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Illinois Exam > Study > Flashcards

Study Flashcards

1
Q

Doctrine of Prior Appropriation

A

-state controls water usage
-stage grants usage permits

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2
Q

Tenancy in Severalty

A

sole ownership; passes to heirs

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3
Q

Tenancy in Common

A

-co-tenants own indiviaul interests
-no survivorship
-can convey to outside parties

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4
Q

Joint Tenancy

A

equal undivided interest
-requires PITT (possession, interest, time, title)

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5
Q

Tenancy by the Entireties

A

Husband & wife

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6
Q

Lien Theory

A

lender holds equitable title; borrower holds legal title

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7
Q

Title Theory

A

lender holds legal title until mortgage is satisfied

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8
Q

Actual Notive

A

Knowledge acquired from evidence

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9
Q

Constructive Notice

A

Knowledge one could have obtained

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10
Q

Bargain and Sale Deed

A

“I own but won’t defend”

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11
Q

Special Warranty

A

“I own and warrant myself only”

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12
Q

Gross lease

A

Landlord pays expenses; tenant pays higher rent

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13
Q

Net Lease

A

Tenant pats some of all expenses; rent is less

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14
Q

Ground Lease

A

Landlord owns and leases ground but does not own improvements

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15
Q

Proprietary Lease

A

For cooperative unit owners

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16
Q

Metes & Bounds

A

Starts at point of beginning

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17
Q

Meridians

A

North-south lines six miles apart

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18
Q

Township Lines

A

east-west strip of area between parallels

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19
Q

Township

A

six mile by six mile square at the intersection of a range and tier

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20
Q

Universal Agency

A

-represents in all matters
-can contract for principal

21
Q

General Agency

A

-represents in business matters
-agent can contract for principal

22
Q

Special Agency

A

-represent in single business transaction
-normally agent cannot contract for principle
-characterizes broker relationship

23
Q

Appraisal Process

A
  1. Identify the purpose
  2. Gather relevant data
  3. Assess the highest and best use
  4. Estimate value of the land
  5. Apply the three approaches
  6. Reconcile the values
  7. Compile report
24
Q

Purchase Money Mortgage

A

seller-financed loan

25
Q

Reverse Annuity Mortgage

A

With a reverse mortgage, the lender makes payments to the homeowner for a specified period of time, and gains corresponding ownership.

26
Q

General Partnership

A

All members own and manage

27
Q

Limited Partnership

A

General partner manages; limited partners own but do not manage

28
Q

Bridge Loan

A

A temporary loan used to cover the interval between two transactions.

29
Q

Wrap-Around

A

Seller’s mortgage remains in place and seller receives payments directly from buyer. Generally short term until buyer can qualify for mortgage

30
Q

Journal

A

Escrow account

31
Q

Triple Net Lease

A

A lease in which the tenant is required to pay rent plus taxes, insurance, and maintenance costs

32
Q

1stHomeIllinois

A

$7,500 down payment assistance

33
Q

Accretion

A

Gradual growth in size of land because of water-deposited sand, silt, or gravel

34
Q

How many square feet in an acre?

A

43,560

35
Q

Alienation Clause

A

Due-on-sale

36
Q

Avulsion

A

loss of existing land by the sudden change in watercourse (washing it away)

37
Q

Bundle of Rights (DEEP C)

A

Disposition
Enjoyment
Exclusion
Possession
Control

38
Q

CAN-SPAM

A

email solicitation

39
Q

Regulation Z

A

Legislation from the Truth in Lending Act that requires disclosure of terms by lenders. Applies to loans secured by a residence

40
Q

What is the function of a note?

A

Evidence of borrower’s debt

41
Q

Hypothecation

A

Process of securing a loan by pledging property without giving up ownership of the property

42
Q

Real Estate Settlement Procedures Act (RESPA)

A

requires borrowers to be provided with estimates within 3 business days of completing loan application. Applies to residential real estate (1-4 family homes)

43
Q

What is the role of Fannie Marie in the secondary mortgage market?

A

Buys conventional, FHA-backed, and VA-backed loans

44
Q

What is the role of the FHA in the mortgage lending market?

A

FHA does not lend money but insures loans made by approved lenders

45
Q

What is the role of the VA in the mortgage landing market?

A

Offers loan guarantees to qualified veterants.

46
Q

Real Estate Administration and Disciplinary Board

A

-15 members appointed by governor
-12 must be brokers for 10+ years; 2 active instructors; 3 general public
-serve 4 year terms; max of 12 years

47
Q

Function of Department of Real Estate Coordinator

A

liasion between IDFPR and real estate industry
-appointment by Secretary

48
Q

Absorption

A

Amount of available properties that become occupied over a period of time, usually measured in sq ft

Illinois Exam (1 decks)

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