Which of the following is a guarantee that the grantor has the right to convey the property?
C) covenant of seisin
The covenant against encumbrances is a warranty that the property is free from encumbrances, except as so noted: the grantor further assures that he or she willdo what is needed to make title good.
What is the county transfer tax?
B) .25
this is for every 500
What is the Illinois transfer tax?
D) .50
per every 500
Form of seller financing wher by the buyer gives the seller a note and mortgage. (seller takes out another loan to finance the buyers mortgage)
Purchase money mortgage
A buisness organization in which two or more people or firms carry out a single buisness project.
Joint Venture
An article installed by a tenant under a commercial lease and removable before the lease expires.
Trade Fixture
A law that is designed to ensure that buyer and seller are both fully informed of all closing costs. (purchase only)
Real Estate Settlement Procedures Act (RESPA)
A developer must keep the average number of units in the development at or below the maximum number, which is also called the ________.
Gross Density
Zoning laws that require all new construction be approved by a special board so that the new structures blend in with the existing building styles are called _____.
Aesthetic Zoning Ordinances
A conveyance by deed from a trustor to a trustee for the benefit of the benficiary.
Deed in trust
The part of a financing agreement that requires the lender to execute a satisfaction or release when the note has been paid in full.
Defeasance Clause
The device by which a day care center might be permitted to operate in a residential neighborhood.
Conditional use permit
The property map that sets out any encrouchments and easements is called the ___.
Survey
A contract in which the parties formally state their intention to establish an agency relationship.
Express agreement
In front of witnesses, Carrie says to Ron " I never made a will, but I want you to have the quarter acre farm when I die" If Ron becomes the owner of the farm, it is because the state recognizes what kind of will?
B) Nuncupative
A holographic will is completely hand written. a testamentary trust is established by will afterr the onwers death. Probate is the process of determining the validity of the will and distributing the assets of the estate.
The broker was hired to represent the seller to market the property and to solicit offfers to purchase. The broker is called a.
A) Special Agent
An individual who is authorized and consents to represent the interest of another person is an.
B) Agent
Along with an application for subdivision approval, a developer often must submit a ____. to explain what effect the proposed development will have on the surrounding area.
Enviormental impact report
The seizure of land through the governments power of eminent domain or condemnation.
Taking
The legal means by which states confer zoning powers on local government.
Enabling Acts
Type of mortgage used by developers securing the loan with several parcels.
Blanket loan
A listing agreement with a single broker under which the seller retains the right to sell the property independently without being obligateed to pay a commission.
Exclusive agency listing
A substitution of a new contract to replace an earlier one.
Novation
How many feet are in a square yard?
B) 9 sq feet
In insurance, replacement value minus depreciation is ____.
Actual cash value
Zoning laws that control over crowding by requiring setbacks or limiting building heights are called___.
Bulk zoning ordinances
A law that requires accessibility to employemnt, goods, and services for individuals with disabilities.
Americans with Disability Act (ADA) 1990
An intermidary between a buyer and seller who assists both parties with a transaction, but who represents neither party.
Non Agent
An estimate of value made by determining the value of the land as if it were vacant, adding the current cost of constructing improvements, and deducting accured depreciation.
Cost approach
The act of signing a loan instrument.
Execute
In a lease agreement, the tenant is called the ____ and the landlord is called the ____.
Lessee
Lessor
Ordinances that restrict the average maximum number of houses per acre.
Density zoning
A system of description that uses numbers referred to in a plat map.
Lot and block
A contract in which the parties show their intentions in words.
Express contract
The type of deed that emposes the least liability on the grantor is a.
A) Quitclaim deed
A quitclaim deed offers little to no protection. It transfers an interest if any.
An examination of all the public records to determine if any defects exist in a property's history of wonership.
Title search
A history of all recorded liens and encubrances is revealed in the.
A) Abstract of title
The person who prepares a certificate of title is the.
D) Abstractor
Thrifts, savings associations and commercial banks.
Fiduciary lenders
A charge imposed by lenders to adjust for the difference between a loans interest rate and the yeld an investor demands.
Discount Points
The type of mortgage law the is based on the principles of title theory but requires that the mortgage foreclose to obtain legal title is.
B) Intermediate thoery
Ownership of all legal rights to the land: control, possession, exclusion, enjoyment and disposition.
Bundle of legal rights
A document required by the Uniform Commercial Code for a lender to create a lienable interest in personal property.
Security agreement
The street pattern in a housing development that features large lots, wide streets and limited use servcie alleys is called the.
Gridiron pattern
The legal presumption that information about rights in a properyt may be obtained by a person through diligent questioning and research is called.
Constructive notice
In Illinois how long must an easement last in order to be called an easement by prescription?
D) 20 years
Tacking years is permited for "successor interest"
The Civil Rights Act of 1968, The Housing and Community Development Act of 1974 and the Fair Housing Ammendments Act of 1988, collectively are called the____.
Fair Housing Act
A U.S Supreme Court decision that prohibits all racial discrimination in housing.
Jones vs Meyer
The street pattern in a housing development that generates major and minor roadways so that the develpment is quieter and more secure is the _______ system.
Curvilinier
Encouraging the sale or renting of a property by claiming a protected class of people are moving into the area and will have a negative impact on the property values.
