Illinois Leasing Exam Questions With 100% Correct Answers

Illinois Leasing Exam Questions With 100% Correct Answers Highest and Best Use - answerThe 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? - answer1. Preserve the land utility 2. Provide the highest income 3. Result in the highest present value What does a deed transfer? - answerreal property What does a bill of sale transfer? - answerpersonal property Real property - answerthe land and anything attached to it Personal Property - answerAll property not classified as real property (i.e. appliances, furniture, electronics, and window coverings) Personal propety can also be referred to as - answerchattel What are emblemets - answernot real property but personal property Real Estate - answerland and everything attached to it Real property - answerreal estate and bundle of rights Bundle of rights - answerThe 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 - answerYes, for an example a shed not attached with concrete Emblements - answerGrowing crops, such as corn that you plan to harvest, NOT REAL PROPERTY Easement - answerYou don't have right to possess it but you can use it Ingress and Egress - answerA way in and a way out License - answerTemporary right to do something on someone else's property Can a license be revoked? - answeryes Liens - answerA 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 - answerIf tenant doesn't pay then in mechanics have 120 days to file in order to get paid Specific liens- against a property - answerMortgages Mechanic's Materialman's Bail Bond Real estate tax Water and sewer General - attaches to all property you own, attaches to person - answerJudgements Writ of attachment Income tax Estate and inheritance tax Gas, electric, cable How long can lien judgements last in IL - answer7 years Air rights - answerowe your property to core of the earth and then above to infinity Surface or Mineral Rights - answerTitle property will tell you if you have this Easement Apartment - answerStays with property and runs with property, not necessarily a part of land Driveways or views Dominant Easement - answerLot 2 serves lot 1 and lot 3 because they need to use their driveway to get to their houses Eminent Domain - answerTaking for the public good Street widening Land for schools Process is called condemnation - answerProcess to take property and give it to someone else Testate - test at the end - answerDies with the will Intestate - dies without a will, escheat is then in process - answerIf kerry were to die without a will, if theres no will then his wife gets half his stuff and kids get other half according to Illinois law Escheat - answerThe state takes property upon an owners death if there is no will & no heirs exist. Real property to county where located Personal property goes to state of IL Agency - answerwhen you represent someone else, principal is who you are representing, I am the agent Universal Agency - answerHandle all affairs Power of attorney - if someone gives power of attorney over real estate that ends once that person dies/is mentally unstable General Agency - answerHandles all affairs of a particular property with limited powers Property managers, Young America Special Agency - answerNarrow authorization to act for principal Listing and selling Common Law Agency - answerFiduciary Duties Accountability Care Obedience Loyalty Disclosure Statutory Duties (to a client) - answerPerform the terms of brokerage agreement Promote best interest of client Exercise reasonable care and skill