Chicago Real Estate Questions and Answers(GRADED A+)

Property Management -ANSWER Is a person or company hired to maintain a manage property on behalf of its owner. Financing -ANSWER Is the business of providing the funds that make real estate transactions possible. Types of Property -ANSWER Residential, Commercial, Industrial, agricultural and special purpose. Land -ANSWER The earth's surface extending downward to the center of the earth and upward to infinity. Land includes not only the surface of the earth but also the underlying soil. Land also refers to objects that are naturally attached to the earth surface such as boulders and plants. Land includes the minerals and substances that lie far below the earth's surface (subsurface). It even includes the air above the earth all the way into space (airspace). Real Estate -ANSWER Land at, above, and below the earth's surface, plus all things permanently attached to it. Real Property -ANSWER Real Property is the interest, benefits, and rights that are included in the ownership of land and real estate. Ownership of real Property -ANSWER Bundle of Legal Rights, DEEPC - Possession, Control, Enjoyment, Exclusion, Disposition Severance -ANSWER Is changing real property into personal property. Annexation -ANSWER Is to change personal property into real property. Fixtures -ANSWER Are personal property that has been so affixed to land or a building that by law it becomes part of the real property. Trade fixtures -ANSWER Are defined as personal of a business owner, that when attached to a rented space or building, remains personal property. -must be removed on or before the last day the property is rented. -the tennant is responsible for any damage caused by the removal of the trade fixture. -trade fixtures are not removed before the real property of the landlord