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Flashcards in "In Illinois" Deck (88):
1

when farmland sold, possession transfers on March 1st without tax bill proration

x

2

practice of real estate in illinois governed by

real estate license act of 2000

3

quick-take

related to condemnation, local units of government given power of eminent domain where plaintiff/condemnor may obtain immediate fee simple title to real property including right of possession and use

4

in illinois, escheat goes to:

county rather than state

5

fee simple determinable time period:

while condition passes from owner to owner indefinitely, original grantor's right of reverter only lasts for 40 years. after that, condition can be enforced by not by threat of losing the property

6

illinois is a marrital property state and dtiches dower and curtesy for "uniform probate code" that gives surviving spouse and "elective share" on the death of the other spouse

x

7

illinois homeowners entitled to homestead estate up to 15,000 for single person and 30,000 for married couple

x

8

easement by prescription

use must be adverse, exclusive, under claim of right, and continuous and uninterrupted for 20 years; "taking" allows multiple parties to tack onto each other consecutively to get to the prescribed period of years for the easement to apply

9

sole ownership in illinois:

common, but non-owning spouse often has to sign over homestead rights. minors also have to sign if a nonowning spouse

10

illinois does not recognize community property but

does recognize marital property - also recognizes ownership in trust, partnership and by corporations and llc's

11

law presumes two or more owners hold title as tenants in common...

if deed does not say how title is to be held

12

illinois allows sole owner to execute a deed to herself and...

others as joint tenants

13

tenancy by entirety is recognized...

in illinois

14

as a marital property state:

illinois recognizes 2 classes: marital property and non-marital property (prop. given to individual or obtained before marriage)

15

illinois permits land...

to be held in trust as part of living trust or sole asset in land trust

16

land trusts are used in illinois but...

trustee must disclose beneficiary's name

17

illinois uses Uniform Partnership Act which...

permits real estate to be held in a partnership's name

18

illinois has not adopted Uniform Condominium Act, instead...

uses Illinois Condominium Property Act to govern creation of condos

19

illinois real estate licensees can sell cooperative units without getting...

securities license

20

time share units are...

highly regulated

21

exemptions from property taxes:

schools, churches, etc. Exemptions also for homesteads (single family home owners up to $6000), senior citizens, and remodeling

22

Assessment

official valuation of a home by county or township appraisers

23

taxes are usually at this value

about 1/3 of fair market value

24

equalization factor

used to achieve uniformity in tax assessments

25

for tax value total equation....

1/3 value, equalize value, subtract exemptions, multiply adjusted assessed value by tax rate

26

taxes are adjusted...

every 4 years a parcel of land gets a full reassessment

27

real estate taxes are assessed...

once per year on jan 1st and are "prior first liens" and then due the following year, 1/2 by june 1 and the second 1/2 by sept 1

28

failure to pay tax liens may result in property selling via

annual tax sale, forfeiture sale, scavenger sale

29

ssa

"special service areas" - special taxing districts where costs of streets. landscaping, etc is passed on to homeowners in that area

30

mechanic's lein

person who did work must have contract with the owner - can take priority over other liens if added value to property - lien right lasts for 2 years

31

judgements are

general liens on all real and personal property - can last 7 years

32

brokers can put a lien on property in amount of commission if...

it is a commercial property

33

page 220 - table of lien categories

x

34

illinois land sales registration act of 1999

regulates sale of land divided into 25 or more lots and offered as part of a common promotional plan

35

brokerage agreement is

written or oral between sponsoring broker and consumer

36

net listings are...

legal but not advised

37

any exclusive listing...

must be in writing

38

paying someone a commission...

does not create agency

39

licensees are considered to be working for...

the consumer that they're working with

40

a licensee working with a buyer....

is not a subagent of the seller

41

exclusive brokerage agreements have an end...

date

42

safety clause

after the listing agreement expires, agent still entitled to comission if a buyer actually buys later on

43

agents must disclose whose interests they legally represent...

if the other party has no agent

44

disclosures that must be in the listing agreement:

material facts, interest, special compensation, earnest money and purchaser default, property condition

45

cannot obtain written listings that contain black...

spaces to be filled in later

46

all written exclusive listing agreements must include...

the list price of the property, commission and time of payment, duration and end date of agreement, name of broker and seller, signature of broker and seller, address/identification of property (also parcel identification # is good), duties of listing broker, statement of nondiscrimination, statement of antitrust

47

married couples must have both...

spouses sign the listing

48

clients shall not be vicariously liable...

for acts/omissions of licensee

49

must be in writing that it's illegal to not show properties to...

protected classes

50

exclusive listing agreements must specify these minimum services...

accept and present all offers, assist client in negotiating, answer client's questions

51

source of compensation does not...

determine the relationship. A buyer's broker may be compensated by either buyer or seller.

52

buyer's broker obligated to keep...

all confidential info remaining confidential

53

after contract expires, sponsoring broker and broker are not...

required to do anything else

54

metes and bound in illinois used when...

describing irregular tracts, portions of recroded lot, fractions of a section and will include rectangular survey method

55

rectangular survey system relates to...

3 meridian lines (2 in ilinois, one in indiana)

56

lot and block system...

is used in Illinois and subdivision descriptions are most popular

57

contracts for sale of land or leases that will not be fulfilled within 1 year must...

be in writing to be enforceable

58

exclusive listing contracts are

unilateral, not bilateral

59

contracts entered into by a minor (younger than 18) are...

voidable until minor reaches majority and for about max of 6 months after

60

statute of limitations lasts....

10 years for written contracts, 5 years for oral

61

licensees cannot leaves spaces to be...

filled in later or leave blank spaces - all changes directed by principals, buyers/sellers must initial changes

62

sales contracts needs to say...at the top

real estate sales contract

63

title to personal property conveyed by...

a bill of sale

64

sponsoring broker must keep earnest money in....

separate non-interest escrow/trust account - must maintain journal and ledger - deposited by end of next busienss day - no commingling (mixing own + clients' money) or conversion (using escrow funds for own use)

65

if no specific form of ownership is listed on deed, default is...

tenancy in common

66

most deeds must be .... to be recognized in court

acknowledged, notarized

67

illinois and county tax stamps...

50 cents per $500 for Illinois, 25 cents per $500 for county

68

adverse possession timeline

20 years uninterrupted use or else 7 years if current owner has flawed title but all taxes paid

69

titles searches go back this many years

40 for normal, 75 if possible litigation

70

a title insurance policy is the most commonly used evidence of...

proof of good title

71

lease agreements be in writing to be enforceable if ....

for more than 1 year

72

illinois property managers must be...

licensed as brokers or managing brokers unless resident managers of apt. buildings

73

security deposits are treated as...

earnest money - must be put in separate account by end of next biz day and non-interest account

74

illinois real estate license act of 2000...

governing document for fair housing and ethical practices

75

illinois human rights act...

amplifies federal legislation for illinois - adds mental disability, military status, sexual orientation, etc

76

illinois environmental protection agency

maintain state's air, land, water

77

all residences must be equipped with what type of detector?

carbon monoxide

78

seller not required to test or mitigate radon but...

must give buyer a pamphlet giving risks of radon

79

agency relationships are this type of law

statutory

80

law of agency defines rights between

principal and the agent

81

no dual agency when

agent is a party

82

licensees must deliver executed sales contracts within

24 hours

83

licensed personal assisttants must have an employment agreement with...

the sponsoring broker

84

who may collect a commission?

managing or sponsoring broker (they may then share with licensees)

85

closing of the sale is usually proof that...

broker has produced a buyer and earned a commission

86

illinois subscribes to which title theory -

intermediate (not title or lien theory)

87

what type of foreclosure is illinois -

judicial, must be brought about by court proceedings

88

taxes in illinois are paid

in arrears (last tax bill / 360 X #days from Jan 1 until closing (what seller owes buyer)