Illinois Real Estate Exam Prep Flashcards

Illinois Real Estate Exam Prep Flashcards Gaps and goresportions of land areas that do not conform to boundaries found in land surveys based upon imprecise measurements and other ambiguities of metes and bounds.coursesdirections of a line as it varies from north or south When did the Real Estate License Act of 1983 undergo a major revision?The Real Estate License Act of 2000 amended the existing laws.Trade fixtures, or chattel fixtures,Something done in order to conduct business while leasing on another's real property Examples of trade fixtures include a grocer's food freezers, a merchant's clothesracks, a tavern owner's bar, a dairy's milking machines, and a printer's printingpress.Granting clause, or premises clausethe only required clause; contains the conveyance intentions;names the parties; describes the property; indicates nominalconsideration Equitable TitleAn interest created in property upon the execution of a valid sales contract, whereby actual title is transferred by deed at a closing. The buyer's interest in property under a land contract. Also called an equitable interest.Bearingsare compass directions of a survey line Pur autre vie.A pur autre vie life estate endures over the lifetime of a thirdperson, after which the property passes from the tenant holder to the originalgrantor (reversion) or a third party (remainderman).Name the three common ways to describe property Metes and bounds systemPublic Land Survey SystemRecorded plat system.Encumbermortgage or borrow against Liens have the following legal features: A lien does not convey ownership, with one exception(mortgages)A lien attaches to the propertyA property may be subject to multiple liensA lien terminates on payment of the debt andrecording of documents Functionality.If an item is vital to the operation of the building, it may bedeemed a fixture, even though perhaps easily removable.Economic Characteristics of LandDUSTSDemand- The more demand there is for a particular property, the more valuable it is to consumers looking for real estate.Utility or usefulness- A three-bedroom house is more useful to some consumers than a one- or two-bedroom house.Scarcity- One property will sell quickly if only a few properties in a particular area are on the market.Transferability- When loans are available and rates are low, real estate is readily transferable from seller to

buyer.Situs- The location of a parcel of land offers advantages and disadvantages unique to that location.When can confidential information be shared by the licensee?If the client permits the disclosureThe disclosure is required by lawThe information becomes public from a source other than the licensee.Judicial regulationThe judicial system exerts an influence on real estate ownership and use through decisions based on case law and common law, as distinguished from statutory law.

Eminent Domain.Power of a government to take private property for public use.improvement surveyshows the location, size, and dimensions of buildings on the tract of land three common ways to describe propertymetes and bounds system, the Public Land Survey System, and the recorded plat system land trustonly applies to real property, excludes personal property Fee simple estatehighest form of ownership interestcomplete bundle of rights,tenancy is unlimited Local regulationCounty and local government regulation focuses on land use control, control of improvements, and taxation Propertyanything of value that is owned or controlled use valuevalue the property holds for the owner.Which agency in Illinois has responsibility for licensing schools and instructors?Training and Development DepartmentDivision of Real EstateStandards CouncilAdvanced Advisory Council Division of Real Estate When developers divide parcels of land into lots, what land description do they use?Subdivision map or plat map right to excludegives the property owner the legal right to keep others off the property and to prosecute trespassers.Who can and cannot complete the property condition disclosure documents?Disclosure documents must be completed by the seller, a family member (and signed by the seller), or seller's attorney or power of attorney. The licensee must never complete the disclosure forms.

Navigable vs NonnavigableNavigable: property ends at the border of the body of

waterNonnavigable: property ends in the middle of the

body of water with property on the opposite sidenavigable is when a small boat or canoe is able to be used on the water Riparian Rightsowner owns the water to the midpoint and land below if the water is non navigablenavigable-the water is for public use Which of the following is NOT an activity included in the definition of Broker?Sells, exchanges, purchases, rents, or leases real estate.Negotiates the sale, exchange, purchase, rental, or leasing of real estate.Holds a non-public open house.Engages in the business of buying, selling, exchanging, renting, or leasing real estate.Holds a non-public open house.transfer by will.A private grant that occurs when the owner dies Doctrine of Prior AppropriationThe right to use any water, with the exception of limited domestic use, is controlled by the state rather than by the landowner adjacent to the water.Real propertyis ownership ofreal estate and the bundle of rights associated with owning the real estate.

Six types of zones-residential-commercial-industrial-agricultural-public-planne d unit development (PUD) Which of the following is NOT a part of confidential information?Client's business holdings.Minimum a seller will accept for a property.Reason a property is listed on the market.Physical condition of the property.Physical condition of the property.major forms of legal life estatehomestead, dower and curtesy,and elective share.statutory lien vs equitable lienif statutory law places a lienif court action places a lien linear mile320 rods, poles, or perches FHAFederal Housing Administration Meridiansrun north and south When a survey is done using the Public Land Survey System, what are the two imaginary lines that are used for measuring distances?Principal meridians, which run north and southBaselines that run east and west conveyancewhen the transfer uses a written instrument parcel,or tract,portion of land delineated by boundaries.Real estateall man-made structures that are"permanently" attached to the land meander lineIf a boundary is a navigable river or lake

• What is true about the Illinois Radon Awareness Act's

requirement for radon testing and mitigation?The Act does not obligate a seller to conduct any radon testing or mitigation activities. However, the parties may agree in their contract to mitigate.Emblementsplants which require human intervention, then considered personal property Reddendum clause, or reserving clauserecites restrictions and limitations to the estate being conveyed,e.g., deed restrictions, liens, easements, encroachments, etc.tenancy inseveralty.single party owns the fee or life estate,otherwise known as sole ownership, ownership in severalty, and estate inseveralty.Creation of joint tenancy.(1) The four unities - T-TIP - Time, title, interests, Possess three fundamental reasons for requiring a land description and survey 1) existence of the property, 2) relationship of the property to adjoining properties, and 3) relationship of occupied lines to recorded lines.What is the primary purpose of real estate law? The laws are intended to regulate the industry in Illinois for the intention of protecting the public.actual surveydescribes the land with its exact boundaries and provides the legal description of the property injunctionAn order which legally prevents something ForbearanceAn agreement to reduce or suspend payments for a short period of time Tenendum clauseidentifies property being conveyed in addition to land Elective share.state-level statute enabling a survivingspouse to make a minimum claim to the deceased spouse's real and personalproperty in place of the provisions for such