Card Set Information

2011-02-27 10:37:21
Real Estate

Real Estate Chicago
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  1. The individual who prepares a summary report of the results of a title search.
  2. A conveyance by deed from a trustee to anyone other than the trustor. (conveyance from trustee to a third pary)
    Trustee's deed
  3. The purpose of the Civil Rights laws that affect the real estate insustry are to make everyone equal.


    The purpose of the Civil Rights laws that affect real estate is to create a marketplace in which all persons of similar financial means have a similiar range of housing choice.
  4. The principle that mergin or consolidating adjecent lots into a single one will produce a higher total value than the sum of the two sites valued separately.
  5. The principle that the worth of a better quality property is adversely affected by the presence of a lesser quality property.
  6. The doctrine that the right to use any water, with the exception of limited domestic uses is held and controlled by the state.
    Prior appropriation
  7. The conveyance by deed from a trustee to the trustor.
    Reconveyance deed
  8. Permanent reference markers, usually found on embossed brass markers set in concrete or asphalt.
  9. The evidence of possession in a cooperative.
    Proprietary lease
  10. If the lease allows the tenant the oppurtunity to buy the property before the owner accepts an offer from another tenant, the tenant has the ______.
    Right of first refusal
  11. The device by which local governments establish development goals.
    Comprehensive plan
  12. Tilda is buying Howards house and wants to take over Howards mortgage. The lender releases Howard from the obligation, substituting Tilda as the Party liable for the debt, this new agreement is called a__.

    A) Assignment
    B) Conversion
    C) Consideration
    D) Novation
    D) Novation

    Substituting a new contract where the intent is to discharge the old obligation is known as novation. In this situation it is also called Release of Liability
    (this multiple choice question has been scrambled)
  13. The principle that the maximum value of a property tends to be set by how much it would cost to purchase an equally desirable property.
  14. Ordinances that specify construction and safety standards for construction.
    Building codes
  15. The documents that creates the agency relationship between an owner and property manager.
    Management agreement
  16. The metes and bounds description was established by congress in 1785.


    The rectangular survey system was established by congress in 1785.
  17. The basic framework that governs the legal responsibilites of an agent to a principal.
    Law of agency
  18. How many miles are in a township?

    A) 36 sq mi
    B) 42 sq mi
    C) 1 sq mi
    D) 30 sq mi
    B) 42 sq mi
    (this multiple choice question has been scrambled)
  19. If the tenant pays all operating and other expenses, such as taxes, insurance and utilities, in addition to a periodic rent, the tenant has a _____ lease.
    Triple net lease
  20. Complete agreement about the purpose and terms of a contract.
    Mutual assent
  21. When Skyler's home lost value because a new airport was constructed next to it, she filed a ___ action to be compensated for the loss in property value.
    Inverse condemnation
  22. The legal presumption that information may be obtained through diligent inquiry.
    Constructive notice
  23. The type of lease hold estate that gives the right of possession with the landlord's consent for an unspecified term is called an _____.
    Estate at will
  24. A fee simple interest in a property that entitles the owner to use the facility for a certain period of time.
    Time share estate
  25. A buisness organization that combines the tax advantages of a limited partnership and a limitied liability of corporations.
    Limited liability company
  26. A useful method to determine just compensation to a property owner when a portion of the owners land is seized for public use is the _____.
    Before and after method
  27. A type of laon in which the borrower makes periodic interest payments followed by the payment of the principal in full at the end of the term.
    Straight loan
  28. The degree, quantity, nature and extent of an owners interest in real property.
    Estate in land
  29. The common law doctrine of let the buyer beware.
    Caveat emptor
  30. The highest interest in real estate recognized by law.
    Fee simple absolute
  31. A provision in a financing agreement that permits the lender to declare the entire debt due immediately in the event the property is sold.
    Alienation clause
  32. The federal government passed the ___ to help prevent fraudulent marketing schemes when land is sold without being seen by a purchaser.
    Interstate Land Sale Full Disclosure Act
  33. When real property is sold to pay off debt, the debtor should get a legal document known as ______.
    Satisfaction of judgement
  34. The principle that the value of any part of a property is measured by its affect on the value of the whole property.
  35. An owners protection against financial losses due to an employees criminal acts.
    Surety bond
  36. Even when property is sold as is or with an ____ the seller must have electrical, plumbing and mechanical systems in working order, unless the seller crosses out any printed provisions about these in the contract.
    Seller disclaimer
  37. An estate qualified by some action or activity that must or must not be performed.
    Fee simple defeasible fee
  38. A type of deed that warrants only that the grantor did received title and that the property has not been encumbered during the grantors ownership.
    Special warranty
  39. Statues enacted by state legislatures to protect the public and ensure a standard of competence in the real estet industry.
    Real Estate License Laws
  40. How many feet are in a cubic yard?

    A) 27
    B) 36
    C) 66
    D) 9
    A) 27
    (this multiple choice question has been scrambled)
  41. The device by which a state licensing authority defines and enforces the statutory law.
    Rules and Regulations
  42. A lien that arises out of common law.
    Equitable lien
  43. Act that requires developers to file statements with HUD before the developer can market unimproved lots interstate.
    Interstate Land Sales Full Disclosure Act
  44. The process of merging two seperately owned lots under one owner.
  45. the estate created when a landlord and tenant enter into an agreement that automatically renews
    Periodic tenancy
  46. A financing instrument that conveys bare legal title on behalf of a beneficaiary but no right of possession.
    Deed of trust
  47. A clause that states that the property owner will pay the listing broker a commission if ownership transfers to someone who saw the property while it was listed with the broker.
    Broker protection clause Safety Clause.
  48. A notice of a possible future lien based on a lawsuit.
    Lis Pendens
  49. A law that prohibits discrimination in housing based on race, color, religion and national origin.
    Civil rights act of 1968
  50. A fee simple determinable is qualified by a ___ that ends the estate automatically on the current owners failer to comply with this element.
    Special limitation