Illinois Leasing Exam 2024 Marking Scheme

Illinois Leasing Exam 2024 Marking Scheme Highest and Best Use - Answer -The highest and best use of land can change over time but can only be one thng at a time. Generally this is the use that will make it most valuable What does the highest and best use entail? - Answer -1. Preserve the land utility 2. Provide the highest income 3. Result in the highest present value What does a deed transfer? - Answer -real property What does a bill of sale transfer? - Answer -personal property Real property - Answer -the land and anything attached to it Personal Property - Answer -All property not classified as real property (i.e. appliances, furniture, electronics, and window coverings) Personal propety can also be referred to as - Answer -chattel What are emblemets - Answer -not real property but personal property Real Estate - Answer -land and everything attached to it Real property - Answer -real estate and bundle of rights Bundle of rights - Answer -The rights of an owner to possess, control, enjoy, sell, lease, mortgage, and dispose of the property. (lease holders have some, but fewer than owners) Fixtures and real property - Answer - Can personal property be a structure - Answer -Yes, for an example a shed not attached with concrete Emblements - Answer -Growing crops, such as corn that you plan to harvest, NOT REAL PROPERTY Easement - Answer -You don't have right to possess it but you can use it Ingress and Egress - Answer -A way in and a way out License - Answer -Temporary right to do something on someone else's property Can a license be revoked? - Answer -yes Liens - Answer -A claim or charge against the property of another Usually security for a debt Foreclosure to force property Some can be attached to properties and some can be attached to you Priority liens - mechanic or materalmen's liens in Illinois - first ones to be paid - Answer -If tenant doesn't pay then in mechanics have 120 days to file in order to get paid Specific liens- against a property - Answer -Mortgages Mechanic's Materialman's Bail Bond Real estate tax Water and sewer General - attaches to all property you own, attaches to person - Answer -Judgements Writ of attachment Income tax Estate and inheritance tax Gas, electric, cable How long can lien judgements last in IL - Answer -7 years Air rights - Answer -owe your property to core of the earth and then above to infinity Surface or Mineral Rights - Answer -Title property will tell you if you have this Easement Apartment - Answer -Stays with property and runs with property, not necessarily a part of land Driveways or views Dominant Easement - Answer -Lot 2 serves lot 1 and lot 3 because they need to use their driveway to get to their houses Eminent Domain - Answer -Taking for the public good Street widening Land for schools