The concerns of the federal government in regulating real property right's include - ✔✔ Discrimination
Which of the following is included in the
... [Show More] bundle of rights inherent in ownership - ✔✔ To transfer
What are three unique physical characteristics of land? - ✔✔ Immobile, indestructible, heterogeneous
The concept that the state controls all bodies of water is called - ✔✔ The doctrine of prior appropriation
Which government entity is the primary regulator of the real estate business? - ✔✔ The state
The level of government that focuses on land-use regulations and taxation is the - ✔✔ County and local
A property abutting a static body of water has ____________ rights - ✔✔ Littoral
Which may an item attached to a structure be considered personal property rather than real property - ✔✔ When the owner originally intended to remove it before conveying the property
Which is the "best" description of "land" - ✔✔ Everything above, on, and below the surface of the Earth
What part of the non-navigable waterway does the owner of an abutting property own - ✔✔ To the middle of the waterway
Surface rights include which of the following - ✔✔ Water rights
What guarantees the right of private ownership of real estate in the United States - ✔✔ The constitution
Which of these is the best definition for personal property - ✔✔ Any property that is not classified as real property
What do we call the conversion of real property to personal property by detaching it from the real estate - ✔✔ Affixing
The primary distinction between the legal concepts of land and real estate is that - ✔✔ land does not include man-made structures
Uncle Jake wrote his will out on a notepad. This type of will is called - ✔✔ Holographic
Of the principle forms of title of evidence in Illinois, the one that provides the best evidence is - ✔✔ A title insurance policy
A deed is not valid unless it is - ✔✔ Accompanied by a consideration
A hermit lives secretly in a cave on a large property. After 20 years, the hermit makes a claim of ownership. This claim will most likely be - ✔✔ Declined because possession was secretive
A lender forecloses on a property. The type of deed that will convey ownership after a public auction is reconfirmed by the court is a - ✔✔ Sheriffs deed
The only required clause in a deed of conveyance is one that - ✔✔ Names the parties, describes the property, and indicates a consideration
A person claims ownership of a parcel of real estate to a prospective buyer, stating that she has lived on the property for five years and nobody has ever bothered her. The claimant also shows the buyer a copy of the deed. The legal basis of this claim is referred to as - ✔✔ Actual notice
A break in the chain of title to a property results in - ✔✔ A cloud on title
For a deed to convey title, it is necessary for the deed to be - ✔✔ accepted by the grantee
The amount of the transfer tax is based on - ✔✔ The actual sales price of the property conveyed *note, in Illinois the tax can be reduced if a buyer has assumed the sellers mortgage "subject to"
The type of deed that gives the highest assurance of good title is the - ✔✔ General warranty deed
Which of the following best describes the concept of "legal title" to real estate - ✔✔ Ownership of the bundle of rights to real estate
Which document contains a summary of the title search? - ✔✔ Title certificate
Constructive notice of ownership of a parcel of real estate is primarily demonstrated through - ✔✔ Title records
An owner transfers title to a property to buy an exchange for a consideration. This is an example of. - ✔✔ Voluntary alienation
Title records do all of the following - ✔✔ Establish lien priority, reveal condition of title, give public notice of ownership
Aunt Molly, who had no legal heirs, died without leaving a will. What will happen to her estate - ✔✔ It will escheat to the state or county after all claims have been settled
Which authority regulates involuntary title transfers - ✔✔ State law
regulated environmental conditions - ✔✔ Electromagnetic fields, airport traffic noise, construction in earthquake zones
The Illinois residential real property disclosure act requires a seller to give a buyer written property condition disclosure - ✔✔ Before the buyer signs an offer to purchase
Which of the following can terminate a private deed restriction - ✔✔ A quietclaim deed
Which of the following statements about federal and state environmental laws is true - ✔✔ They must be incorporated into local land use plans
Countries and municipalities have the legal right to control land use due to - ✔✔ Delegation of authority by state-level enabling acts
When was led first banned in the manufacture of paint used in residential properties - ✔✔ 1978
When a property is taken by eminent domain, what does the owner have? - ✔✔ To receive "just compensation"
If a property owner demonstrates a need, a zoning board may grant a - ✔✔ Variance
The Illinois residential disclosure act requires that material defects related to which of the following must be disclosed by the seller - ✔✔ Asbestos, mold, methamphetamine production
Who is responsible for insuring that a buyer receives the protect your family from lead pamphlet? - ✔✔ Agents for buyers and sellers
Which environmental legislation created the requirement for environmental impact surveys on large development projects? - ✔✔ The national environmental policy act
A central goal of public land use planning is to - ✔✔ Balance individual property rights with the community's welfare
The authority that allows the government to control land use is called - ✔✔ Police power
A buyer may terminate a purchase contract without liability within _________ business days, if a disclosure report indicating a material defect is received after a binding real estate contract has been entered into by all parties - ✔✔ Three
If a municipality exerts its power of eminent domain against a certain property owner, what happens - ✔✔ The owner must sell the property or grant an easement to the municipality for just compensation
Dioxins, mercury, and methyl tertiary butyl ether (MTBE) are examples of - ✔✔ Soil and water pollutants
A property is exempt from lead disclosure requirements if - ✔✔ It has no separate bedrooms
With regard to environmental issues, which of the following is true - ✔✔ Licensees must disclose potential hazards if known
Unlike a deed restriction, a decoration restriction - ✔✔ Cannot be extinguished by a quitclaim deed
Licensees are required to disclose to a buyer that - ✔✔ The licensee knows of a latent structural defect
Referral fees and bonuses for licensees are known as - ✔✔ Compensation
Seller Joe has told his agent sam that if he sells his house within three weeks, he will give sam a $500 bonus. What are the acceptable means by which Sam can be paid the bonus - ✔✔ The bonus is to be given to Sam's sponsoring broker and then passed on to sam
Which of the following statements is true regarding compensation?
-The sponsoring broker is the only one allowed to compensate his/her licensee
-Compensation must be disclosed to clients
-Compensation must always go from the seller or the buyer through the sponsoring broker to the licensee
-All of the above are true regarding compensation - ✔✔ All of the above are true regarding compensation
Which of the following describes a person who is not represented by a licensee but is receiving clerical acts from the licensee - ✔✔ Customer [Show Less]