Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
59 Cards in this Set
- Front
- Back
- 3rd side (hint)
Emblement |
Annually cultivated crops such as wheat, corn, vegetables, and fruit |
Corn |
|
Appurtenance |
Anything associated with the property, although not necessarily a direct part of it. |
|
|
Real Property vs Personal Property |
Real property is transferred by Deed. Personal Property is transferred by Bill of Sale. |
Fixtures are transferred by Bill of Sale. |
|
Liens |
A lien is a charge or claim against property that is made to enforce the payment of money |
|
|
Voluntary Lien vs Involuntary Lien |
V- created intentionally by the property owners actions. IV- creates without the owners approval. |
V- a mortgage IV- real estate taxes, mechanics lien |
|
Severance |
Changing an item of real estate to personal property by detaching it from the land |
(Cutting down a tree) |
|
Accession |
Acquiring title to additions or improvements to real property as a result of the annexation of fixtures. |
|
|
Annexation |
Method of converting personal property into real property. |
i.e. using cement, stones, and sand to build a sidewalk. |
|
Estate for years |
An interest for a certain, exact period in property leased for a specified consideration. |
Also called a tenancy first years. |
|
Estate from period to period |
An interest in leased property that continues from period to period— week to week, month to month, or year to year. |
Also called tenancy from period to period. |
|
Fair Housing Act |
The federal law that prohibits discrimination based on race, color, religion, sex, handicap, familial status, and national origin. |
|
|
Fee simple absolute |
The maximum possible estate or right to ownership of real property, continuing forever. |
|
|
Fee simple defeasible |
An estate in which the holder has a fee simple title that may be divested on the occurrence or nonoccurrence of a specified event. There are two categories of defeasible fee estates: fee simple on condition precedent (fee simple determinable) and fee simple on condition subsequent. |
|
|
Freehold estate |
An estate in land in which ownership is for an indeterminate length of time, in contrast to a leasehold estate. |
|
|
A good example of a licensee in a general agency relationship would be... |
A property manager |
|
|
The time frame for a CLIENT level established business agreement according to the Do Not Call List is... |
18 months |
|
|
Condemnation |
A judicial or administrative proceeding to exercise the power of eminent domain, through which government agency takes private property for public use and compensates to owner. |
|
|
Eminent domain |
The right of a government or municipal quasi-public body to acquire property for public use through a court action called condemnation, in which the court decides that the use is a public use and determines the compensation to be paid to the owner. |
|
|
Accretion |
The increase or addition of land by the deposit of sand or soil washed up naturally from a river, lake, or sea. |
|
|
Erosion |
The gradual wearing away of land by water, wind, and general weather conditions; the diminishing of property by the elements. |
|
|
Puffing |
Exaggerated or superlative comments or opinions. |
|
|
Avulsion |
The sudden tearing away of land, as by earthquake, flood, volcanic action, or the sudden change in the course of a stream. |
|
|
Joint Tenancy |
Ownership of real estate between two or more parties who have been named in one conveyance as joint tenants. Upon the death of a joint tenant, the decedents interest passes to the surviving joint tenant or tenants by the right of survivorship. |
|
|
Tenancy in Common |
A form of co-ownership by which each owner holds an undivided fractional interest in real property as if she were sole owner. Each individual owner has the right to partition. Unlike joint tenants, tenants in common have right of inheritance. |
|
|
Tenancy by the entirety |
The spousal joint ownership of the principal residence acquired during marriage. Upon death of one spouse, the survivor becomes the owner of the property. |
|
|
Tenant |
One who holds or possesses lands or tenements by any kind or right or title. |
|
|
Pur autre vie |
“For the life of another”. A life estate pur autre vie is a life estate that is measured by the life of a person other than the grantee. |
|
|
In Illinois, what is the number of the school township? |
16 |
|
|
How many square feet is in an acre? |
43,560 |
|
|
How many acres in one section? |
640 |
|
|
The point of beginning |
Where metes and bounds end |
|
|
A township contains how many sections? |
36 |
|
|
Dying intestate |
If you die without a will |
|
|
In a sale-leaseback |
Seller = lessee Buyer= Lessor |
|
|
Tenancy in common |
When one person dies, the others do not take over their interest |
|
|
Price fixing |
Is when companies represent that everyone charges the same commission rate |
|
|
Price fixing |
Is when companies represent that everyone charges the same commission rate |
|
|
Under the Do Not Call Register |
The established business relationship for clients is 18 months, for customers 3 months. |
|
|
If I give you a life estate and then you sell it to a third party, when I die, that third party loses the life estate to either the remainderman or it goes back to the reversionary interest. |
... |
|
|
A suit to quiet title... |
Corrects a cloud on title |
|
|
Title insurance |
Protects a property owner against unrecorded rights of persons in possession |
|
|
Joint tenants.. |
Assume the interests of a deceased joint tenant |
|
|
Package loan |
A loan that covers the purchase of real estate and personal property |
|
|
According to TRID... |
The loan estimate must be issued within 3 business days |
|
|
A deed is signed by? |
The Grantor |
|
|
The four unities in a joint tenancy require that... |
the joint tenancy be created at the same time. |
|
|
In Illinois $25,000 |
Is the fine for unlicensed practice. |
|
|
The borrower is the mortgagor, and the... |
Lender is the mortgagee |
|
|
No matter who sells the property, |
In an exclusive right to sell listing, the broker always earns a commission. |
|
|
The winning bidder at the tax sale receives, |
A certificate of purchase |
|
|
The winning bidder at the foreclosure sale receives, |
A certificate of sale. |
|
|
The winning bidder at the foreclosure sale receives, |
A certificate of sale. |
|
|
Illinois is a... |
Judicial foreclosure state. |
|
|
Fannie Mae, Freddie Mac, and Ginnie Mae, |
Are the primary participants in the secondary mortgage market. |
|
|
Month to month periodic estates require... |
A termination notice of an entire month |
|
|
Depending on the circumstance, the first step to evict a tenant is... |
To serve them a 5 or 10 day written notice. |
|
|
A fee simple estate in a home with tenancy in common interest in the building is an example of.. |
A condo |
|
|
Contingencies do what? |
Make contracts voidable. |
|
|
Quinlan & Tyson only allows? |
Agents to fill in the blanks on contracts and not write anywhere else on the contract. |
|