Real estate Summary Definitions and Short Questions answered

The concerns of the federal government in regulating real property rights include - ***Discrimination Which of the following is included in the bundle of rights inherent in ownership - ***To transfer What are three unique physical characteristics of land? - ***Immobile, indestructible, heterogeneous The concept that the state controls all bodies of water is called - ***The doctrine of prior appropriation Which government entity is the primary regulator of the real estate business? - ***The state The level of government that focuses on land-use regulations and taxation is the - ***County and local A property abutting a static body of water has ____________ rights - ***Littoral Which may an item attached to a structure be considered personal property rather than real property - ***When the owner originally intended to remove it before conveying the property Which is the "best" description of "land" - ***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 - ***To the middle of the waterway Surface rights include which of the following - ***Water rights What guarantees the right of private ownership of real estate in the United States - ***The constitution Which of these is the best definition for personal property - ***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 - ***Affixing The primary distinction between the legal concepts of land and real estate is that - ***land does not include man-made structures Uncle Jake wrote his will out on a notepad. This type of will is called - ***Holographic Of the principle forms of title of evidence in Illinois, the one that provides the best evidence is - ***A title insurance policy A deed is not valid unless it is - ***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 - ***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 - ***Sheriffs deed The only required clause in a deed of conveyance is one that - ***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 - ***Actual notice A break in the chain of title to a property results in - ***A cloud on title For a deed to convey title, it is necessary for the deed to be - ***accepted by the grantee The amount of the transfer tax is based on - ***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 - ***General warranty deed Which of the following best describes the concept of "legal title" to real estate - ***Ownership of the bundle of rights to real estate Which document contains a summary of the title search? - ***Title certificate Constructive notice of ownership of a parcel of real estate is primarily demonstrated through - ***Title records An owner transfers title to a property to buy an exchange for a consideration. This is an example of. - ***Voluntary alienation Title records do all of the following - ***Establish lien priority, reveal condition of title, give public notice of ownership Aunt Molly, who had no legal heirs, died without leaving a will. What will happen to her estate - ***It will escheat to the state or county after all claims have been settled Which authority regulates involuntary title transfers - ***State la