About This Chapter
Advanced Transfer of Real Property - Chapter Summary
This chapter discusses the various ways that real estate property can be transferred. The lessons provide an overview of foreclosures and other forms of involuntary property transfers as well as talks about the processes and risk involved with these transfers. After completing this chapter, you should be able to:
- Explain regulatory takings and how they affect property owners
- Discuss the property foreclosure process
- Define and explain the effects of deed in lieu of foreclosure
- Understand the steps needed for an involuntary property transfer due to a trustee sale
- Define and explain partition of property, property title search, and title insurance
- Explain the importance of equitable conversion and risk of loss
- Discuss real estate tax assessment and appeals
These lessons include a combination of illustrated text lessons and short, engaging videos. Use the lesson quizzes and chapter exam for a comprehensive review of the real estate topics discussed.
1. Regulatory Takings as Involuntary Transfers of Real Property
Sometimes the government 'takes' your property without even taking it. In this lesson, you'll learn about regulatory takings, including what they are and what they mean to property owners. A short quiz follows the lesson.
2. The Property Foreclosure Process
In this lesson, we will discuss the process of judicial foreclosure and a lender's opportunity to pursue a deficiency judgments. We will also discuss the concepts of equitable and statutory redemption of foreclosed properties.
3. Deed in Lieu of Foreclosure: Definition & Effects
Sometimes homeowners cannot avoid defaulting on their home loans. That doesn't necessarily mean they must suffer through foreclosure. In this lesson, you'll learn about deeds in lieu of foreclosure and what they entail. A short quiz follows.
4. Involuntary Property Transfer Due to a Trustee Sale
Not all foreclosures of real estate are the same. In this lesson, you'll learn about the sale of property through a trustee's sale, including the process, requirements and how it differs form a judicial foreclosure.
5. Partition of Property: Definition & Process
More than one person can own the same piece of real estate, but what happens if the owners just can't get along? In this lesson, you'll learn about the partition of real estate and the ways it can be accomplished. A quiz follows.
6. What is a Property Title Search? - Definition & Importance
In real estate there are risks associated with ownership rights in the title to property. Learn how title searches are performed to disclose potential liabilities. Take a quiz after the lesson to test your knowledge.
7. What is Title Insurance? - Definition & Purpose
Title insurance differs from most types of insurance. Policyholders are protected from liabilities that have occurred in the past as opposed to something that may occur in the future. Learn what title insurance is and why it is an important part of real estate transactions.
8. Risk of Loss & Equitable Conversion: Definition & Importance
If there is significant damage to a property after a sales contract is signed but before closing, who bears responsibility for the damage? In this lesson, we will learn about equitable conversion and risk of loss in real estate transactions.
9. Real Estate Tax Assessments & Appeals
In this lesson, we'll discuss property taxes and how they're calculated. We'll also discuss real estate assessments and how they can be formally challenged.
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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
- Advanced 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
- Disclosures of Property Conditions
- Fair Housing & Consumer Protection
- Leases & Property Management
- Illinois Real Estate
- Illinois Real Estate Broker License Exam Flashcards