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Discrimination

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594 Terms
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Discrimination

The concerns of the federal government in regulating real property right's include

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To transfer

Which of the following is included in the bundle of rights inherent in ownership

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Immobile, indestructible, heterogeneous

What are three unique physical characteristics of land?

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The doctrine of prior appropriation

The concept that the state controls all bodies of water is called

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The state

Which government entity is the primary regulator of the real estate business?

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County and local

The level of government that focuses on land-use regulations and taxation is the

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Littoral

A property abutting a static body of water has ____________ rights

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When the owner originally intended to remove it before conveying the property

Which may an item attached to a structure be considered personal property rather than real property

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Everything above, on, and below the surface of the Earth

Which is the "best" description of "land"

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To the middle of the waterway

What part of the non-navigable waterway does the owner of an abutting property own

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Water rights

Surface rights include which of the following

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The constitution

What guarantees the right of private ownership of real estate in the United States

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Any property that is not classified as real property

Which of these is the best definition for personal property

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Affixing

What do we call the conversion of real property to personal property by detaching it from the real estate

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land does not include man-made structures

The primary distinction between the legal concepts of land and real estate is that

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Holographic

Uncle Jake wrote his will out on a notepad. This type of will is called

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A title insurance policy

Of the principle forms of title of evidence in Illinois, the one that provides the best evidence is

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Accompanied by a consideration

A deed is not valid unless it is

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Declined because possession was secretive

A hermit lives secretly in a cave on a large property. After 20 years, the hermit makes a claim of ownership. This claim will most likely be

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Sheriffs deed

A lender forecloses on a property. The type of deed that will convey ownership after a public auction is reconfirmed by the court is a

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Names the parties, describes the property, and indicates a consideration

The only required clause in a deed of conveyance is one that

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Actual notice

A person claims ownership of a parcel of real estate to a prospective buyer, stating that she has lived on the property for five years and nobody has ever bothered her. The claimant also shows the buyer a copy of the deed. The legal basis of this claim is referred to as

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A cloud on title

A break in the chain of title to a property results in

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accepted by the grantee

For a deed to convey title, it is necessary for the deed to be

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The actual sales price of the property conveyed *note, in Illinois the tax can be reduced if a buyer has assumed the sellers mortgage "subject to"

The amount of the transfer tax is based on

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General warranty deed

The type of deed that gives the highest assurance of good title is the

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Ownership of the bundle of rights to real estate

Which of the following best describes the concept of "legal title" to real estate

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Title certificate

Which document contains a summary of the title search?

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Title records

Constructive notice of ownership of a parcel of real estate is primarily demonstrated through

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Voluntary alienation

An owner transfers title to a property to buy an exchange for a consideration. This is an example of.

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Establish lien priority, reveal condition of title, give public notice of ownership

Title records do all of the following

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It will escheat to the state or county after all claims have been settled

Aunt Molly, who had no legal heirs, died without leaving a will. What will happen to her estate

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State law

Which authority regulates involuntary title transfers

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Electromagnetic fields, airport traffic noise, construction in earthquake zones

regulated environmental conditions

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Before the buyer signs an offer to purchase

The Illinois residential real property disclosure act requires a seller to give a buyer written property condition disclosure

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A quietclaim deed

Which of the following can terminate a private deed restriction

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They must be incorporated into local land use plans

Which of the following statements about federal and state environmental laws is true

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Delegation of authority by state-level enabling acts

Countries and municipalities have the legal right to control land use due to

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1978

When was led first banned in the manufacture of paint used in residential properties

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To receive "just compensation"

When a property is taken by eminent domain, what does the owner have?

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Variance

If a property owner demonstrates a need, a zoning board may grant a

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Asbestos, mold, methamphetamine production

The Illinois residential disclosure act requires that material defects related to which of the following must be disclosed by the seller

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Agents for buyers and sellers

Who is responsible for insuring that a buyer receives the protect your family from lead pamphlet?

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The national environmental policy act

Which environmental legislation created the requirement for environmental impact surveys on large development projects?

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Balance individual property rights with the community's welfare

A central goal of public land use planning is to

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Police power

The authority that allows the government to control land use is called

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Three

A buyer may terminate a purchase contract without liability within _________ business days, if a disclosure report indicating a material defect is received after a binding real estate contract has been entered into by all parties

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The owner must sell the property or grant an easement to the municipality for just compensation

If a municipality exerts its power of eminent domain against a certain property owner, what happens

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Soil and water pollutants

Dioxins, mercury, and methyl tertiary butyl ether (MTBE) are examples of

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It has no separate bedrooms

A property is exempt from lead disclosure requirements if

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Licensees must disclose potential hazards if known

With regard to environmental issues, which of the following is true

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Cannot be extinguished by a quitclaim deed

Unlike a deed restriction, a decoration restriction

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The licensee knows of a latent structural defect

Licensees are required to disclose to a buyer that

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Compensation

Referral fees and bonuses for licensees are known as

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The bonus is to be given to Sam's sponsoring broker and then passed on to sam

Seller Joe has told his agent sam that if he sells his house within three weeks, he will give sam a $500 bonus. What are the acceptable means by which Sam can be paid the bonus

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All of the above are true regarding compensation

Which of the following statements is true regarding compensation? -The sponsoring broker is the only one allowed to compensate his/her licensee -Compensation must be disclosed to clients -Compensation must always go from the seller or the buyer through the sponsoring broker to the licensee -All of the above are true regarding compensation

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Customer

Which of the following describes a person who is not represented by a licensee but is receiving clerical acts from the licensee

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If required by the law

In which of the following cases might confidential information be disclosed

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Commission is the excess of the sale price over an agreed-upon (net) price

Which of the following forms of commission agreements is not recommended due to potential ethical issues

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Chicago bar association vs quinlan & tyson, inc.

The name of a case wherein it was determined that a real estate licensee can only fill in the blanks in a form provided by legal counsel is

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Client

The person who is being represented by a licensee is known as the

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The licensee's firm may be entitled to the commission

What is the result when a licensee produces a ready willing and able buyer but the seller refused to complete the transaction

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As soon as non-third-party compensation must be disclosed

When is a licensee required to disclose third-party sources of compensation to client

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The broker violated the agency relationship

Seller Joe needy lists his home for $40,000 and the listing agent tells the prospective buyer to submit a low offer because the seller is desperate. The buyer offers $38,000 and the seller excepts. In this situation:

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The real estate license act of 2000 as amended 12/31/2009

What is commonly referred to as " the act" in Illinois real estate is actually:

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Universal agency

What type of agency exists when the agent can perform any and all actions that may be legally delegated to an agency representative

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Agency

The relationship between the licensee and a principal, during which the licensee is authorized to represent the principle in certain transactions is known as

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Agency coupled with an interest

What is the type of agency created when a licensee holds a stake in the transaction

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True

True or false compensation does not create agency

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Brokerage agreement

A written or oral agreement between a sponsoring broker and a consumer for license activities to be provided to a consumer in return for compensation or the right to receive compensation from another, is called

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Common and statutory

Agency is governed by ___________ law and ____________ law.

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5

According to the act, legal proceedings, against a license for a violation of the act, must commence no later than _________ years from the occurrence

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Until the interest ends

How long is an agency coupled with an interest enforced?

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It remains in force

When a licensee leaves a brokerage, what becomes of the agency coupled with an interest agreement?

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Agency coupled with an interest is allowed

In Illinois, which statement is correct regarding agency coupled with an interest?

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The principal cannot terminate the agency

What actions can the principal take to abolish the agency?

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Expiration

Which of the following actions terminate terms of the agency?

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Material or latent defects

Which of the following can a dual agent disclose

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Munjal v. Baird & Warner, inc. et al.

Which laws holds harmless a licensee to discover latent defects

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Active fraud

Seller Jim provides a buyer with a forged home warranty. This is a form of

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All clients and customers

Who should receive an agency disclosure

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Single agent

What do we call an agent who represents only one party in a real estate transaction

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Designated agency

The situation that allows the broker to appoint more than one agent for the client within the same firm, is called

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Dan needs to get the informed, written consent of both Mandy and the seller to act as a dual agent

Broker Dan is representing Mandy as a buyer's agent. He wants to show Mandy one of his listed properties. Which statement is true

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