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Real Estate Test 1 (form A)
Illinois test 1 (A)
Terms in this set (40)
A key feature of joint tenancy is:
General liens include:
True statement about building codes:
They establish minimum standards in design, structural integrity, and construction materials for structures erected in a particular community.
A survey would most likely be requested to determine if there are:
Encroachments upon the property.
True statement of cooperative apartment:
A purchaser's interest in a cooperative is treated as private property.
When land is suddenly torn away by the violent action of nature it is called:
Mrs. Jones has owned a 30-unit apartment bldg for 15 years. The repair and maintenance costs are beginning to cut into her profits to the extent that her accountant has suggested she turn the apartments into condominium units. What is the name given to this process?
As set by zoning, the minimum allowable distance between the front boundary of a lot and the front edge of a building is known as:
A set back.
The following contain only involuntary, general liens:
Inheritance tax lien, deficiency tax lien, income tax lien.
The following leases gives the right to occupy coupled with a share holder ownership interest:
A proprietary lease.
The city zoning for a particular district is residential; however, the zoning ordinance allows a special use for a few lots within the district to have limited commercial activity. One of the lots entitled to the variance also has an old deed restriction that mandates residential use only. The building on the lot, which appears to be a converted residence, is presently being used by a telephone answering service. Which restriction would take precedence?
The deed restriction requiring residential only activity.
Reversion of property to the sovereign state upon the intestate death of a person who has no heirs is called:
Rules for governing the operation of a condominium development are set by:
The bylaws, covenants, conditions and restrictions of the owners' association.
True statement about zoning:
Zoning is a contributing factor to the lands ultimate value.
Baird decides to sell off the rear 60 by 150 feet of her lot to Dole and at the same time grants Dole a right-of-way easement for access to the lot. Dole sells the lot to Kemp who thereupon immediately makes an offer to Baird for the balance of her property. Baird accepts the offer. The right-of-way easement:
Now no longer exists (the property merged and only has one owner which terminated the easement).
Severalty ownership of real property indicates:
Ownership by only one.
When the present usage of land is in legal conflict with a zoning ordinance enacted after the present use was in existence, the usage is called:
The enactment of zoning legislation by a governmental unit is done under its:
Upon the death of one of the co-owners of real property held in join tenancy, the title will always pass to the:
Surviving join tenants.
A developer has established subdivision restrictive covenants that will "run with the land for the next thirty years." This means the covenants:
Will affect the future owners of the land.
Mrs. Brown gives Mr. Jones the written right to drive over her land to reach his land. This is called:
A property owned as tenants by the entirety would mean the owners are:
A husband and wife.
An encroachment is best exemplified by:
a neighbor's tree limb hanging over onto your property
An easement created by necessity that allows the ingress and egress is called:
An easement appurtenant.
In a limited partnership, the limited partner/s are always:
Limited as to liability.
The most comprehensive ownership of land is known as:
A fee simple estate.
To gain access to his/her otherwise land-locked property, a person has the right to travel on a private road across the land of the adjoining neighbor. The land-locked party holds:
A dominant estate (since they benefit).
Tenancy in common ownership is characterized by:
the absence of any requirement for equal interests
An example of an easement in gross would be:
An electric utility pole.
In some states, by common law, a husband receives an interest in his deceased wife's real property. This interest is best described as:
An apple tree that has broad branches hanging over a neighbor's wall and drops fruit onto the neighboring property is:
If a widow dies and her will stipulates that the unexpired leasehold interest on her apartment will pass to her children, what kind of estate have the children inherited?
The estate that provides for the greatest amount of interest in real property is known as:
A fee simple absolute estate.
When one person retains a freehold estate only for the length of lifetime of another person, it is called:
A life estate in pur autre vie.
All of the various privileges and obligations that the ownership of real property gives are referred to as:
Bundle of rights.
In her will, Rachel conveyed her home to her church by means of a fee simple determinable conveyance for so long as the property was used for religious purposes. Many years later the church abandoned the property. Title to the property would thereupon:
Revert to the grantor's heirs.
These terms are all compatible with a joint tenancy:
Survivorship, equal possession, and single evidence of ownership.
The lowest estate in real estate is:
A life estate (limited in duration to the life of the owner and not inheritable).
In his will, a husband left his real property to his widow with the qualification that upon her death the ownership was to be distributed equally to his three children. The widow received:
A life estate (as its measured by her life).
A freehold is never a:
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A real estate agent gave a purchaser $5,000 to assist with a down payment in the form of a private loan to be forgiven after the closing of a pending transaction. This could be considered as?
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