Exam (elaborations)
ILLINOIS REAL ESTATE EXAM PREP QUESTIONS AND ANSWERS
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ILLINOIS REAL ESTATE EXAM PREP QUESTIONS AND ANSWERS
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Name: Score:98 Multiple choice questions
Definition 1 of 98
assures that the grantor owns the estate to be conveyed, and
has the right to do so
Tenancy in common
Warrant of seisin
Habendum clause
Deed of trust
Definition 2 of 98
homestead, dower and curtesy,
and elective share.
legal title
major forms of legal life estate
real estate
datum
Definition 3 of 98
320 rods, poles, or perches
linear mile
joint tenancy
actual survey
equitable title
,Definition 4 of 98
gives the property owner the legal right to keep others off the property and to prosecute
trespassers.
right to exclude
right to use
right to transfer
right to encumber
Definition 5 of 98
anything of value that is owned or controlled
Property
Fee Simple Estate
Real Estate
Real Property Rights
Definition 6 of 98
bundle of rights associated with owning a
parcel of real estate. Foremost of these rights is the right of possession.
Bundle of rights
Real property rights
Personal property
Riparian rights
,Definition 7 of 98
Livery of Seisin - "I own it and I have the right to sell it."
Selling the entire bundle of rights is known as
What factors contribute to the use value of a property?
Granting clause, or premises clause
What is the primary purpose of real estate law?
Definition 8 of 98
If an item is vital to the operation of the building, it may be
deemed a fixture, even though perhaps easily removable.
Repeatability.
Extent Of Harm.
Networking.
Functionality.
Definition 9 of 98
describes the type of estate being conveyed (fee simple, life, etc.)
Reddendum clause, or reserving clause
Habendum clause
Granting clause
Covenant
Definition 10 of 98
Federal Housing Administration
FHA
FEDERAL REGULATION
RESPA
HUD
, Definition 11 of 98
personal right that one party grants to another to use
the grantor's real property.
Easement appurtenant
Bundle of rights
Easement in gross
Tenancy in common
Definition 12 of 98
identifies property being conveyed in addition to land
Reddendum clause, or reserving clause
Tenendum clause
Conveyance clauses
Premises clause
Definition 13 of 98
can be created by mutual agreement. If a covenant is breached, an
injunction can force compliance or payment of compensatory damages.
contract
covenant
habendum clause
easement
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