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20 Cards in this Set
- Front
- Back
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Nonhomogeneity means _______________.
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uniqueness
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The practice of real estate in IL is governed by ________________.
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Real Estate License Act of 2000
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Name the 7 sources of law:
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1) US Constitution
2) Laws passed by Congress 3) Rules of the regulatory agencies 4)state constitutions 5) state statutes 6) local ordinances 7) common law |
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Name 3 main physical characteristics of land:
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1)immobility
2) indestructibility 3) uniqueness |
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Name 4 legal tests of a fixture:
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1)intent
2)method of annexation 3)adaption of real estate 4)agreement |
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Name 4 economic chacracteristics of land that affect its investment value:
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1)scarcity
2)improvements 3)permanence of investment 4)area preference (situs) |
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Name the 5 rights of ownership of real property (Bundle of Rights)
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1)possession
2)control 3)enjoyment 4)exclusion 5)disposition |
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Define accession:
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aquiring title to additions or improvements to real property as a result of the annexation of fixtures or accretion of allurial deposits anlong the banks of stream
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Define Real estate:
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land; a portion of the earth's surface extending downward to the ceter of the earth & upward into space, including all things permanently attached to it
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Define Land:
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the earth's surface extending downward to the center of the earth & upward into space, including things permanently attached by nature
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Define fixture:
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an item of prsonal property that has been converted to real proprty by permantly affixed to the realty
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Define deed:
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a written instrument that, when excuted & delivered, conveys title to or an interest in real estate
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Define appurtenance:
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a right, prviledge, or improvement belonging to & passing with,the land
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Define Bill of sale:
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a written instrument used to transfer personal property
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Define emblements:
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growing crops that are produced annually through labor and industry
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Define chattels:
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personal property
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Define real property:
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the interests,benefits,and rights in real estate ownership
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Define surface rights:
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ownership rights in a parcel of real estate that are limited to the surface of the property & do not include the air space above it or the minerals below the surface
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Define trade fixture:
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an article installed by a teneant under the terms of a lease & removable by the tenant before the lease expires
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Define Bundle of Rights:
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the concept of land ownership that includes ownership of all legal rights to the land
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