Property Ownership
Under Illinois law, which of the following BEST describes an 'encumbrance' on real property?
AA type of deed used to transfer property between family members
BAny claim, lien, restriction, or other interest in property held by someone other than the current owner that may affect the owner's use or transfer of the property✓ Correct
CThe physical boundary markers of a parcel of land
DA government's right to tax real property
Explanation
An encumbrance is any right or interest in real property held by someone other than the fee owner that affects title or limits use. Encumbrances include: liens (mortgages, tax liens, mechanic's liens), easements, deed restrictions/covenants, leases, and rights of way. Encumbrances are disclosed through the title search and title insurance process. Some encumbrances (easements, covenants) run with the land and bind future owners.
Related Illinois Property Ownership Questions
- In Illinois, the term 'tenancy at sufferance' describes:
- A license (as opposed to an easement) for use of real property is different because a license is:
- An easement in gross benefits:
- In Illinois, which type of deed is most commonly used in residential real estate sales?
- When a property owner dies intestate (without a will) with no heirs, the property passes to the state under the doctrine of:
- The government's right to take private property for public use with just compensation is called:
- A covenant running with the land is best described as:
- In Illinois, which of the following is classified as real property?
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