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20 Cards in this Set

  • Front
  • Back
Nonhomogeneity means _______________.
uniqueness
The practice of real estate in IL is governed by ________________.
Real Estate License Act of 2000
Name the 7 sources of law:
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
Name 3 main physical characteristics of land:
1)immobility
2) indestructibility
3) uniqueness
Name 4 legal tests of a fixture:
1)intent
2)method of annexation
3)adaption of real estate
4)agreement
Name 4 economic chacracteristics of land that affect its investment value:
1)scarcity
2)improvements
3)permanence of investment
4)area preference (situs)
Name the 5 rights of ownership of real property (Bundle of Rights)
1)possession
2)control
3)enjoyment
4)exclusion
5)disposition
Define accession:
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
Define Real estate:
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
Define Land:
the earth's surface extending downward to the center of the earth & upward into space, including things permanently attached by nature
Define fixture:
an item of prsonal property that has been converted to real proprty by permantly affixed to the realty
Define deed:
a written instrument that, when excuted & delivered, conveys title to or an interest in real estate
Define appurtenance:
a right, prviledge, or improvement belonging to & passing with,the land
Define Bill of sale:
a written instrument used to transfer personal property
Define emblements:
growing crops that are produced annually through labor and industry
Define chattels:
personal property
Define real property:
the interests,benefits,and rights in real estate ownership
Define surface rights:
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
Define trade fixture:
an article installed by a teneant under the terms of a lease & removable by the tenant before the lease expires
Define Bundle of Rights:
the concept of land ownership that includes ownership of all legal rights to the land