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20 Cards in this Set
- Front
- Back
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What type of deed provides the greatest protection of any deed and provides certain covenants? |
General warranty deed, provides 5 covenants or warranties. Most protected |
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What type of deed contains only two basic warranties? |
Special Warranty Deed Warranty that the grantor received title Warranty that the property was not encumbered |
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What deed contains no express warranties but implies that the grantor holds title and possession? |
Bargain and Sale Deed. 1. Grantor holds a fee simple estate 2. Title is free from encumberances 3. Grantor warrants quiet enjoyment |
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What deed has the least protection of any deed. Used to cure defective title? |
Quitclaim ded |
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What is a deed in which a truster conveys real estate to a trustee for the benefit of a beneficiary. |
Deed in trust From Truster to Trustee |
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What is a deed executed by a trustee to a third party? |
Trustee's deed |
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What is it when property is owned by one individual or corporation ? |
Severalty |
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What is a tenancy in common? |
Owners have an undivided fractional interest with unity of possession. Each owner can sell, convey or mortgage their fraction. If a tenant dies, interest transfers to heirs. |
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What is Joint Tenancy? |
Unity of ownership, and if the other tenant dies, other tenants get ownership. In illinois a person can chose to become a tennant in common. |
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What is given by the lender when the mortgage gets paid off? |
A satisfaction of mortgage A deed of trust requires the trustee to execute a release deed to the truster |
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When using the income approach what do you divide? |
The net income by the capitalization rate |
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What types of liens are created by a court to ensure the payment of a judgement as well as by agreement? |
Equitable Lien |
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What type of liens include judgement, estate and inheritance taxes, decendent's debts? |
General Liens which affect all property, real and personal |
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What must be in writing to be enforceable in court in Illinois? |
Leases under 12 months or contracts for sale of land |
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A breach in contract may result in what? |
Recission-cancellation of contract as though it had never been made. All monies returned |
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If a forclosure sale does not cover the remainder of the loan, what can the lender seek? |
A deficiency judgement |
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What type of appraisal approach is based on the present value of the rights to future income? |
The income approach Used for valuation of income producing properties like office buildings, apartments, shopping centers |
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What is a term loan? |
Nonamortized, interest is only paid followed by principal at the end. Also known as Straight Loans |
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What is a debit in a closing statement? |
Is an amount to be paid |
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What is a credit? |
An amount you receive |
