About This Chapter
Advanced Encumbrances in Real Estate - Chapter Summary
This engaging chapter provides an overview of common issues you may encounter in real estate. It discusses different types of liens, assumptions of mortgages, quiet title actions, and more. After completing this chapter, you should be able to:
- Discuss lien enforcement and right of exemption
- Explain the importance of the homestead exemption
- Define lis pendens and judgement liens and explain their purpose
- Define and provide an overview of mechanics' liens and mortgage liens, as well as common mortgage lien terms
- Explain assignments and assumptions in sales transactions of mortgage liens
- Discuss the mortgage types and loan lengths associated with buying a house
- Define and provide an overview of a deed of trust
- Define quiet title actions and list examples
This chapter is available 24/7 on our mobile-friendly platform, meaning you can access it at any time or any place that works for your schedule. Each lesson includes a short 5-question quiz that you can use to make sure you understood the main points from the lesson.
1. Lien Enforcement & Right of Redemption
The process of lien enforcement can be complicated. In this lesson, we'll outline the process of non-mortgage lien/non-deed of trust enforcement and the right of redemption relating to real property.
2. What is the Homestead Exemption? - Definition & Importance
If you owe debt to a creditor, they may have a lawful right to take your house. Learn how a homestead exemption works to save your home. Find out more about this real estate concept, which can also be a valuable tool for lowering property tax bills.
3. Lis Pendens & Judgment Liens: Definition & Purpose
The U.S. legal system can affect real estate in many different ways. In this lesson, you'll learn about lis pendens and judgment liens. Take a short quiz following the lesson to test your knowledge.
4. Mechanics' Liens: Definition & Procedure
Owners of newly constructed or renovated homes need to watch out for mechanics' liens. In this lesson, you'll learn what mechanics' liens are, how they attach to property and how to they are removed. A short quiz follows.
5. Mortgage Liens: Definition & Overview
If you are planning to finance the purchase of real estate, you may have to contend with a mortgage. In this lesson, you'll learn what a mortgage is and how it relates to the purchase of real estate. A short quiz follows the lesson.
6. Overview of Common Mortgage Liens Terms
Most first time homebuyers must finance their purchase, and lenders will demand a mortgage over the property being purchased to secure payment of the loan. In this lesson, you'll learn about key terms in a standard residential mortgage.
7. Mortgage Liens: Assignment & Assumption In Sales Transaction
Mortgages are sometimes 'assumed' or 'assigned', which are two distinct concepts. In this lesson, you'll learn about assignments and assumptions of mortgages and the consequences for the parties involved in each. A short quiz follows the lesson.
8. Buying a House: Mortgage Types & Loan Length
In this lesson, we'll discuss the three types of mortgage loans: Federal Housing Authority, conventional, and Veteran's Administration. You'll also learn about the two main repayment options: 15 years and 30 years.
9. What is a Deed of Trust? - Definition & Overview
Many lenders don't utilize mortgages when financing property but rather use deeds of trust. In this lesson, you'll learn what a deed of trust is and be given a general overview of it. A short quiz follows.
10. Quiet Title Actions: Definition & Examples
Sometimes the only way you can resolve a claim against your real estate or fix a defect to its title is by going to court. In this lesson, you'll learn about quiet title actions and how they can be used to resolve claims and cure title defects.
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Other chapters within the Illinois Real Estate Broker License Exam: Study Guide course
- Role of Agencies in Real Estate
- Principles of Practicing Real Estate
- Real Estate Ethics & Professional Responsibility
- Overview of Contracts In Real Estate Transactions
- Forms of Property Ownership
- Advanced Property Ownership Issues
- Real Estate Investment & Analysis
- Encumbrances in Real Estate
- Land Use Laws, Regulations & Zoning
- Real Estate Financing
- Obtaining a Real Estate Loan
- Real Estate Closing & Settlement Procedures
- Land Descriptions & Surveys
- Property Valuation & Appraisal
- Transfer of Real Property
- Advanced Transfer of Real Property
- Disclosures of Property Conditions
- Fair Housing & Consumer Protection
- Leases & Property Management
- Illinois Real Estate
- Illinois Real Estate Broker License Exam Flashcards