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ILREBE > Everything > Flashcards

Everything Flashcards

1
Q

Equity in eminent domain act

A

Puts obligation on government to prove area is blighted.

Also:

  • Helps owners get fair market value for property
  • Requires relocation costs for displaced persons and businesses
  • Pays attorneys’ fees when owners successfully due to keep property.
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2
Q

Escheat

A

When someone dies and leaves no heirs, property escheats to country.

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3
Q

Estate in land

A

Defines degree, quantity, nature, and extent of an owner’s interest in real property. Must allot possession.

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4
Q

Freehold estate

A

Indeterminable time (lifetime or forever)

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5
Q

Leasehold estate

A

Last for fixed period of time

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6
Q

Fee simple estate

A

Estate in land of unlimited duration.

Fee simple absolute and fee simple defeasible.

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7
Q

Fee simple absolute

A

Absolute ownership; not conditioned on anything.

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8
Q

Fee simple defeasible

A

Qualified estate.

Subject to condition subsequent
Subject to fee simple determinable

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9
Q

Condition subsequent

A

But if

Grantor must go to court to repossess

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10
Q

Subject to fee simple determinable

A

As long as

No legal action necessary

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11
Q

Life estate

A

Limited by life of owner or some other person

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12
Q

Conventional life estate

A

Made intentionally by owner

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13
Q

Legal life estate

A

Life estate established by state law

Dower, curtesy, homestead

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14
Q

Pur autre vie

A

For the life of another

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15
Q

In IL, no dower or curtesy but…

A

Uniform private code. Take an elective share.

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16
Q

Homestead right

A

Reserves money for Family in event of court sale. Families get 30,000 (15000 for single) before unsecured debts are paid.

17
Q

Encumbrance

A

Claim charge or liability against real estate

18
Q

Covenants, conditions, and restrictions

A

Private agreements that affect land use, typically imposed by developer to maintain standards. May be enforced by original owner, developer, or hoa

19
Q

Appurtenant easement

A

Allows use of neighbors land. Servient/dominant

20
Q

Easement in gross

A

Individual or company interest in or right to use other’s land without being appurtenant to that land.

21
Q

Easement by prescription

A

Like squatters rights for easement. Must be for 20 years in IL

22
Q

License

A

Personal privilege to enter the land of another. Not a right. Can be terminated at any time.

23
Q

Spot survey

A

Shows location of all improvements on property and whether they encroach

24
Q

Riparian rights

A

Flowing water.

Non-navigable to Center of waterway.
Navigable only to waters edge.

25
Q

Littoral rights.

A

Lakes, seas, oceans.

Only to mean high water mark.

26
Q

Avulsion

A

Sudden removal of soil by act of nature

27
Q

Three basic kinds of real estate ownership

A

In severally
In co-ownership
In trust

28
Q

Ownership in severalty

A

One individual or corporation owns the property

29
Q

Tenant in common

A

Multiple ownership with fractional ownership (1/2, 1/3, etc.)

30
Q

Joint tenancy

A

Unity of ownership

31
Q

Four unities to create joint tenancy

A 
Unity of:
Possession
Interest
Time
Title
32
Q

Tenancy by the entirety

A

For married couples

33
Q

Marital property

A

Property acquired after the date of marriage for the duration of marriage. Divided if divorce. Otherwise they h e joint rights.

34
Q

Non-marital property

A

Property from before the marriage, or gift or inheritance at any time.

35
Q

National Interstate Land Sales Full Disclosure Act

A

You have to register subdivisions of 100 or more lots with HUD

and provide each purchaser with a disclosure document called a property report.

36
Q

Illinois Land Sales Registration Act of 1999

A

Regulates offering, sale, lease, or assignment of any land divided into 25 or more lots and offered as part of a common promotional plan.

Must register with state and
file full disclosure report.

37
Q

Illinois Plat Act

A

2 or more parcels and divided into less than 5 acres.

ILREBE (1 decks)

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