ILLINOIS REAL ESTATE COMPREHENSIVE UPDATED
QUESTIONS AND ANSWERS SURE A+
✔✔Benchmarks - ✔✔Permanent markers established by the federal gov to aid
surveyors in their work.
Reference points from which surveyors can work to establish property boundary lines.
Used primarily at ground level
✔✔Elevation - ✔✔A vertical measurement either up or down
✔✔Title closing - ✔✔When all of the business of transferring ownership of a piece of
property is finished and title to the property is conveyed by the grantor to the grantee
✔✔Marketable title - ✔✔Title must be free from any reasonable doubts as to who the
owner is and free from any defect in the title itself. Used to prove that no clouds are
impending clear title to the property.
✔✔Cloud - ✔✔Something that cast doubt on the grantors ownership of the property.
✔✔Abstract of title - ✔✔A report of what was found in a title search
✔✔Certificate of title - ✔✔Similar to an attorney's opinion of title, it is an opinion about
the validity of the title but not a guarantee of title.
✔✔Title insurance - ✔✔Normally issued after a title search, it provides protection for the
buyer, defending the new owner if any future claim is made against title to the property.
✔✔Torrens System - ✔✔A certificate of clear title issued by courts
✔✔Encumbrances - ✔✔Limitations on the owners use of property, including liens and
also can be an easement or a deed restriction.
✔✔RESPA - ✔✔Real Estate Settlement Procedures Act - a federal law designed to
protect consumers who borrow money through a federally related mortgage loan to buy
residential properties.
✔✔RESPA's 4 parts - ✔✔1. Read HUD booklet. 2. Good faith estimate from lender 3.
HUD1 form for settlement 4. Prohibits kickbacks
✔✔Proration - ✔✔The allocation of certain expensed between the buyer and seller
,✔✔Credit - ✔✔An amount owed to the buyer or seller or something which they've
already paid
✔✔Debit - ✔✔a financial transaction that is not in your favor, something the buyer or
seller owes.
✔✔Accrued item - ✔✔An item that is owed by the seller but is paid by the buyer.
✔✔Arrears - ✔✔When taxes are paid after the year... So 2017 taxes are paid in 2018.
✔✔A year - ✔✔For figuring cost in real estate, a year is based on 12 month calendar
and 30 day month method.
✔✔Closing in escrow - ✔✔Using a third-party, called an escrow agent, to gather all the
documents necessary for the closing and then forward them and money to all the
parties involved.
✔✔HUD1 form - ✔✔Most common form of closing statement for residential properties...
Prepared at or just after closing. Primarily a financial document stating who owes what
to whom
✔✔Constructive notice - ✔✔The act of recording, gives an opportunity for anyone who's
interested to research the records. Provided by recording of a deed in the public
records.
✔✔habendum clause - ✔✔A clause in a deed which contains the words "to have and to
hold," further defines the rights being granted to the grantee.
✔✔Statute of Frauds - ✔✔Law that requires a deed be in writing
✔✔covenant of seisin - ✔✔The guarantee of the grantor's ownership of the
property...seize (root of word, means to take hold of something).
✔✔Trustee's Deed - ✔✔Deed conveying title to property from a trust.
✔✔1 acre - ✔✔43,560 sq feet
✔✔1 section - ✔✔640 acres
✔✔Voluntary alienation - ✔✔When title to property, or the ownership of it, is conveyed
or transferred voluntarily from one owner to another.
✔✔Dedication - ✔✔A term used for a specific type of voluntary transfer of property from
an individual to the government. Refers to the process by which a developer transfers
, ownership of the land that are needed for roads, sewer, water lines and utilities to the
government as part of the land development.
✔✔Grantor - ✔✔Person selling the property
✔✔Grantee - ✔✔Person buying the property
✔✔Deed - ✔✔Document that transfers title
✔✔Involuntary alienation - ✔✔When property is taken against your wishes (eminent
domain, foreclosure, avulsion and erosion, adverse possession).
✔✔Adverse possession - ✔✔The loss of your property or some rights to your property
because of continued used by someone else.
✔✔Prescriptive easement/easement by prescription - ✔✔And easement acquired by
continuous, open, and has to use of the property for the period of time prescribed by
state law. In Illinois, the use must be 20 years uninterrupted.
✔✔Tacking - ✔✔The ability of a party claiming possession to count or accumulate the
necessary amount of the time of possession during the ownership of more than one
owner.
✔✔Easement by condemnation - ✔✔Acquired for a public purpose through the right of
eminent domain. The owner of the servient tenant must be compensated for any loss
and property value.
✔✔License - ✔✔A personal privilege, not a right, to enter the land of another for a
specific purpose.
✔✔Avulsion - ✔✔Sudden loss of land, can occur by natural processes. Earthquakes
landslides and mud slides are examples they can remove land in voluntarily.
✔✔Erosion - ✔✔The loss of land through a gradual process. The wearing away of land
by the action of a river or ocean.
✔✔Accretion - ✔✔Opposite of losing land, this is gaining land by a natural force. Sand
added to a beach or soil deposited by a river are examples.
✔✔Eminent domain - ✔✔Power of a government to take private property for public use.
✔✔Foreclosures - ✔✔Losing your property involuntarily to pay a debt
QUESTIONS AND ANSWERS SURE A+
✔✔Benchmarks - ✔✔Permanent markers established by the federal gov to aid
surveyors in their work.
Reference points from which surveyors can work to establish property boundary lines.
Used primarily at ground level
✔✔Elevation - ✔✔A vertical measurement either up or down
✔✔Title closing - ✔✔When all of the business of transferring ownership of a piece of
property is finished and title to the property is conveyed by the grantor to the grantee
✔✔Marketable title - ✔✔Title must be free from any reasonable doubts as to who the
owner is and free from any defect in the title itself. Used to prove that no clouds are
impending clear title to the property.
✔✔Cloud - ✔✔Something that cast doubt on the grantors ownership of the property.
✔✔Abstract of title - ✔✔A report of what was found in a title search
✔✔Certificate of title - ✔✔Similar to an attorney's opinion of title, it is an opinion about
the validity of the title but not a guarantee of title.
✔✔Title insurance - ✔✔Normally issued after a title search, it provides protection for the
buyer, defending the new owner if any future claim is made against title to the property.
✔✔Torrens System - ✔✔A certificate of clear title issued by courts
✔✔Encumbrances - ✔✔Limitations on the owners use of property, including liens and
also can be an easement or a deed restriction.
✔✔RESPA - ✔✔Real Estate Settlement Procedures Act - a federal law designed to
protect consumers who borrow money through a federally related mortgage loan to buy
residential properties.
✔✔RESPA's 4 parts - ✔✔1. Read HUD booklet. 2. Good faith estimate from lender 3.
HUD1 form for settlement 4. Prohibits kickbacks
✔✔Proration - ✔✔The allocation of certain expensed between the buyer and seller
,✔✔Credit - ✔✔An amount owed to the buyer or seller or something which they've
already paid
✔✔Debit - ✔✔a financial transaction that is not in your favor, something the buyer or
seller owes.
✔✔Accrued item - ✔✔An item that is owed by the seller but is paid by the buyer.
✔✔Arrears - ✔✔When taxes are paid after the year... So 2017 taxes are paid in 2018.
✔✔A year - ✔✔For figuring cost in real estate, a year is based on 12 month calendar
and 30 day month method.
✔✔Closing in escrow - ✔✔Using a third-party, called an escrow agent, to gather all the
documents necessary for the closing and then forward them and money to all the
parties involved.
✔✔HUD1 form - ✔✔Most common form of closing statement for residential properties...
Prepared at or just after closing. Primarily a financial document stating who owes what
to whom
✔✔Constructive notice - ✔✔The act of recording, gives an opportunity for anyone who's
interested to research the records. Provided by recording of a deed in the public
records.
✔✔habendum clause - ✔✔A clause in a deed which contains the words "to have and to
hold," further defines the rights being granted to the grantee.
✔✔Statute of Frauds - ✔✔Law that requires a deed be in writing
✔✔covenant of seisin - ✔✔The guarantee of the grantor's ownership of the
property...seize (root of word, means to take hold of something).
✔✔Trustee's Deed - ✔✔Deed conveying title to property from a trust.
✔✔1 acre - ✔✔43,560 sq feet
✔✔1 section - ✔✔640 acres
✔✔Voluntary alienation - ✔✔When title to property, or the ownership of it, is conveyed
or transferred voluntarily from one owner to another.
✔✔Dedication - ✔✔A term used for a specific type of voluntary transfer of property from
an individual to the government. Refers to the process by which a developer transfers
, ownership of the land that are needed for roads, sewer, water lines and utilities to the
government as part of the land development.
✔✔Grantor - ✔✔Person selling the property
✔✔Grantee - ✔✔Person buying the property
✔✔Deed - ✔✔Document that transfers title
✔✔Involuntary alienation - ✔✔When property is taken against your wishes (eminent
domain, foreclosure, avulsion and erosion, adverse possession).
✔✔Adverse possession - ✔✔The loss of your property or some rights to your property
because of continued used by someone else.
✔✔Prescriptive easement/easement by prescription - ✔✔And easement acquired by
continuous, open, and has to use of the property for the period of time prescribed by
state law. In Illinois, the use must be 20 years uninterrupted.
✔✔Tacking - ✔✔The ability of a party claiming possession to count or accumulate the
necessary amount of the time of possession during the ownership of more than one
owner.
✔✔Easement by condemnation - ✔✔Acquired for a public purpose through the right of
eminent domain. The owner of the servient tenant must be compensated for any loss
and property value.
✔✔License - ✔✔A personal privilege, not a right, to enter the land of another for a
specific purpose.
✔✔Avulsion - ✔✔Sudden loss of land, can occur by natural processes. Earthquakes
landslides and mud slides are examples they can remove land in voluntarily.
✔✔Erosion - ✔✔The loss of land through a gradual process. The wearing away of land
by the action of a river or ocean.
✔✔Accretion - ✔✔Opposite of losing land, this is gaining land by a natural force. Sand
added to a beach or soil deposited by a river are examples.
✔✔Eminent domain - ✔✔Power of a government to take private property for public use.
✔✔Foreclosures - ✔✔Losing your property involuntarily to pay a debt
