Real Estate

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Author:
Anonymous
ID:
57235
Filename:
Real Estate
Updated:
2010-12-26 12:45:45
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Chicago
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Description:
Real Estate
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  1. A life estate is a type of _____ that is limited in duration to the life of the owner or some other specified person or persons.
    Free Hold Estate
  2. Something of legal value offered by one party and accepted by another as an inducement to act or refrain from acting.
    Consideration
  3. The type of notice that means the information is not only available but someone has been given the information and knows it, is called___.
    Actual notice
  4. The order of rights in time , such as who recorded first, which party was in possession first etc.
    Priority
  5. Having prepared a will indicating how property is to be disposed of after death.
    Testate
  6. Which type of deed is used by a grantor whose interest in the real estate may be unknown.
    A) Bargain and sale deed
    B) General Warranty deed
    C) Quit claim deed
    D) Special warranty deed
    C) Quit claim deed
    (this multiple choice question has been scrambled)
  7. A writ that permits a court to retain custody of debtors property until the creditors lawsuit is concluded.
    Attachement
  8. In General Warranty Deed the covenant of furhter assurance represents a promise by the grantor that he or she will obtain and deliver any instrument needed to ensure good title. T or F
    T
  9. A general recurring real estate tax
    Ad Volerum
  10. The order in which claims against property will be satisfied
    Priority
  11. In the case of a landtrust, the beneficiary is usually also the___.
    A) Trustor
    B) Trustee
    C) Fiduciary
    D) Attorney in Fact
    A) Trustor
    (this multiple choice question has been scrambled)
  12. The person to whom a property passes when a life estate ends.
    Remainder Man
  13. The automatic transfer of real property to the estate when the owner dies without heirs or a will.
    Escheat
  14. A formal declaration made before a notary public that the person who is signing the deed is doing so voluntarily and that his or her signature is genuine.
    Acnowledgement
  15. The person who transfers title.
    Grantor
  16. The right of re-entry may never take effect. Therefore, this right is considered to be a(n) ____.
    Future interest
  17. A landlords right to possession of the premises after the expiration of the lease.
    Reversionary right
  18. The current price of constructing a property similar to the subject property using current construction methods.
    Replacement Cost
  19. The approach that estimates value by comparing the subject property with recently sold similar properties.
    Sales Comparison
  20. The economic principle that the value of a property depends on the number of similar properties available in the market place.
    Supply and Demand
  21. An occupancy requirement is exempt from familial status protection under the fair housing act if the housing is occupied by:
    A) At least one person age 60 or older in 80 percent of the units.
    B) Persons 55yrs of age or older
    C) At least one person in each unit who is 50yrs or older.
    D) Persons 62yrs of age or older
    D) Persons 62yrs of age or older
    (this multiple choice question has been scrambled)
  22. Under the Fair Housing Act, what is HUD's first action on receiving a complaint of illegal discrimination?
    A) Investigages for dismissal or resonable cause to bring a change
    B) Holds an administrative hearing
    C) Issues an injuction against the offender
    D) Files a civil action in federal district court
    A
  23. What is the statue of limitations for housing discrimination complaints filed with hud under the Civil Rights Act of 1968?
    A) 100 days
    B) 1 year
    C) 2 years
    D) The same as the statue of limitations for torts committed in the state in which the aleged discriminatory act occurred.
    B
  24. Which of the following laws extended housing discrimination protections to families with children and persons with disabilities?
    A) Civl Rights Act of 1866
    B) Fair Housing Amendments Development Act of 1988
    C) Housing and comminity Development Act
    D) Civil Rights Act of 1968
    B
  25. Lines running six miles apart and parallel to the base line.
    Township lines
  26. There are no exceptions under the Federal Fair Housing Act? T or F
    F there are under small investors and certain organizations.
  27. The Civil Rights Act of 1968 applies only to race? T or F
    F
  28. Dower is a womans right to __ ofthe real estate for the rest of her life.
    A) One third .33
    B) One half .5
    C) Three fourths .75
    D) All 100
    B
  29. Insurance that covers the result of a disaster.
    Consequential loss
  30. The interests, benefits and rights automatically included in the ownership of land and real estate.
    Real property
  31. The cost of repairing damaged property without deduction for deprciation or annual wear and tear.
    Replacement cost
  32. The process by which the government exercises its right of eminent domain.
    Condemnation
  33. Care, Obedience, Accounting, Loyalty and Disclosure.
    Common law agent duties
  34. Under the IL. R.E. time share Act of 1999, How long does a purchaser have to void a contract into a time share? after receipt of the public offering statement or execution fo the purchase contract?
    A) 7 days
    B) 5 days
    C) 3 days
    D) 30 days
    B
  35. A court order against the property of another person that directs the sheriff to take control of a property is called a(n)___.
    Writ of attachment
  36. Expenses to be prorated that are owed by the sller but later will be paid by the buyer.
    Accrued items
  37. The second title search, known as the ___. is done after the closing and usually is paid for by the purchase of the property.
    Bring down
  38. The principle that value is created by the expectation that certain events will occur.
    Anticipation
  39. Additional conditions that must be satisfied before a property sales contract is fully enforceable.
    Contingencies
  40. A legal action to remove a cloud on the title and establish legal ownership
    Suit to quiet title
  41. Uninsurable losses such as zoning ordinances named in a title insurance policy are called ___.
    Exclusions
  42. The gift of real property by will.
    Device
  43. A device by which one person transfers ownership of property to someone else to hold or manage for the benefit of a third party.
    Trust
  44. Strips of land running parallel to the meridian.
    Range lines
  45. Teh lot-and-block system starts with preperation of a(n)__.
    A) Subdivision Plat
    B) Range Map
    C) Survey
    D) Air lot
    A
  46. Curtesy is a mans right to __ of the real estate for the rest of his life.
    A) One half .5
    B) All 100
    C) One third .33
    D) Three fourths .75
    C
  47. There are three basic ways in which a fee simple esate may be held; in severalty, in co-ownership and in trust. T or F
    T
  48. Any claim, charge or liability that attaches to real estate.
    Encumbrance
  49. A conspiracy by two or more buisnesses agains another.
    Group boycotting
  50. The type of easement gained for a public purpose through the right of eminent domain is called an easement ____.
    By condemnation

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