Practice

Question 1

Who typically handles transfer of title?

Answer 1

Lawyers and title companies

Question 2

If challenged in court, who would be able to recover or retain ownership or possession of a parcel of real estate?

Answer 2

The person holding the title

Question 3

___ is a way of referring to ownership, but is not an actual printed document

Answer 3

Title

Question 4

To transfer property during one’s lifetime, the owner must use some form of ___.

Answer 4

Deed of conveyance

Question 5

The statute of frauds requires that all deeds be…

Answer 5

in writing

Question 6

In Illinois, how old must a grantor be?

Answer 6

18

Question 7

In Illinois, a deed executed by a minor is usually ___.

Answer 7

Voidable

Question 8

Real estate owned by someone who is legally incompetent can be conveyed…

Answer 8

only with a court’s approval

Question 9

The grantors name must be ___ and consistently throughout the deed

Answer 9

spelled correctly

Question 10

If a grantor’s name has been changed since title was acquired (such as by marriage), which name should be shown?

Answer 10

Both names

Question 11

If Mary Jones changes her last name after marrying Mr. Smith, how should it be written in the deed?

Answer 11

“Mary Smith, formerly Mary Jones”

Question 12

To be valid, a deed must specifically name a(n) ___.

Answer 12

grantee

Question 13

Who does not sign the deed?

Answer 13

Grantee

Question 14

Phil wanted to convey Napa Ranch to his nephew, James Christian. In the deed, Phil wrote the following words of conveyance: “I, Phil, hereby convey to nephew James Christian all my interests in Napa Ranch.” Why is this deed valid?

Answer 14

Because the grantee was specifically named

Question 15

If a deed has more than one grantee, what clause might state that they will take the title as “joint tenants,” “tenants in common,” or “tenants by the entirety?”

Answer 15

Granting clause

Question 16

In Illinois, the grantee’s ___ is required as an element of a valid deed.

Answer 16

present address

Question 17

In Illinois, if no specific form of ownership is selected for multiple grantees, ___ is assumed.

Answer 17

Tenancy in common

Question 18

In Illinois, one can determine how ownership is held by consulting the ___.

Answer 18

Deed language

Question 19

A valid deed must contain a clause acknowledging that the grantor has received ___, generally stated in dollars.

Answer 19

Consideration

Question 20

To be valid a deed must contain an accurate ___ of the real estate conveyed.

Answer 20

Legal description

Question 21

Land is considered adequately described if…

Answer 21

A surveyor can locate the property using the description

Question 22

A valid deed must specifically note any ___, ___, or ___ that affect the title being conveyed

Answer 22

Encumbrances
Reservations
Limitations

Question 23

Where is power of attorney usually recorded?

Answer 23

County where property is located

Question 24

In Illinois, in addition to the grantor, who else is expected to sign any deed of conveyance to waive homestead rights?

Answer 24

Grantor’s spouse

Question 25

In Illinois, acknowledgement is ___ to the validity of the deed

Answer 25

not essential

Question 26

In Illinois, even though it is not essential, it is still customary that all documents conveying title are ___.

Answer 26

Acknowledged / notarized

Question 27

Recording offices expect deeds to be ___ before they will record them in Illinois.

Answer 27

Notarized

Question 28

Most title insurance companies require ___ for deeds covered by their policies.

Answer 28

Acknowledgment / notarization

Question 29

A title is not considered ___ until the deed is actually delivered to and accepted by the grantee.

Answer 29

Transferred

Question 30

Title must be delivered during the ___ lifetime

Answer 30

Grantor's

Question 31

Title must be accepted during the ___ lifetime

Answer 31

Grantee's

Question 32

When is the effective date of the transfer of title from grantor to grantee?

Answer 32

The date the deed was delivered

Question 33

If a deed is delivered in escrow, the date of delivery is generally...

Answer 33

The date of deposit with the escrow agent

Question 34

A corporation can convey real estate only by authority granted in its ___ or upon ___.

Answer 34

Bylaws Resolution passed by its board of directors

Question 35

Who should be consulted for all corporate conveyances?

Answer 35

Attorney

Question 36

If the grantor's spouse has failed to sign away dower rights, the grantor must deliver a(n) ___ deed to clear the title

Answer 36

Quitclaim

Question 37

If the grantor's spouse has failed to sign away dower rights, the grantor must deliver a quitclaim deed to clear the title, under which covanent?

Answer 37

Covenant of further assurance

Question 38

Illinois law provides that a deed using the words ___ and ___ implies and includes all covenants of general warranty.

Answer 38

Convey and warrant

Question 39

The covenants in a general warranty deed extend back to its...

Answer 39

origins

Question 40

It is sufficient for a general warranty deed to recite only ___.

Answer 40

Nominal consideration

Question 41

In areas where special warranty deeds are more commonly used, the purchase of ___ is viewed as providing adequate protection to the grantee

Answer 41

Title insurance

Question 42

If the grantor has no interest in a quitclaim deed, how much does the grantee acquire?

Answer 42

nothing

Question 43

A quitclaim deed provides none of the ___ that a warranty deed does.

Answer 43

Guarantees

Question 44

If the name of the grantee is misspelled on a warranty deed filed in the public record, a(n) ___ deed with the correct spelling may be executed to the grantee to perfect the title.

Answer 44

Quitclaim

Question 45

In Illinois, a(n) ___ deed is used when a grantor inherits property but is not certain that the decendent's title was valid.

Answer 45

Quitclaim

Question 46

Illinois Real Estate Transfer Tax Law imposes a tax on conveying title to real estate in the amount of $___ per $___ or part thereof.

Answer 46

$0.50 per $500

Question 47

In addition to the $0.50 per $500 or part thereof state transfer tax in Illinois, there is an additional transfer tax of $___ per $___ or part thereof in all Illinois counties.

Answer 47

$0.25 per $500

Question 48

The Illinois portion of tax trnasfer is divided up between 3 funds: 50% to the ___ 35% to the ___ 15% to the ___

Answer 48

50% to the Affordable Housing Fund 35% to the Open Space Lands Acquisition and Development Fund 15% to the Natural Areas Acquisition Fund

Question 49

A parcel of real estate sold for $350,000. The purchaser agreed to assume the seller's existing mortgage of $128,000 and to pay $222,000 in cash upon receipt of the seller's deed. The purchase price includes $25,000 of personal property. What amount of county and state stamps must the seller affix to the deed in Illinois?

Answer 49

$197,000

Question 50

Who must sign the Real Estate Transfer Declaration form in Illinois?

Answer 50

Buyer and seller or their agents

Question 51

In Illinois, real estate conveyed from or between government bodies, charitable, religious, or educational institutions are exempt from ___.

Answer 51

Transfer tax

Question 52

When the actual consideration for conveyance is less than $___ in Illinois, the transfer is considered as a gift and is exempt from tax.

Answer 52

100

Question 53

In Illinois, if a person dies and leaves no heirs, title to real estate passes to the ___ by state power of ___

Answer 53

Passes to the county by power of escheatment

Question 54

If land is needed for public use, it may be taken by the government through which processes?

Answer 54

Eminent domain and condemnation

Question 55

Process in which a creditor takes property following nonpayment of a debt secured by real property

Answer 55

Foreclosure

Question 56

In Illinois, a woman held property in adverse possession for 5 years. Then her daughter held the same property for 10 years, and then her son held the property for 5 more years. What can the son do if he desires?

Answer 56

Claim the property by adverse possession

Question 57

The right of adverse possession is a(n) ___ right

Answer 57

Statutory

Question 58

In Illinois, if a property was owned by a married couple in "tenancy by the entirety" or in "joint tenancy", who automatically becomes the owner after one spouse passes?

Answer 58

The surviving spouse

Question 59

In Illinois, if a property was held as a "life estate" by a married couple, what happens when one spouse dies?

Answer 59

Property automatically reverts to former owner or passes to a remainderman

Question 60

If one spouse dies in Illinois, and the property was held as either "joint tenancy," "tenancy by the entirety," or "life estate, what is not required?

Answer 60

Probate

Question 61

In Illinois, if a property was not held in joint tenancy, tenancy by the entirety, or as a life estate, and the owner died testate, who will own the real estate?

Answer 61

The devisees

Question 62

What is the difference between a will and deed?

Answer 62

Will = after death Deed = during lifetime

Question 63

For title to pass to devisee(s), state laws require that upon death of a testator, the will must be...

Answer 63

Filed with the court and probated

Question 64

Who may make a will in Illinois?

Answer 64

Any person 18+ with mental capacity

Question 65

Who cannot witness a will in Illinois?

Answer 65

Beneficiaries

Question 66

What happens if a beneficiary witnesses a will in Illinois?

Answer 66

Their gifts will likely be voided by the probate court

Question 67

What must be paid before any distribution of a will?

Answer 67

Estate taxes and debts

Question 68

Who is designated to present the will for filing with the court?

Answer 68

Executor

Question 69

Who is responsible for determining that a will meets the statutory requirements for its form and execution?

Answer 69

The court

Question 70

Probate courts distribute assets according to ___ only when no other reasonable alternative exists.

Answer 70

Statute

Question 71

What are the 4 ways that title to real estate is transferred?

Answer 71

1) voluntary alienation 2) involuntary alienation 3) will 4) descent

Question 72

In transfer of title to real estate, the owner is the ___

Answer 72

Grantor

Question 73

In transfer of title to real estate, the purchaser / recipient is the ___.

Answer 73

Grantee

Question 74

The deed should be properly ___, ___, and ___ before a notary public to provide evidence of a genuine signature and to facilitate recording

Answer 74

Witnessed Acknowledged Notarized

Question 75

The deed should be properly witnessed, acknowledged, and notarized before a notary public to provide evidence of a ___ and to facilitate ___.

Answer 75

genuine signature recording

Question 76

The level of guarantee a grantor offers is determined by the form of the ___.

Answer 76

Deed

Question 77

A bargain and sale deed implies that the ___ holds title to the property

Answer 77

Grantor

Question 78

The ___ of each deed is a key as to its type

Answer 78

Granting clause

Question 79

An owner's title may be transferred with or without their permission by ___ or ___

Answer 79

Court action or death

Question 80

In Illinois, a bargain and sale deed includes covenants that make it similar to a(n) ___ deed yet less complete

Answer 80

Special warranty

Question 81

Generally, state and county transfer tax stamps are paid for by the ___.

Answer 81

Seller

Question 82

Municipal transfer taxes can be paid by....

Answer 82

either the buyer or the seller