Real estate 2024 EXAM QUESTIONS AND COMPLETE SOLUTIONS

Real estate 2024 EXAM QUESTIONS AND COMPLETE SOLUTIONS The concerns of the federal government in regulating real property right's include - Answer -Discrimination Which of the following is included in the bundle of rights inherent in ownership - Answer -To transfer What are three unique physical characteristics of land? - Answer -Immobile, indestructible, heterogeneous The concept that the state controls all bodies of water is called - Answer -The doctrine of prior appropriation Which government entity is the primary regulator of the real estate business? - Answer -The state The level of government that focuses on land-use regulations and taxation is the - Answer -County and local A property abutting a static body of water has ____________ rights - Answer -Littoral Which may an item attached to a structure be considered personal property rather than real property - Answer -When the owner originally intended to remove it before conveying the property Which is the "best" description of "land" - Answer -Everything above, on, and below the surface of the Earth What part of the non-navigable waterway does the owner of an abutting property own - Answer -To the middle of the waterway Surface rights include which of the following - Answer -Water rights What guarantees the right of private ownership of real estate in the United States - Answer -The constitution Which of these is the best definition for personal property - Answer -Any property that is not classified as real property What do we call the conversion of real property to personal property by detaching it from the real estate - Answer -Affixing The primary distinction between the legal concepts of land and real estate is that - Answer -land does not include man-made structures Uncle Jake wrote his will out on a notepad. This type of will is called - Answer -Holographic Of the principle forms of title of evidence in Illinois, the one that provides the best evidence is - Answer -A title insurance policy A deed is not valid unless it is - Answer -Accompanied by a consideration A hermit lives secretly in a cave on a large property. After 20 years, the hermit makes a claim of ownership. This claim will most likely be - Answer -Declined because possession was secretive A lender forecloses on a property. The type of deed that will convey ownership after a public auction is reconfirmed by the court is a - Answer -Sheriffs deed The only required clause in a deed of conveyance is one that - Answer -Names the parties, describes the property, and indicates a consideration A person claims ownership of a parcel of real estate to a prospective buyer, stating that she has lived on the property for five years and nobody has ever bothered her. The claimant also shows the buyer a copy of the deed. The legal basis of this claim is referred to as - Answer -Actual notice A break in the chain of title to a property results in - Answer -A cloud on title For a deed to convey title, it is necessary for the deed to be - Answer -accepted by the grantee The amount of the transfer tax is based on - Answer -The actual sales price of the property conveyed *note, in Illinois the tax can be reduced if a buyer has assumed the sellers mortgage "subject to" The type of deed that gives the highest assurance of good title is the - Answer -General warranty deed Which of the following best describes the concept of "legal title" to real estate - Answer -Ownership of the bundle of rights to real estate Which document contains a summary of the title search? - Answer -Title certificate