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32 Cards in this Set

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  • Back
Personal property attached to real property is prevented from becoming real property by which of the following:

A. ownership in severalty
B. ownership as tenents in common
C. security interest and financing statement (UCC)
D. right of survivorship
C. security interest and financing statement (UCC)
An estate in fee simple determinablle is an example of a:

A. freehold estate
B. nondefeasible fee
C. nonfreehold estate
D. leasehold estate
A. freehold estate
If a widow inherits an estate by will, which grants her the right of use by possession of a parcel of land for the rest of her life with the provision that the estate will go to her children in a fee simple upon her death, she has received:
A. an inheritable freehold estate
B. a life estate in remainder C. a life estate in revision D. a fee simple absolute
B. a life estate in remainder
The highest and best form of estate in real property is a:

A. leasehold for years
B. defeasible fee
C. life estate in revision
D. fee simple absolute
D. fee simple absolute
Which of the following statements regarding the homestead exemption in Illinois is NOT true:

A. every resident in Illinois is allowed a homestead in the principal place of residence B. the protection exists for the surviving spouse and all of the children of any age
C. each individual is protected from unsecured creditors in an amount of up to $7,500
D. notice is not required to create the exemption
B. the protection exists for the surviving spouse and all of the children of any age
All of the following are concurrent forms of ownership except:

A. tenents in common
B. joint tenancy
C. tenancy by the entirety
D. severalty
D. severalty
All of the following are rights or responsibilities of a life tenant except:

A. estovers
B. inchoate dower
C. alienation
D. preservation
B. inchoate dower
A, B, and C own property as joint tenants. If A dies, what happens to A's shares?

A. A's shares pass to B and C B. A's shares pass to A's heirs
C. A's shares must be sold to either B or C
D. A's shares pass to A's spouse
A. A's shares pass to B and C
Which of the following forms of ownership cannot be partitioned:

A. tenancy by the entirety
B. tenancy in common
C. joint tenancy
D. community property
A. tenancy by the entirety
Of the following, which is NOT a limited common element:

A. balconies
B. storage lockers
C. assigned parking spaces
D. swimming pools
D. swimming pools
Which best describes the first condominium statute enacted in the U.S.:

A. Master Deed
B. Horizontal Property Act
C. Declaration of Condominium D. Law of Coorperative Exclusions
B. Horizontal Property Act
Illinois recognizes all of the following ways to hold titleto real property except:

A. tenancy in common
B. dower and curtesy
C. joint tenancy
D. tenancy by the entirety
B. dower and curtesy
Title to real property held in the name of one person only is owned:

A. in severalty
B. as tenancy in common
C. as tenecy in the entirety D. as joint tenancy
A. in severalty
Which of the following type of ownership requires unity of interest, title, time, and possession:

A. cooperative
B. tenancy in common
C. joint tenancy
D. community prope
C. joint tenancy
Which of the following includes the right of survivorship:

A. cooperative
B. tenancy in common
C. joint tenancy
D. community property
C. joint tenancy
The purchaser of a condominium unit receives title to the land and common areas whereon the condominium is situated as a:

A. tenant by the entirety
B. tenant in common
C. joint tenant
D. tenant in severalty
B. tenant in common
All of the following are true of the purchaser of a condominium timeshare except:

A. she receives a title for the same time period(s) each calendar year
B. she may convey this title to anyone else
C. she owns a share of stock in the land and a proprietary lease in the unit
D. she will pay a prorated share of the maintenance
C. she owns a share of stock in the land and a proprietary lease in the unit
In the cooperative form of ownership:

A. ownership is evidenced by shares of stock in a corporation holding title to the building
B. each owner owns a fee simple interest in the land on which the building is located C. all owners pay real property taxes on their individual units
D. each owner holds a freehold interest in the land
A. ownership is evidenced by shares of stock in a corporation holding title to the building
In Illinois a joint tenant may do all of the following with his interest except:

A. sll his interest in his property
B. pledge his interest as security for a mortgaged loan C. pass his interest by will D. gift his interest prior to death
C. pass his interest by will
Condominium owners may own:

A. a unit as joint tenants in fee simple and the common elements in determinable fee B. a unit as tenants in common and the common areas as joint tenants
C. a unit as joint tenants and the common elements as tenants in common
D. a unit as joint tenants while the common elements are owned by the condominium association
C. a unit as joint tenants and the common elements as tenants in common
In Illinois, ownership by tenants by the entirety is NOT:

A. limited to husband and wife B. limited to the homestead estate
C. granted automatically in a deed
D. granted by decree in a divorce
C. granted automatically in a deed
All of the following statements regarding timeshares in Illinois are true except 2 of the following:

A. persons selling timeshares must hold an Illinois real estate brokers license
B. persons selling timeshares must register with the Office of Banks and Real Estate
C. timeshare units must be sold with a deed granting fee ownership
D. timeshare units can be sold granting ownership or use of the space
C. timeshare units must be sold with a deed granting fee ownership
Which of the following statements is TRUE concerning a land trust in Illinois?

A. the owner of property in a land trust cannot be concealed B. the owner of property in a land trust cannot be named the beneficiary
C. a trust deed is used to place property in a land trust D. a land trust agreement usually is establshed for 20 years
D. a land trust agreement usually is establshed for 20 years
Ownership as tenants by the entirety includes:

A. the right of one owner to convey title to her share of ownership without the participation of the other owner
B. the right of survivorship C. ownership of an unequal interst in the property with another
D. conversion to ownership as joint tenants if the owners are divorced
B. the right of survivorship
Cooperatives are organized under:

A. federal housing laws
B. federal corporation laws
C. state corporation laws
D. state civil code
C. state corporation laws
All of the following are considered part of real property except:

A. trees
B. fences
C. growing crops
D. garage
C. growing crops
In an Illinois land trust, the two parties that are most often the same individual are:

A. trustor and beneficiary
B. trustee and beneficiary
C. trustor and trustee
D. lender and trustee
A. trustor and beneficiary
Under the Illinois Real Estate Time-Share Act, the recission period allowing the buyer to cancel a contract is:

A. 48 hours
B. 2 calendar days
C. 5 calendar days
D. 7 calendar days
C. 5 calendar days
Which of the following is NOT true regarding Illinois limited liability companies:

A. LLCs provide the liability protection of a corporation
B. LLCs are taxed as a partnership
C. LLCs are managed by a president and board of directors
D. investors in an LLC are called members rather than shareholders
C. LLCs are managed by a president and board of directors
Q, R, and S own a piece of commercial property as joint tenants. Q sells her interest to R. R, a single person, later dies leaving a will stating that his share in the property should go to his girlfriend, Ms. X. Which of the following is TRUE of r's interest purchased from Q?

A. R is a joint tenant and cannot will his share to Ms. X B. R is a joint tenant and Q and S will receive R's share equally
C. R must will the property first to family before leaving it to nonrelatives
D. R is a tenant in common and can will his share in the property to Ms. X
D. R is a tenant in common and can will his share in the property to Ms. X
Which of the following methods of property ownership requires the owners to be legally married?

A. joint tenancy
B. tenancy in common
C. land trusts
D. tenancy by the entirety
D. tenancy by the entirety
Jack buys a house on a navigable river. During the rainey spring, the river overflows the banks. Which of the following is true regarding Jack's property line?

A. the property line is at the waters edge
B. the property line is where the water's edge is usually
C. the property line is the average of two water lines
D. there is no property line adjacent to a river
A. the property line is at the waters edge