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Illinois Real Estate > Unit 2 - Real Property and the Law > Flashcards

Unit 2 - Real Property and the Law Flashcards

1
Q

Define Land

A

Earth’s surface extending downward toward to the center of the earth & upward toward gravity

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2
Q

Define Real Estate

A

Land plus permanent human made additions

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3
Q

Define Real Property

A

The interests, benefits & rights that are automatically included in the ownership of land and real estate

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4
Q

Define Appurtenance

A

Anything associated with the property although not necessarily a direct part of it

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5
Q

What’s an economic characteristic?

A

A characteristic that affects a lands investment value

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6
Q

What are the economic characteristics?

A

Scarcity
Improvements
Permanence of Investment
Location

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7
Q

What are the physical characteristics?

A

Immobility
Indestructibility
Uniqueness

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8
Q

What are the bundle of legal rights?

A 
Possession
Control
Enjoyment
Exclusion
Disposition
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9
Q

Define Personal Property

A

Property that is movable and not affixed

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10
Q

Define Chattles

A

Items of personal property

ex. chairs, tables, clothing, money

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11
Q

Define Manufactured Housing

A

Dwellings that are built offsite and trucked to a building lot

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12
Q

Define Emblements

A

Plants that require annual cultivation

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13
Q

In Illinois, when is it customary for a buyer to take possession of farm land?

A

March 1st

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14
Q

Define Severance

A

When an item of real property becomes personal property

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15
Q

Define Annexation

A

When an item of personal property becomes real property

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16
Q

Real Property is conveyed by what?

A

A Deed

17
Q

Personal Property is conveyed by what?

A

A Bill of Sale

18
Q

Define a Fixture

A

Personal property that has been affixed to a land or building

19
Q

What are the Legal Tests of a Fixture?

A

Method of Attachment
Adaption to Real Estate
Agreement
Intent

20
Q

Define a Trade Fixture

A

Also know as Chattle, is an article owned by a tenant & attached to a rented space or building

21
Q

Define Accession

A

Trade fixtures that are not removed & become property of the landlord

22
Q

Define Attachment

A

Personal property that turns into real property

23
Q

The practice of real estate is governed by what act?

A

The Real Estate License Act of 2000

24
Q

What are the 7 Sources of Law?

A 
US Constitution
Rules of the Regulatory Agencies
Laws Passed by Congress
State Constitutions
State Statues
Common Law

Illinois Real Estate (24 decks)

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