Real Estate

  1. 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
  2. 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
  3. Usually a vote of the taxing districts governing body is needed to impose a(n) ___.
    Tax Levy
  4. In Real Estate a person who acts as a go between on behalf of the others for a fee or comission.
  5. A person who conducts activities on behalf of a broker is called a __.
  6. A person wh adheres to the Code of Ethics of the National Association of Realtors (NAR)
  7. 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
  8. 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
  9. 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
  10. 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.
  11. A type of life estate established by state law rather than voluntarilly by an owner is an___.
    Legal life estate
  12. 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
  13. 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.
  14. 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
  15. 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    D) rescinded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.
  16. 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
  17. Registration in the ___ provides evidence of title without needing to make an additional search of public records.
    Torrens system
  18. The interes held by a buyer prior to delivery and acceptance of the deed.
    Equitable title
  19. A device to acheive uniformity in state wide assessments.
    Equalization factor
  20. A court decree that establishes the amount owed by a debtor and provides for money to be awarded.
    Money judgement
  21. A document by which property is transferred to the lender by mutual agreement rather than by lawsuit.
    Deed in lieu of foreclosure
  22. Rather than a certificate of title, in some parts of the country, a(n) __ is used as evidence of title.
    Attorneys opinion of title
  23. 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
  24. Lending law prohibiting discrimination based on marital status or sex.
    Equal credit opportunity act
  25. Document issued by a building inspector after a newly constucted building is found satisfactory.
    Certificate of occupancy
  26. Local laws that implement a comprehensive plan and regulate the control of land and structures within districts.
    Zoning ordinances
  27. A special type of zoning used to control density by imposing restrictions such as setbacks or miting new construction.
    Bulk zoning
  28. 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
  29. 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.
  30. 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
  31. An individual who constructs improvements and sells them.
  32. A detailed map that illustrates the geographic coundaries of individual lots.
  33. States authority to make rules needed to protect the public health, safety and welfare.
    Police power
  34. The presence of one or more persons who are under the age of 18, living with a parent or adult guardian.
    Familial status
  35. A physical or mental impairment
  36. Encouraging home seekers to limit the search to a particular neighborhood based on non economic factors such as race or religion.
  37. 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
  38. When apprasing a new home in which no one has ever lived, the appraiser will lean towards the:

    B) cost approach
  39. In which approach to value are the square foot method, the unit in place method and the quantity survey method used?

    C) cost approach
  40. 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
  41. The transfer of some of a tenant's interest, bu not his or her obligations.
  42. A lesse's privalege of renewing a lease.
  43. The action by which a tenant may properly abandon premises that have become unusable due to the landlords consious neglect.
    Constructive eviction
  44. 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
  45. A leasehold esate tha continues for a definite period of time is the___.
    Estate for years
  46. The form that itemizes all charges to be paid by a borrower and seller in connection with a settlement is called the____.
  47. 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
  48. Another name for a closin is ___.
    Settlement and transfer
  49. To reveal any recorded liens, property buyer should require a(n) ___ before closing the real esate transaction.
    Title search
  50. A county assessor usually bases a property's ____ on the sale price of comparable proeprties.
    Assessed value
Card Set
Real Estate
Real Estate