An Ill owner has defaulted on themortgage of his principal residence and has been served a foreclosure summons. How much time does the borrower at this point have to redeem the mortgage?
C) 7mo
From the date of summons or publication
Under the Illinois Real Estate Timeshare Act of 1999
How many people can an existing time share owner refer in one calender year? and what compensation can he receive?
C) 20 people - 1,000
Usually a vote of the taxing districts governing body is needed to impose a(n) ___.
Tax Levy
In Real Estate a person who acts as a go between on behalf of the others for a fee or comission.
Broker
A person who conducts activities on behalf of a broker is called a __.
Salesperson
A person wh adheres to the Code of Ethics of the National Association of Realtors (NAR)
Realtor
When new streetlights were installed on Maple Ave, the home owners were charged a special assessment that was a(n)___ of the total amount of the assessment.
Prorated share
If a title has no serious defects, does not expose a purchaser to litigation or does not have a poor likelihood of resale, it is called ____.
Marketable title
A type of notice that the law presumes a reasonalbe person would obtain by asking questios or research into a property is called ___.
Inquiry notice
In most states an attorney in fact is allowd to sign a deed for a:
A) grantor
Most states permit an attorney in fact to sign for a grantor and a deed.
A type of life estate established by state law rather than voluntarilly by an owner is an___.
Legal life estate
The type of legal description that relies on a property's physical features to determine and to describe the boundaries and measurements of the parcel.
Metes and Bounds
A voluntary lien may be classified as either statutory or equitable.
A) T
B) F
B) F
An involuntary lien may be classified as either statutory or equitable.
In many states, when a purchaser at a tax sale receives the ___ he or she gains the right to take possession of the property.
Certificate of Sale
If Brock allows Ann to back out of a contract, returns the earnest money to Ann, and both are back to the positions they held before the contract, the contract has been.
D) rescinded
Cancellation terminates a contract without a return to the original position. An executed contract is one in which all parties have fulfilled thier promises.
A contract under which the seller retains legal title to property and the buyer only obtains possession until the terms of the contract have been satisfied.
Land contract
Registration in the ___ provides evidence of title without needing to make an additional search of public records.
Torrens system
The interes held by a buyer prior to delivery and acceptance of the deed.
Equitable title
A device to acheive uniformity in state wide assessments.
Equalization factor
A court decree that establishes the amount owed by a debtor and provides for money to be awarded.
Money judgement
A document by which property is transferred to the lender by mutual agreement rather than by lawsuit.
Deed in lieu of foreclosure
Rather than a certificate of title, in some parts of the country, a(n) __ is used as evidence of title.
Attorneys opinion of title
A method of financng the purchase of property that temporarily lowers the initial interest rate through the payment of a lump sum of cash to the lender.
Buy down
Lending law prohibiting discrimination based on marital status or sex.
Equal credit opportunity act
Document issued by a building inspector after a newly constucted building is found satisfactory.
Certificate of occupancy
Local laws that implement a comprehensive plan and regulate the control of land and structures within districts.
Zoning ordinances
A special type of zoning used to control density by imposing restrictions such as setbacks or miting new construction.
Bulk zoning
A lot or imporvement that is not in harmony with current zoning because it existed prior tothe enactment or amendment of the zoning.
Nonconforming use
The device by which a landowners may use his or her property in a manner tha is otherwise strictly prohibited by the existing zoning ordinance.
Variance
When the area was rezoned as residential a tavern was grandfathered in and allowed to continue buisness, this is an example of:
A) nonconforming use
An individual who constructs improvements and sells them.
Developer
A detailed map that illustrates the geographic coundaries of individual lots.
Plat
States authority to make rules needed to protect the public health, safety and welfare.
Police power
The presence of one or more persons who are under the age of 18, living with a parent or adult guardian.
Familial status
A physical or mental impairment
Disability
Encouraging home seekers to limit the search to a particular neighborhood based on non economic factors such as race or religion.
Steering
The Americans w Disabilites Act Notification Act requires commercial facilities and places of public accommodation be given ___ days notice before a lawsuit is filed for alleged ADA violations.
C) 90
When apprasing a new home in which no one has ever lived, the appraiser will lean towards the:
B) cost approach
In which approach to value are the square foot method, the unit in place method and the quantity survey method used?
C) cost approach
Carol plans to build a large house in a neighborhood of smaller homes, so Carol purchases three neighboring lots from their three owners. What is the term for Carols activity?
A) assemblage
The transfer of some of a tenant's interest, bu not his or her obligations.
Sublease
A lesse's privalege of renewing a lease.
Option
The action by which a tenant may properly abandon premises that have become unusable due to the landlords consious neglect.
Constructive eviction
Usually it is unnecessary to record a lease because possession of the lease permises is considered ___ and anyone who inspects the property receives____.
Constructive notice
Actual notice
A leasehold esate tha continues for a definite period of time is the___.
Estate for years
The form that itemizes all charges to be paid by a borrower and seller in connection with a settlement is called the____.
Hud1
To make sure that an existing loan amount is paid in the correct amojnt on the date of closing, the lender provides an ___to the closing agent.
Payoff statement
Another name for a closin is ___.
Settlement and transfer
To reveal any recorded liens, property buyer should require a(n) ___ before closing the real esate transaction.
Title search
A county assessor usually bases a property's ____ on the sale price of comparable proeprties.
