ILLINOIS REAL ESTATE FINAL EXAM UPDATED
QUESTIONS AND ANSWERS SURE A+
✔✔Subdivider - ✔✔Creates subdivisions and sells to a developer or builder.
✔✔Developer - ✔✔Develops the subdivision, makes physical improvements to it by
putting in roads, utility lines, and other infrastructure elements.
✔✔Subdivision - ✔✔Piece of land divided into two or more pieces of land.
✔✔Plat map - ✔✔Shows how the entire property is to be subdivided, or broken down
into the individual lots, by showing the precise boundaries of each lot.
✔✔Interstate land sales full disclosure act - ✔✔1968-to minimize fraud and dishonest
dealings in that interstate land sales market
✔✔Certificate of occupancy - ✔✔Proof that the building department is satisfied with
your plans and shows you have properly completed the project.
✔✔Eminent domain - ✔✔The right of the government to obtain ownership of your real
estate against your will.
✔✔Taking - ✔✔When the government must have your land and you refused to sell it
voluntarily...also called a suit of condemnation.
Land must be for a public purpose. It fair price must be paid to the owner.
✔✔Inverse condemnation - ✔✔Landowner sues the government because of a loss in
value that is the result of a government action
✔✔Intestate - ✔✔Dying without a will and your property goes to the government.
✔✔Escheat - ✔✔Transfer, the process by which the state of teens property from people
who die without any will.
✔✔Foreclosure - ✔✔Losing your property as a result of not paying your taxes.
✔✔Easement appurtenant - ✔✔Benefits a neighboring property.
✔✔Statute of limitations - ✔✔usually applies to criminal prosecution and civil suits.
✔✔Laches - ✔✔The loss of the right to enforce a deed restriction because of the failure
to enforce that right within a specified timeframe.
,✔✔Transferred - ✔✔Also conveyed, when ownership of property changes as a result of
sale or exchange.
✔✔Title - ✔✔Means ownership in real estate
✔✔Deed - ✔✔Document that transfers title to a property from one person to another.
Serves as proof of your current ownership, and as a permanent record of your
ownership.
✔✔Grantor - ✔✔The current owner of the property who is conveying the title to
someone else. Grantor can be selling the property, exchanging it or giving it away.
✔✔Grantee - ✔✔The person receiving title to the property...-the grantee to be named
must be clear so it's done in a way to avoid any confusion
✔✔Consideration clause - ✔✔Deed must contain words that indicate that the grantor is
receiving something of value in exchange for the property. Needs to state the
amount...doesn't always have to be $, just agreed upon, could be love and affection.
✔✔Granting cause - ✔✔States that the grantor is conveying ownership of the property
to the grantee.
✔✔Habendum clause - ✔✔Contains the words "to have and to hold". these words must
agree with the words in the granting clause
✔✔Grantor's Signature - ✔✔Must sign a deed for it to be valid, all owners must sign if
owned by more than one.
✔✔Passing title - ✔✔The act of giving and receiving the deed
✔✔General warranty deed - ✔✔Also called the full covenant, provides the greatest
protection and warrantees by the grantor to the grantee. The warranties, or covenants,
include 5 covenants.
This deed provides the most complete set of warranties and the grantor is responsible
for all previous owner's actions with respect to title problems.
✔✔Special warranty deed - ✔✔Contains only two warranties
1. Grantor has title to the property.
2. Guarantee that nothing was done to affect the title during the grantors ownership, it'll
probably did exist, grantor will correct it.
, ✔✔Differences between special warranty deed and General warranty deed - ✔✔1.
Number of Ortiz,
2. The fact that the grantor takes responsibility for things that happened only during his
ownership in a special warranty deed.
✔✔Grant deed - ✔✔Grantor guarantees that the property has it been conveyed to
anyone else, that no encumbrances limit the use of the property except the ones
specifically listed in the deed, and that if the grantor later obtains any other title to the
property it will be conveyed to the grantee.
✔✔Bargain and sale deed - ✔✔Has no warranties. Grantor has full title to the property.
Gives no protection to the grantee
✔✔Quitclaim deed - ✔✔Provides no warranties to the grantee, gives no indication of
how much or how good the grantors title to the property is.
Often used to clear up a cloud on the title.
✔✔Cloud on the title - ✔✔Something that makes the title less than complete.
✔✔Trust deed - ✔✔Also deed in trust, used to convey ownership by a truster to a
trustee for the benefit of a beneficiary as security for a debt.
✔✔Reconveyance deed - ✔✔Used to re-convey title to property from a trustee back to
HR store after a debt for which the property is security has been paid off
✔✔Trustees deed - ✔✔Given by a trustee when ownership of a property held by a trust
is conveyed
✔✔Covenant of Seisen - ✔✔They guarantee that the grantor is the owner of the
property and has the right to transfer ownership.
✔✔Covenant of quiet enjoyment - ✔✔Guarantees that no one else can come along and
claim ownership of the property.
✔✔Covenant against encumbrances - ✔✔Guarantees that the title to the property has
no encumbrances like an easement or lien.
✔✔Covenant of further assurance - ✔✔Grandora promises to obtain and provide
documents necessary to clear up any problem that comes up with the title
✔✔Covenant of warranty forever - ✔✔Grantor guarantees to pay all costs to clear up
any title proms at anytime in the future.
QUESTIONS AND ANSWERS SURE A+
✔✔Subdivider - ✔✔Creates subdivisions and sells to a developer or builder.
✔✔Developer - ✔✔Develops the subdivision, makes physical improvements to it by
putting in roads, utility lines, and other infrastructure elements.
✔✔Subdivision - ✔✔Piece of land divided into two or more pieces of land.
✔✔Plat map - ✔✔Shows how the entire property is to be subdivided, or broken down
into the individual lots, by showing the precise boundaries of each lot.
✔✔Interstate land sales full disclosure act - ✔✔1968-to minimize fraud and dishonest
dealings in that interstate land sales market
✔✔Certificate of occupancy - ✔✔Proof that the building department is satisfied with
your plans and shows you have properly completed the project.
✔✔Eminent domain - ✔✔The right of the government to obtain ownership of your real
estate against your will.
✔✔Taking - ✔✔When the government must have your land and you refused to sell it
voluntarily...also called a suit of condemnation.
Land must be for a public purpose. It fair price must be paid to the owner.
✔✔Inverse condemnation - ✔✔Landowner sues the government because of a loss in
value that is the result of a government action
✔✔Intestate - ✔✔Dying without a will and your property goes to the government.
✔✔Escheat - ✔✔Transfer, the process by which the state of teens property from people
who die without any will.
✔✔Foreclosure - ✔✔Losing your property as a result of not paying your taxes.
✔✔Easement appurtenant - ✔✔Benefits a neighboring property.
✔✔Statute of limitations - ✔✔usually applies to criminal prosecution and civil suits.
✔✔Laches - ✔✔The loss of the right to enforce a deed restriction because of the failure
to enforce that right within a specified timeframe.
,✔✔Transferred - ✔✔Also conveyed, when ownership of property changes as a result of
sale or exchange.
✔✔Title - ✔✔Means ownership in real estate
✔✔Deed - ✔✔Document that transfers title to a property from one person to another.
Serves as proof of your current ownership, and as a permanent record of your
ownership.
✔✔Grantor - ✔✔The current owner of the property who is conveying the title to
someone else. Grantor can be selling the property, exchanging it or giving it away.
✔✔Grantee - ✔✔The person receiving title to the property...-the grantee to be named
must be clear so it's done in a way to avoid any confusion
✔✔Consideration clause - ✔✔Deed must contain words that indicate that the grantor is
receiving something of value in exchange for the property. Needs to state the
amount...doesn't always have to be $, just agreed upon, could be love and affection.
✔✔Granting cause - ✔✔States that the grantor is conveying ownership of the property
to the grantee.
✔✔Habendum clause - ✔✔Contains the words "to have and to hold". these words must
agree with the words in the granting clause
✔✔Grantor's Signature - ✔✔Must sign a deed for it to be valid, all owners must sign if
owned by more than one.
✔✔Passing title - ✔✔The act of giving and receiving the deed
✔✔General warranty deed - ✔✔Also called the full covenant, provides the greatest
protection and warrantees by the grantor to the grantee. The warranties, or covenants,
include 5 covenants.
This deed provides the most complete set of warranties and the grantor is responsible
for all previous owner's actions with respect to title problems.
✔✔Special warranty deed - ✔✔Contains only two warranties
1. Grantor has title to the property.
2. Guarantee that nothing was done to affect the title during the grantors ownership, it'll
probably did exist, grantor will correct it.
, ✔✔Differences between special warranty deed and General warranty deed - ✔✔1.
Number of Ortiz,
2. The fact that the grantor takes responsibility for things that happened only during his
ownership in a special warranty deed.
✔✔Grant deed - ✔✔Grantor guarantees that the property has it been conveyed to
anyone else, that no encumbrances limit the use of the property except the ones
specifically listed in the deed, and that if the grantor later obtains any other title to the
property it will be conveyed to the grantee.
✔✔Bargain and sale deed - ✔✔Has no warranties. Grantor has full title to the property.
Gives no protection to the grantee
✔✔Quitclaim deed - ✔✔Provides no warranties to the grantee, gives no indication of
how much or how good the grantors title to the property is.
Often used to clear up a cloud on the title.
✔✔Cloud on the title - ✔✔Something that makes the title less than complete.
✔✔Trust deed - ✔✔Also deed in trust, used to convey ownership by a truster to a
trustee for the benefit of a beneficiary as security for a debt.
✔✔Reconveyance deed - ✔✔Used to re-convey title to property from a trustee back to
HR store after a debt for which the property is security has been paid off
✔✔Trustees deed - ✔✔Given by a trustee when ownership of a property held by a trust
is conveyed
✔✔Covenant of Seisen - ✔✔They guarantee that the grantor is the owner of the
property and has the right to transfer ownership.
✔✔Covenant of quiet enjoyment - ✔✔Guarantees that no one else can come along and
claim ownership of the property.
✔✔Covenant against encumbrances - ✔✔Guarantees that the title to the property has
no encumbrances like an easement or lien.
✔✔Covenant of further assurance - ✔✔Grandora promises to obtain and provide
documents necessary to clear up any problem that comes up with the title
✔✔Covenant of warranty forever - ✔✔Grantor guarantees to pay all costs to clear up
any title proms at anytime in the future.
