Real Estate Exam Prep

Front 1

Emblement

Back 1

Annually cultivated crops such as wheat, corn, vegetables, and fruit

Hint 1

Corn

Front 2

Appurtenance

Back 2

Anything associated with the property, although not necessarily a direct part of it.

Front 3

Real Property vs Personal Property

Back 3

Real property is transferred by Deed.

Personal Property is transferred by Bill of Sale.

Hint 3

Fixtures are transferred by Bill of Sale.

Front 4

Liens

Back 4

A lien is a charge or claim against property that is made to enforce the payment of money

Front 5

Voluntary Lien vs Involuntary Lien

Back 5

V- created intentionally by the property owners actions.

IV- creates without the owners approval.

Hint 5

V- a mortgage

IV- real estate taxes, mechanics lien

Front 6

Severance

Back 6

Changing an item of real estate to personal property by detaching it from the land

Hint 6

(Cutting down a tree)

Front 7

Accession

Back 7

Acquiring title to additions or improvements to real property as a result of the annexation of fixtures.

Front 8

Annexation

Back 8

Method of converting personal property into real property.

Hint 8

i.e. using cement, stones, and sand to build a sidewalk.

Front 9

Estate for years

Back 9

An interest for a certain, exact period in property leased for a specified consideration.

Hint 9

Also called a tenancy first years.

Front 10

Estate from period to period

Back 10

An interest in leased property that continues from period to period— week to week, month to month, or year to year.

Hint 10

Also called tenancy from period to period.

Front 11

Fair Housing Act

Back 11

The federal law that prohibits discrimination based on race, color, religion, sex, handicap, familial status, and national origin.

Front 12

Fee simple absolute

Back 12

The maximum possible estate or right to ownership of real property, continuing forever.

Front 13

Fee simple defeasible

Back 13

An estate in which the holder has a fee simple title that may be divested on the occurrence or nonoccurrence of a specified event.

There are two categories of defeasible fee estates: fee simple on condition precedent (fee simple determinable) and fee simple on condition subsequent.

Front 14

Freehold estate

Back 14

An estate in land in which ownership is for an indeterminate length of time, in contrast to a leasehold estate.

Front 15

A good example of a licensee in a general agency relationship would be...

Back 15

A property manager

Front 16

The time frame for a CLIENT level established business agreement according to the Do Not Call List is...

Back 16

18 months

Front 17

Condemnation

Back 17

A judicial or administrative proceeding to exercise the power of eminent domain, through which government agency takes private property for public use and compensates to owner.

Front 18

Eminent domain

Back 18

The right of a government or municipal quasi-public body to acquire property for public use through a court action called condemnation, in which the court decides that the use is a public use and determines the compensation to be paid to the owner.

Front 19

Accretion

Back 19

The increase or addition of land by the deposit of sand or soil washed up naturally from a river, lake, or sea.

Front 20

Erosion

Back 20

The gradual wearing away of land by water, wind, and general weather conditions; the diminishing of property by the elements.

Front 21

Puffing

Back 21

Exaggerated or superlative comments or opinions.

Front 22

Avulsion

Back 22

The sudden tearing away of land, as by earthquake, flood, volcanic action, or the sudden change in the course of a stream.

Front 23

Joint Tenancy

Back 23

Ownership of real estate between two or more parties who have been named in one conveyance as joint tenants. Upon the death of a joint tenant, the decedents interest passes to the surviving joint tenant or tenants by the right of survivorship.

Front 24

Tenancy in Common

Back 24

A form of co-ownership by which each owner holds an undivided fractional interest in real property as if she were sole owner. Each individual owner has the right to partition. Unlike joint tenants, tenants in common have right of inheritance.

Front 25

Tenancy by the entirety

Back 25

The spousal joint ownership of the principal residence acquired during marriage. Upon death of one spouse, the survivor becomes the owner of the property.

Front 26

Tenant

Back 26

One who holds or possesses lands or tenements by any kind or right or title.

Front 27

Pur autre vie

Back 27

“For the life of another”. A life estate pur autre vie is a life estate that is measured by the life of a person other than the grantee.

Front 28

In Illinois, what is the number of the school township?

Back 28

16

Front 29

How many square feet is in an acre?

Back 29

43,560

Front 30

How many acres in one section?

Back 30

640

Front 31

The point of beginning

Back 31

Where metes and bounds end

Front 32

A township contains how many sections?

Back 32

36

Front 33

Dying intestate

Back 33

If you die without a will

Front 34

In a sale-leaseback

Back 34

Seller = lessee

Buyer= Lessor

Front 35

Tenancy in common

Back 35

When one person dies, the others do not take over their interest

Front 36

Price fixing

Back 36

Is when companies represent that everyone charges the same commission rate

Front 37

Price fixing

Back 37

Is when companies represent that everyone charges the same commission rate

Front 38

Under the Do Not Call Register

Back 38

The established business relationship for clients is 18 months, for customers 3 months.

Front 39

If I give you a life estate and then you sell it to a third party, when I die, that third party loses the life estate to either the remainderman or it goes back to the reversionary interest.

Back 39

...

Front 40

A suit to quiet title...

Back 40

Corrects a cloud on title

Front 41

Title insurance

Back 41

Protects a property owner against unrecorded rights of persons in possession

Front 42

Joint tenants..

Back 42

Assume the interests of a deceased joint tenant

Front 43

Package loan

Back 43

A loan that covers the purchase of real estate and personal property

Front 44

According to TRID...

Back 44

The loan estimate must be issued within 3 business days

Front 45

A deed is signed by?

Back 45

The Grantor

Front 46

The four unities in a joint tenancy require that...

Back 46

the joint tenancy be created at the same time.

Front 47

In Illinois $25,000

Back 47

Is the fine for unlicensed practice.

Front 48

The borrower is the mortgagor, and the...

Back 48

Lender is the mortgagee

Front 49

No matter who sells the property,

Back 49

In an exclusive right to sell listing, the broker always earns a commission.

Front 50

The winning bidder at the tax sale receives,

Back 50

A certificate of purchase

Front 51

The winning bidder at the foreclosure sale receives,

Back 51

A certificate of sale.

Front 52

The winning bidder at the foreclosure sale receives,

Back 52

A certificate of sale.

Front 53

Illinois is a...

Back 53

Judicial foreclosure state.

Front 54

Fannie Mae, Freddie Mac, and Ginnie Mae,

Back 54

Are the primary participants in the secondary mortgage market.

Front 55

Month to month periodic estates require...

Back 55

A termination notice of an entire month

Front 56

Depending on the circumstance, the first step to evict a tenant is...

Back 56

To serve them a 5 or 10 day written notice.

Front 57

A fee simple estate in a home with tenancy in common interest in the building is an example of..

Back 57

A condo

Front 58

Contingencies do what?

Back 58

Make contracts voidable.

Front 59

Quinlan & Tyson only allows?

Back 59

Agents to fill in the blanks on contracts and not write anywhere else on the contract.