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91 Cards in this Set
- Front
- Back
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Name a Ministerial Act |
CMA's are not a ministrial Act |
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Conversion |
Stealing the escrow money |
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What happens when an individual buys without disclosing their intended use of the property |
Nothing. |
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Puffing |
Over exaggerations of a property's features |
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What duties does a Buyer's Agent perform |
Prepare a CMA |
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For whom are Ministerial Acts performed |
For a customer |
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Do Ministrial Acts create an agency relationship |
NO |
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When does a licensee present the Disclosure of No Agency |
Before the customer states anything of confidential information |
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Must a licensee always disclose known Latent Defects |
Yes |
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Accession |
Trade fixtures become the owner's after midnight of the last night of the lease |
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Annexation |
Personal property into real property |
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Which of your common Law Fiduciary Duties are you violating with the following statment: |
Loyalty |
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what does COLD AC Stand For? |
Care |
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Name a licnse in a general agency relationship |
Property Manager |
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Describe the difference between a dual agent and an in-house deal |
Dual - 1 Licensee reps both buyer & Seller In-House - two licensees with same brokerage |
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What type of Agency Agreement must be in writing? |
Exclusive |
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What more than likely happens when a party to the list agreement dies. |
Listing Terminates |
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What duties does a Dual Agent have |
Disclose latent defects & material facts |
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Name the main duty of a Managing Broker |
manage the brokerage |
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What does the Illinois Statue of Frauds say regarding the Real Estate Sales Contracts |
All contracts have to be in writing to be enforceable in a court of law |
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What happens in an Exclusive Agency Listing if the seller sells the property herself |
Broker is not owed a comission |
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How many employment contracts are required in an office of 4 licensed individuals |
4 |
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Name 3 areas addressed in a Company Policy Manual |
1. Agency 2. Fair Housing 3. Advertising |
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According to the Do Not Call Registry what is the time frame for a client level Existing Business Relationship (EBR) |
18 Months |
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What's the difference between a Reversionary Interest and a Remainder Intrest |
Reversionary - One comes back to the owner Remainder - ALways stated on the deed |
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Whats the differnce between a license and an easement and which is probably of a limited duration |
License - Personal Privledge [limited duration] Easement - Is a Right |
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Avulsion |
Mudslide |
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Reliction |
If water Recedes, new land is aquired |
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Accretion |
Water Deposits soil on your land and adds to your land |
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What happens when a person dies and there are no identifiable heirs |
Escheats to the county to where the property is located |
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In Illinois what is the assumed form of co-ownership if none is stated on the deed |
Tenants in Common |
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What happens when a Tenant in Common sells their Interest |
The buyer becomes a Tenant in Common |
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How may a corporation hold title |
In Severalty |
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What are the Four Unities and which form of co-ownership is associated with them |
PITT Possession Time Title Assoc. with Joint Tenancy |
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What is the differenc between Eminent Domain and Condemnation |
Eminent Domain - The Right Condemnation - The Process |
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What is a Quick Take and what are the three state Authorities |
Fast Eminent Domain 1. Airport 2. Utilities 3. Highway |
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What is Tacking |
Add your use or someone elses use to add up to 20 years |
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Whats the difference between a General Partner and a Limited Partner |
General Partner - Fully liable & can manage Limited Partner - Liable up to their investment and can't manage |
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What's the differenc between Marital and Nonmarital Property |
Marital - Anything you bring or recieve by gift or will Non-Marital - Anything else once you are married |
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In what directions does a Baseline Run |
East & West |
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Are Township Lines horizontal or vertical |
Horizontal |
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According to the Illinois Plat Act, under what conditions must an owner file a plat of survey |
If the property is subdivided into 5 acres or less |
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How many square feet in a mile |
43,560 |
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Would a Township Legal Description contain compass points |
No |
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What are the names of the Principal Meridians located in Illinois |
3 &4 |
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What is a correction line |
Every Township line above & below the baseline |
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Name two adjectives which describe Real Estate Tax Liens |
1) Specific 2) Involuntary |
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When are Real Estate Taxes Late |
If not paid by the next installment |
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What does the winning bidder at the Tax Sale Recieve |
Certificate of Purchase |
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What two adjectives can be used to describe a mortgage lien |
Specific & Voluntary |
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Can a Mechanic's Lien be filed for failure to pay for personal proprty |
No, only Real Proprty |
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What happens when a contract is missing one of the five essential elements |
Void |
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Purchase Contracts have to say: |
Real Estate Contracts |
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What can a licnsee do regarding an addendum |
Fill in the blanks on the preprinted document |
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In a land contract, what does a vendee hold |
Equitable title & possession |
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What is a suit for specific performance |
Seeks to enforce the contract |
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What happens to a brokerage agreement when the BROKER dies |
Continues on with a new designated agent |
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What court case allows licensees to fill in the blanks on contracts |
Chicago Bar Association vs. Quinlan & Tyson |
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In order to write a legal will in Illinois, one must be how old |
18 |
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What must happen to an estate when an indiviudal dies |
The estate has to go w/ probate |
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Name the most common way of exercising voluntary alienation |
Selling your property |
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What is Not required for a valid deed |
Aknoledgement |
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Who signs the deed |
Grantor |
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What does one record a document in the public record |
Provide constructive notice |
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What would creat a cloud on title on a chain of title |
Undisclosed ownership |
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A certificate of title shows title evidence as of what date |
As of the date the certificate is issued |
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In illinois, what is evidenc of marketable title |
Title Insurance |
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What are the requirments for obtining a Managing broker's Licnese |
Actively licensed 2 of the last 3 years |
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What are the requirmnts for a real estate office sign |
Needs to be visable and conspicuous |
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What disclosure requirements to a client are required regarding sources of income |
all sources of income |
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Name three items tat all licnsees should make sure they pay |
Child Support Student Loans Income Taxes |
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What must a licensee wait for before excersicing a guaranteed sales plan |
Terms bust be agreed up front Show Financial Capabilities Resonable effort to sell property Listing agreement must expire first |
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Regarding foreclosure what kind of state is illinois |
Judical Foreclosure State |
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What is issued when a mortgage is paid off |
Defeasnce Clause - Release of Lien |
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Name the three ways the Federal Reserve can use to affect the economy |
1. Raise/Lower Reserve Requirements 2. Raise/Lower Interest Rates 3. Buy / Sell Securities |
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Describe a straight loan in terms of monthly payments and final payment |
Regular payments of interest followed by a balloon payment of principal |
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What is first step in the eviction process |
Serve a 5-10 day notice |
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What components would you find in a Property Management Agreement |
Can not be a power of attorney |
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A property manager sets rental rates based on what market factor |
Supply/Demand |
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Market Value |
Most Probable Value will bring at an arms length transaction |
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Plottage |
Principle that joining adjacent parcels of land increases value |
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What does an appraiser do once he has achieved the three values according to each approach |
Reconcile values for final opinion of value |
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What is the last step in the appraisal process |
Report final opinion of value |
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A comprehensive Plan is used to manage |
Housing needs, Urban Planning |
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What would be an example of an unenforceable deed restriction |
Which would prohibit the use/sale of a property from a protected class |
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SEVEN Federally protected classes Important Year |
RGRSNFD Really Good Realators Should Never Freaking Discriminate 1866 |
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Six Protected Classes under Illinois Humans Rights Act |
SOMAMA Sexual Orientation Miliatry Marital Status |
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Name the exemptions to the following fair housing |
Widow Brown Race |
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What was the ramification of Pleessy vs. Ferguson |
Sperate but equal |
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What is asbestos most dangerous |
When it is inhaled |
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What is the fundamental purpose of RESPA |
Disclose the True Cost of Closing |
