forms of title evidence in Illinois, the one that provides the best evidence is
a title insurance policy.