Ch 3 -

Question 1

The main reasons for requiring a description and survey of the improvements is to _____

Answer 1

Locate the physical improvements

Determine any unrecorded easements and other facts not recorded.

Question 2

The __ __ ___ describes property by identifying the registered lot and then block on a recorded subdivision plat or survey.

(aka the lot and block system or subdivision map system)

Answer 2

Recorded plat system

The recorded plat system describes property by identifying the registered lot and then block on a recorded subdivision plat or survey. The recorded plat system is also called the lot and block system or subdivision map system.

Question 3

What is the oldest method used to describe land?

Answer 3

Metes and bounds

The metes and bounds description is the oldest method used to describe the geometry of the perimeter of a parcel of land.

Question 4

T/F: Each township is described by its location, relative to the intersection of the baseline and meridian.

Answer 4

True

Each township is described by its location, relative to the intersection of the baseline and meridian.

Question 5

1 square mile = ___ acres

Answer 5

640

Question 6

Does a boundary description and survery provide a legal description of the property?

Answer 6

Yes

Provides the legal description of the property.

And describes the land with its exact boundaries

Question 7

In the metes and bounds system, metes mean measurements in length from one monument to another. Bounds refer to the _____

Answer 7

Direction

Metes mean measurements in length from one monument to another.

Bounds refer to the direction.

Question 8

An informal handwritten will is called a ______ will

Answer 8

Holographic will

An informal handwritten will is described as a holographic will

Question 9

Does federal law or state law usually deal with involuntary title transfers?

Answer 9

State law

State law covers the main involuntary title transfer laws associated with things like foreclosures, judgment lien sales, and tax sales.

Question 10

When emminent domain happens, does a muni annex the property?

Answer 10

No

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

Question 11

T/F: If a property owner demonstrates a need, a zoning board may grant a
variance.

Answer 11

True

An owner’s need that is not consistent or differs from current zoning regulations will request a variance or exception to use their property.

An example may include to add a second floor in a neighborhood zoned for one-story homes only.

Question 12

T/F: A property is exempt from lead disclosure requirements if it has no separate bedrooms

Answer 12

True

A property with no separate bedrooms is exempt from these lead disclosure requirements.

Question 13

T/F: A property is exempt from lead disclosure requirements if it has been certified by an inspector.

Answer 13

False

But a property that has no separate bedrooms is exempt from lead disclosure requirements

Question 14

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

Answer 14

Universal agency

The instrument of authorization is power of attorney.

Universal agency exists when an agent can perform any all actions that may be legally delegated to an agency representative.

Question 15

T/F: Agency is governed by common law (or case law) and statutory (or governmental regulations) law.

Answer 15

True

Agency is governed by common law (or case law) and statutory (or governmental regulations) law.

Question 16

T/F: The payment of compensation creates agency

Answer 16

False

The payment of compensation does not necessarily create agency

Question 17

Which fiduciary duty requires the agent to safeguard the earnest money check?

Answer 17

Accounting

The fiduciary duty known as accounting requires that licensees take good care of client funds or the licensee may become financially liable for their client’s losses.

Question 18

T/F: Brand new homes that were just constructed by a builder or developer are generally exempt from the Illinois Property Disclosure Act.

Answer 18

True

Brand new homes that were just constructed by a builder or developer are generally exempt from the Illinois Property Disclosure Act.

Yet, the builder or seller must make full disclosure about the condition of the property.

Question 19

Does a copy of the actual Disclosure Act need to be included with the Property Disclosure Report?

Answer 19

Yes

A copy of the actual Disclosure Act must be included with the Property Disclosure Report.

The failure to do so may result in future license restriction issues.

Question 20

Estimate of seller proceeds

Answer 20

An Estimate of Seller Proceeds is a helpful form that’s used to show the seller how much that their potential future net profit will be based upon known estimated numbers and the targeted sales price.