Property Ownership
In Illinois, the Torrens system of land registration is used primarily in:
AAll 102 Illinois counties equally
BParts of Cook County (though largely discontinued in recent decades)✓ Correct
COnly rural counties with large agricultural parcels
DAll Illinois counties with populations over 100,000
Explanation
The Torrens system of title registration was historically used in parts of Cook County, Illinois, though its use has largely been discontinued and converted to the traditional recording system. The Torrens system provided a court-backed certificate of title but was administratively complex.
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Key Terms to Know
Net Operating Income (NOI)
The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
Math Concepts
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