Fil 260 Test 1

Front 1

Detached residential

Back 1

- up to 4 units
-owner typically lives there

Front 2

Multi-family residential

Back 2

-structures with 5 or more units.

tenant occupied- hotels apartments
owner occupied- condominiums cooperatives

Front 3

Condo

Back 3

-individual household gets its own morgage loan.

- all owners together own common areas.,

Front 4

Co-Op

Back 4

- a corporation owns the property and gets a morgage loan in the corporation's name

-all occupants are shareholders in the corporation

-each shareholder has a special lease on the unit occupied.

Front 5

CBD

Back 5

Central Business District

Front 6

types of improved property:

Back 6

-Detached residential
-Mulit-family residential
-Commercial
-Industrial
-Agricultural
-Other

Front 7

industrial

Back 7

located around power sources and transportation facilities

Front 8

Brokerage

Back 8

-using special knowledge of the market to bring buyers and sellers together.

-broker- typically owner/manager, must have a license

-salesperson- works for broker

Front 9

Appraisers

Back 9

-need a state licence to do most types of Appraisals.

- can get a professional designation such as Member of Appraisal Institute (MAI)

Front 10

real estate

Back 10

land and improvements permanently attached

Front 11

land

Back 11

-surface of the earth and natural resources

-also areas below and above the surface

Front 12

real property

Back 12

-technically it relates to rights in real estate
- informally the term is used interchangeably with real estate

Front 13

legal description

Back 13

-a description of a parcel of land that would be acceptable in a court or legal proceeding.

-should unquestionably differentiate the subject parcel from all other parcels

Front 14

three primary methods of legal description

Back 14

1. U.S govt rectangular survey system
2.metes and bounds
3.subdivision plat

Front 15

U.S government rectangular survey system

Back 15

-based on "square" parcels of land

Quadrangles- 24x24 miles
Townships- 6x6 miles
Sections- 1x1 mile

not really square:
- northernly running boundary lines get closer together as you go farther north

-physical barriers such as rivers get in the way.

Front 16

U.S government rectangular survey system

ranges

Back 16

east or west of principal meridean

Front 17

U.S government rectangular survey system

tiers

Back 17

north or south of the principal meridian's base line

Front 18

Metes and Bounds

(includes what is a POB)

Back 18

-directs you to go so many feet in one direction, then another, and so on until you have described the parcel by tracing all of its boundaries.
-Start at POB and move clockwise

metes- distances
bounds-directions

Point of beginning (POB)- not be subject to decay or easily moved.

Front 19

if metes and bounds description is ambiguous, the disagreement is settled based on:

Back 19

1. natural landmarks or known boundaries of adjacent properties

2.Artificial landmarks

3. Directions

4. Distances

Front 20

Subdivision Plat

Back 20

-in older residential areas, there typically "Block" and "Lot" number designations for all platted lots in a specified subdivision.

-a lot number, shown on the plat map, suffices as a complete legal description

Front 21

"bundle of rights" in real estate

Back 21

-use
-exclusion
-disposition
-right to do none of these

Front 22

whats included in real estate

Back 22

-land and buildings
-air rights
-water rights
-sub-surface/mineral rights
-fixtures

Front 23

estate

Back 23

-if you hold an ownership or leasehold interest in real estate

can be classified as
-possessory
-non-possessory

Front 24

possessory estate

Back 24

estate holder has right to currently possess and use the land

-Freehold and Non- freehold estates

Front 25

freeholds

Back 25

-exist for an indefinite time period

Front 26

Freeholds

Fee simple

Back 26

- holder has the whole bundle of rights.

-"Fee": means the interest can be inherited.

Front 27

Freeholds

Life Estate

Back 27

possession during life of fife tenant

Front 28

violations of conditions in a freehold can lead to:

Back 28

loss of ownership

Front 29

Possessory real estate

AD&D

Back 29

Alienable- you can sell or give it away during your life

Devisable- you can leave it in a will

Descendable- if you die without a will, the state will direct the property to your heirs.

Front 30

non-freehold estates

Back 30

- definite or at least limited time period. (leasehold)

four types:
-estate for years (stated period)
-estate from yr to yr (or period to period)
-estate at will (lasts as long as landlord and tenant agree)
-estate at sufferance (tenant still on property while landlord is undertaking eviction procedures)

Front 31

non-possessory estate

Back 31

estate holder has a possibility of receiving the right to possess in the future.

Front 32

reversion

Back 32

ownership returns to the original grantor (or heirs)

Front 33

remainder

Back 33

ownership passes to a third party after life estate terminates

vested- certain to occur (to G for life with remainder to H)

contingent- condition must be met, or else ownership reverts to grantor

Front 34

Easement

Back 34

the right to make limited use of another person's land

Front 35

easement appurtenant

Back 35

-runs with the land, so future owners of both parcels are bound by the agreement

Front 36

easements are created six ways:

Back 36

-agreement
-grand to reservation
-implication
-necessity
-reference to subdivision plat
-prescription

Front 37

easement by prescription

Back 37

-after unauthorized use
-must be open, hostile, and continuous/uninterrupted) for a given time
-may be entitled to a permanent easement.

Front 38

easement by agreement

Back 38

owner of servient tract agrees to easement, for mutual agreement or for money payed.

Front 39

Easements are Terminated in 6 ways

Back 39

-Agreement
-Fulfillment of Purpose
-Abandonment
-Prescription
-Merger
Expiration

Front 40

profit a prendre

Back 40

-right to take
-non-possessory interest that caries the right to take crops, minerals... from someone else's property

Front 41

encroachment

Back 41

the sitting of a building, fence, or other improvement partially on an adjoining owner's land.

Front 42

Methods of tenancy

Back 42

-joint tenancy
-tenancy in common
-tenancy in entirety
-tenancy in partnership
-community property
-condominium
-cooperative
-syndicate
-illinois land trust
-real estate investment trust (REIT)

Front 43

joint tenancy

Back 43

four unities must be present:

1. interest- must hold equal %
2. Title- each hold (same type)
3. possession- equal right to possession
4. Time- acquire interests at the same time

Front 44

tenancy in common

Back 44

type of co-tenancy that law assumes in absence of explicit designation as joint tenancy.

-the four unities are not necessary ( can own different %s)

Front 45

tenancy by entirety

Back 45

-offered to married couples
- can not sell without other's approval
- if divorced they become tenants in common