3/27/25, 10:24 PM ILLINOIS COLIBRI PRACTICE STUDY GUIDE CURRENTLY TESTING COMPLETE ACCURATE EXAM QUESTIONS WITH DET…
ILLINOIS COLIBRI PRACTICE STUDY GUIDE
CURRENTLY TESTING COMPLETE ACCURATE
EXAM QUESTIONS WITH DETAILED VERIFIED
ANSWERS (100% CORRECT ANSWERS)
/ALREADY GRADED A+
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Terms in this set (215)
A history of the ownership of a parcel of land which
Abstract of title
lists transfers of title, rights, and liabilities.
The idea that the owner of land is entitled to all that
the soil produces or all that is added to the land either
Accession
intentionally or by mistake. Trade fixtures not removed
are "assessed" by the property owner.
A prefix meaning "based on value". Most local
Ad Volerum
governments levy an ad valorem tax on property.
A method of acquiring original title to property by
open, notorious and hostile possession for a statutory
Adverse Possession
period of time; also referred to as prescription.
POACH.
A provision in a mortgage requiring full payment of
Alienation Clause the debt upon the transfer of title to the property, due
on sale. Prevents loan assumptions.
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, 3/27/25, 10:24 PM ILLINOIS COLIBRI PRACTICE STUDY GUIDE CURRENTLY TESTING COMPLETE ACCURATE EXAM QUESTIONS WITH DET…
The free and full ownership of rights in land by
Allodial individuals, which is the basis of real property in the
United States.
A right, privilege, or improvement belonging to, and
Appurtenance
passing with, the land.
Occurs between willing buyer and willing seller with
each party completely knowledgeable about the
Arm's Length Transaction market. A purchaser of property between relatives
(father & son) would not be an "arms length
transaction".
Not on time; late in making payments or completing
Arrears
work. Interest is paid in arrears.
The act of witnessing a person's signing of an
Attestation
instrument by a notary public.
A statement issued by an attorney after analyzing an
Attorney's Opinion of Title
abstract as to quality of title.
Occurs in cases where there is a sudden loss of land
Avulsion
through nature.
The remaining balance, at maturity, on a loan that has
not been completely repaid through periodic
Balloon Payment
payments. Once paid, the outstanding balance is zero.
Partially amortized loan.
An instrument conveying title which recites a valuable
Bargain and Sale Deed consideration and commonly uses the words "bargain
and sale" or words of similar import.
A type of contract that arises when a promise is given
Bilateral Contract
in exchange for a return promise.
A mortgage which covers more than one piece of real
Blanket Mortgage estate. Often used by a developer in the financing of
undeveloped lots. Contains a partial release clause.
https://quizlet.com/1023910954/illinois-colibri-practice-study-guide-currently-testing-complete-accurate-exam-questions-with-detailed-verified-answer… 2/10
ILLINOIS COLIBRI PRACTICE STUDY GUIDE
CURRENTLY TESTING COMPLETE ACCURATE
EXAM QUESTIONS WITH DETAILED VERIFIED
ANSWERS (100% CORRECT ANSWERS)
/ALREADY GRADED A+
Say thanks
Save
Terms in this set (215)
A history of the ownership of a parcel of land which
Abstract of title
lists transfers of title, rights, and liabilities.
The idea that the owner of land is entitled to all that
the soil produces or all that is added to the land either
Accession
intentionally or by mistake. Trade fixtures not removed
are "assessed" by the property owner.
A prefix meaning "based on value". Most local
Ad Volerum
governments levy an ad valorem tax on property.
A method of acquiring original title to property by
open, notorious and hostile possession for a statutory
Adverse Possession
period of time; also referred to as prescription.
POACH.
A provision in a mortgage requiring full payment of
Alienation Clause the debt upon the transfer of title to the property, due
on sale. Prevents loan assumptions.
https://quizlet.com/1023910954/illinois-colibri-practice-study-guide-currently-testing-complete-accurate-exam-questions-with-detailed-verified-answer… 1/10
, 3/27/25, 10:24 PM ILLINOIS COLIBRI PRACTICE STUDY GUIDE CURRENTLY TESTING COMPLETE ACCURATE EXAM QUESTIONS WITH DET…
The free and full ownership of rights in land by
Allodial individuals, which is the basis of real property in the
United States.
A right, privilege, or improvement belonging to, and
Appurtenance
passing with, the land.
Occurs between willing buyer and willing seller with
each party completely knowledgeable about the
Arm's Length Transaction market. A purchaser of property between relatives
(father & son) would not be an "arms length
transaction".
Not on time; late in making payments or completing
Arrears
work. Interest is paid in arrears.
The act of witnessing a person's signing of an
Attestation
instrument by a notary public.
A statement issued by an attorney after analyzing an
Attorney's Opinion of Title
abstract as to quality of title.
Occurs in cases where there is a sudden loss of land
Avulsion
through nature.
The remaining balance, at maturity, on a loan that has
not been completely repaid through periodic
Balloon Payment
payments. Once paid, the outstanding balance is zero.
Partially amortized loan.
An instrument conveying title which recites a valuable
Bargain and Sale Deed consideration and commonly uses the words "bargain
and sale" or words of similar import.
A type of contract that arises when a promise is given
Bilateral Contract
in exchange for a return promise.
A mortgage which covers more than one piece of real
Blanket Mortgage estate. Often used by a developer in the financing of
undeveloped lots. Contains a partial release clause.
https://quizlet.com/1023910954/illinois-colibri-practice-study-guide-currently-testing-complete-accurate-exam-questions-with-detailed-verified-answer… 2/10
