All

Question 1

What is a Chattel

Answer 1

items of personal property, including such tangibles as chairs, tables, clothing, money, bonds, and bank accounts

Question 2

What is a fixture?

Answer 2

personal property that has been so affixed to land or a building that, by law, it becomes part of the real property

Question 3

what is a trade fixture?

Answer 3

an article owned by a tenant attached to a rental space or building or used in conducting a business

Question 4

What is an apartment complex?

Answer 4

groups of apartment buildings with any number of units in each building

Question 5

what is a condominium

Answer 5

a popular form of residential ownership, particularly for people who want the security of owning property without the care and maintenance a house demands.

Question 6

what is a cooperative

Answer 6

similar to condos in that it also may offer units with shared common facilities, unlike condos, the “owners” do not actually own the units. They buy shares of stock in the corporation that holds title to the building.

Question 7

what are planned unit developments

Answer 7

merge such diverse land uses as housing, recreating facilities, and commercial concerns in one self-contained development.

Question 8

what are highrise developments

Answer 8

combine elements as office space, stores, theaters, and the apartment units into a single vertical community.

Question 9

what are converted use properties

Answer 9

factories, warehouses, office buildings, hotels, schools, churches, and other structures that have been converted to residential use.

Question 10

what is manufactured housing

Answer 10

mobile homes, considered more often permanent principal residences or stationary vacation homes.

Question 11

what are modular homes

Answer 11

each room is a per-assembled piece in a factory and taken to the building site on a truck.

Question 12

What is a time-share

Answer 12

allow multiple purchasers to share ownership of a single property, usually a vacation home. Each owner is entitled to use the property for a certain period fo time each year, usually a specific week.

Question 13

What are the different types of leasehold estates?

Answer 13

Estate for years, Estate from Period to Period, Estate at Will, Estate at Sufferance.

Question 14

What is an estate for Years

Answer 14

a leasehold estate that continues for a definite period of time.

Question 15

what is an estate from period to period

Answer 15

created when the landlord and the tenant enter into an agreement for an indefinite time.

Question 16

What is tenancy at will

Answer 16

gives the tenant the right to possess property with the landlrod’s consent for an unspecified or uncertain term.

Question 17

what is tenacy at sufferance

Answer 17

when a tenant who lawfully possessed real property continues in possession of the premises without the landlord’s consent after the rights expire.

Question 18

how to calculate annual taxes

Answer 18

(Assessed value * eq factor - exemptions)*tax rate

Question 19

Who establishes guidelines for real estate licensees in properly advertising properties in compliance with fair housing law

Answer 19

HUD

Question 20

What regulatory agency was established under the Dodd-Frank Wall Street Reform and Consumer Protection Act?

Answer 20

Consumer Finance Protection Bureau

Question 21

What regulation changed the disclosures required in a real estate transaction in which there is a mortgage loan and became effective October 3, 2015?

Answer 21

TRID

Question 22

What state agency is responsible for providing the information on the hazards of radon gas pursuant to the Illinois Radon Awareness Act

Answer 22

Illinois Emergency Management Agency

Question 23

Which law requires the disclosure of affiliated business relationships and prohibits kickbacks among service providers in a real estate transaction?

Answer 23

Real estate settlement procedures Act

Question 24

Information which is gathered to determine air quality, noise, public health and safety, energy consumption, population density, wildlife and infrastructure is a/an:

Answer 24

environmental impact statement

Question 25

``` Which of these is a lien on real estate? A) Recorded Easement B) Recorded Mortgage C) Encroachment D) Deed Restriction ```

Answer 25

Recorded easement (pg 171)

Question 26

``` A sales contract was signed under duress. Which os these describes the contract? A) Voidable B) Breached C) Discharged D) void ```

Answer 26

voidable (page 192)

Question 27

A sponsoring broker receives a check for earnest money from a buyer and deposits the money in the sponsoring broker's personal interest-bearing checking account over the weekend. This action exposes the sponsoring broker to a charge of

Answer 27

commingling pg 37

Question 28

a borrower takes out a mortgage loan that requires monthly payments of 875.7 for 20 years and a final payment of 24095. What type of loan is this?

Answer 28

balloon pg 305

Question 29

When demand for a commodity decreases and supply increases:

Answer 29

price tends to fall pg 6

Question 30

A broker signs a contract with a buyer. Under the contract, the broker agrees to help the buyer find a suitable property and to represent the buyer in negotiations with the seller. Although the buyer may not sign an agreement with any other broker, she may look for properties on her own. The broker is entitled to payment only if the broker locates the property that is purchased. What kind of agreement has this broker signed?

Answer 30

exclusive-agency buyer agency agreement pg 103

Question 31

A man conveys property to a woman by delivering a deed. The deed contains five covenants. What type of deed is this most likely to be?

Answer 31

warranty deed pg 224-225

Question 32

A real estate licensee does not show non-asian clients any properties in several traditionally asian neighborhoods. She bases this practice on the need to preserve the valuable cultural integrity of Asian immigrant communities. Which of these statements in TRUE? A) The licensee's policy is steering and violates the fair housing laws regardless of her motivation B) Because the licensee is not attempting to restrict the rights of any single minority group, the practice does not constitute steering. C) The licensee's policy is steering, but it does not violate the fair housing laws because she is motivated by cultural preservation, not by exclusion or discrimination. D) The licensee's policy has the effect, but no the intent of steering

Answer 32

The licensee's policy is steerring and violates the fair housing laws regardless of her motivation pg 402

Question 33

a grandmother grants a life estate to her grandson and stipulates that on the grandson's death, the title to the property will pass to her son-in-law. What kind of estate is the second estate?

Answer 33

the remainder pg 121

Question 34

Which of these is TRUE concerning a property held in joint tenancy? A) a maximum of two people can own the real estate B) The fractional interests of the owners can be different. C) additional owners may be added later D) There is always the right of survivorship

Answer 34

there is always the right of surviviorship pg 136

Question 35

a real estate licensee has a written contract with his sponsoring broker that specifies that he will not be trated as an employee. The licensee's entire income is from sales commissions rather than an hourly wage. For federal income tax purposes, the licensee is considered what type of worker?

Answer 35

an independent contractor pg 64

Question 36

The states in which the lender holds title to mortgaged real estate are called:

Answer 36

title-theory states pg 281

Question 37

The form of tenancy that expires on a specific date is:

Answer 37

tenancy for years pg 320

Question 38

A suburban home that lacks indoor plumbing suffers from

Answer 38

functional obsolescence pg 364

Question 39

if a developer wants to build a commercial building closer to the street than is permitted by the local zoning ordinance because the shape of the lot makes a standard setback impossible, the developer should seek a:

Answer 39

variance pg 385

Question 40

a licensee showed an owner-occupied property that had window screens, custom Venetian blinds, and a wall bed to a buyer. The owner accepted the buyer's offer. What may the seller remove before closing?

Answer 40

none of these identified items pg 17

Question 41

a real estate broker specializes in helping both buyers and sellers fill in the blanks and negotiate the terms of the contract. Because the broker is an agent of both parties, he may not disclose either party's confidential information to the other. What kind of agent is the broker?

Answer 41

a dual agent pg 52-53

Question 42

The portion of the value of an owner's property that exceeds the amount of the owner's mortgage debt is called:

Answer 42

equity pg 25

Question 43

in a 28/36 ratio, the 36 means

Answer 43

recurring long-term debts and housing payment combined may not exceed 36% of gross monthly income pg 307-308

Question 44

police powers include: * Deed restrictions * Zoning * Restrictive covenants * taxation

Answer 44

zoning pg 116

Question 45

A seller wants to net 165,000 from the sale of her house after paying the sponsoring broker's fee of 5%. What should the seller's gross price be?

Answer 45

$173,684 pg 94

Question 46

How many square feet are in three acres?b 10

Answer 46

130,680 pg 160

Question 47

a purchaser obtains financing from a local savings association to purchase a condominium unit. In this situation, which of these best describes the purchaser? * Vendor * Mortgagor * Grantor * Lessor

Answer 47

mortgagor pg 281

Question 48

the current value of a property is 240,000. The property is assessed at 40% of its current value for real estate tax purposes with an equalization factor of 1.5 applied to the assessed value. if the tax rate is $4 per $100 of assessed valuation, what is the amount of tax due on the property?

Answer 48

$5760 pg 175

Question 49

A building was sold for $360000 with the purchaser putting 10% down and obtaining a loan for the balance. The lending institution charged a 1% loan origination fee. What was the total cash used for the purchase?

Answer 49

$39,240 pg 284

Question 50

Several brokerage firms were accused of violating antitrust laws. Of the following, they were MOST likely accused of: * not having an equal housing opportunity sign in an office windows * undisclosed dual agencies * price-fixing * dealing in unlicensed exchange services

Answer 50

price-fixing page 78

Question 51

a capitalization rate is the

Answer 51

rate of return a property will produce on the owner's investment page 366

Question 52

the national do not call registry provides that

Answer 52

consumers who have made an inquiry to a licensee may be contacted up to three months later page 79-80

Question 53

if a house was sold for $140,000 and the buyer obtained an FHA-insured mortgage loan for $133,700 how much money would the buyer pay in discount point if the lender charged two points?

Answer 53

$2,647 pg284

Question 54

the commission rate if 7.75% on a sale of $250,000. What is the dollar amount of the commission?

Answer 54

$19,375 pg78

Question 55

The buyer makes an offer on a property and the seller accepts. Three weeks later, the buyer announces that "The deal's off" and refuses to go through with the sale. if the seller is entitled to keep the buyer's earnest money deposit, it is MOST likely because the sales contract contains what kind of clause?

Answer 55

a liquidated damages clause pg194

Question 56

until the land contract is paid in full, what is the status of the purchaser's interest in the property?

Answer 56

purchaser has equitable title in the property pg215

Question 57

Three years ofter signing a five-year lease, business A outgrew its rental space. Business A would like business B to take on the responsibility of the lease for the remaining two years. B can do this through a(n)

Answer 57

an assignment pg327-328

Question 58

An ownership interest that permits multiple purchasers to buy interests in the same piece of real estate is a

Answer 58

time-share pg148

Question 59

For an offer to purchase real estate to become a sales contract, whos signature is necessary?

Answer 59

buyer's and seller's pg189-190

Question 60

A borrower just made the final payment on a mortgage loan. Regardless of this fact, the records will still show a lien on the mortgaged property until what happens?

Answer 60

a satisfaction of the mortgage document is recorded pg287

Question 61

if the annual net income from a commercial property $22,000 and the capitalization rate is 8%, what is the value of the property using the income approach?

Answer 61

$275,000 pg365-366

Question 62

A sponsoring broker enters into a listing agreement with a seller in which the seller will receive $120,000 from the sale of a vacant lot and the sponsoring broker will receive any sale proceeds exceeding that amount. This is what type of listing?

Answer 62

Net pg89

Question 63

an individual sold her house and moved into a cooperative apartment. Under the cooperative form of ownership, the individual will:

Answer 63

Become a shareholder in the corporation pg147

Question 64

A defect or a cloud on title to property may be cured by

Answer 64

obtaining proof of satisfaction from all appropriate parties pg240

Question 65

A buyer signed an exclusive-agency buyer agency agreement with a sponsoring broker. If the buyer finds a suitable property with no assistance from any licensee, the sponsoring broker is entitled to what kind of compensation

Answer 65

No compensation under the terms of this type of agreement pg103

Question 66

Under the terms of a net lease, a commercial tenant usually would be responsible for paying:

Answer 66

real estate taxes pg329

Question 67

the fair housing act of 1968 prohibits discrimination based on:

Answer 67

race pg397

Question 68

If a borrower must pay $6,000 for points on a $150,000 loan, how many points is the lender charging for this loan?

Answer 68

4 pg284

Question 69

What is the difference between a general lien and a specific lien?

Answer 69

a specific lien is alien against a certain parcel of real estate, while a general lien covers all of a debtor's property pg171

Question 70

in an option to purchase real estate, which of these statements is TRUE of the optionee? * the optionee must purchase the property but may do so at any time within the option period. * the optionee is limited to a refund of the option consideration if the option is exercised * the optionee cannot obtain third-party financing on the property until after the option has expired. * the optionee has no obligation to purchase the property during the option period

Answer 70

the optionee has no obligation to purchase the property during the option period pg214

Question 71

In 2004, an owner constructed a building that was eight stories high. In 2014, The municipality changed the zoning ordinance a prohibited buildings taller than six stories. Which of these statements ins TRUE regarding the existing eight-story building? * the building must be demolished * the building is a conditional use * the building is a nonconforming use * The owner must obtain a variance

Answer 71

The building is a nonconforming use pg385

Question 72

How many acres are there in the north 1/2 of the south west 1/4 and the north east 1/4 of the south east 1/4 section?

Answer 72

120 pg159

Question 73

A home is the smallest in a neighborhood of large, expensive houses. The effect of the other houses on the value of this particular home is called

Answer 73

Progression pg360

Question 74

What kind of lien is created as a result of a judgement, estate or inheritance taxes, the decedent's debts, or unpaid federal income taxes?

Answer 74

General pg171

Question 75

A broker received a deposit along with a written offer from a buyer. The offer stated: "The offeror will leave this offer open for the seller's acceptance for a period of 10 days." On the fifth day, and before acceptance by the seller, the offeror notified the broker that the offer was withdrawn and demanded the return of the deposit. Under these circumstances, the offeror

Answer 75

has the right to withdraw the offer and secure the return of the deposit any time before being notified of the seller's acceptance. (pg 189 - 190)

Question 76

A man and a woman own property as joint tenants. The woman sells her interest co another woman. What is the relationship between the man and the second woman regarding the Property?

Answer 76

Tenants in common (pg 138)

Question 77

A property owner and a tenant verbally enter into a six-month lease. If the tenant defaults, the property owner may: * not bring a court action because six-month leases must be in writing under the parol evidence rule. * not bring a court action because the statute of frauds governs six-month leases * bring a court action because six-month leases need not be in writing to be enforceable * bring a court action because the statute of limitations does not apply to oral leases, regardless of their term.

Answer 77

bring a court action because six-month leases need not be in writing to be enforceable (pg 320)

Question 78

On monday, a woman offers to sell her vacant lot to a man for $35,000. On tuesday the man counteroffers to buy the lot for $25,500. On Friday, the man withdraws his counteroffer and accepts the Woman's original price of $35,000. Under these circumstances, * a valid agreement exists because the man accepted the woman's offer exactly as it was made, regardless of the fact that it was not accepted immediately. * a valid agreement exists because the man accepted before the woman advised him that the offer was withdrawn. * no valid agreement exists because the woman's offer was not accepted within 72 hours of its having been made. * no valid agreement exists because the man's counteroffer was not withdrawn within 24 hours.

Answer 78

no valid agreement exists because the man's counteroffer was not withdrawn within 24 hours. (pg 189-190)

Question 79

A property owner's neighbors use her driveway to reach their garage, which is on their property. The property owner's attorney explains that the neighbors have an easement appurtenant that gives them the right to use her driveway. The property owner's property is what kind of tenement?

Answer 79

servient tenement (pg 125)

Question 80

What action returns the parties to a contract to their original positions, before the contract, including the return of any deposits?

Answer 80

Rescission (Page 195)

Question 81

A deed conveys ownership to the grantee "as long as the existing building is not torn down." What type of estate does this deed create?

Answer 81

A (page 120)

Question 82

Taxes levied on a property owner to pay for installation of sidewalks or sewers are called

Answer 82

ad valorem taxes (page 173)

Question 83

What do local zoning ordinances regulate?

Answer 83

permitted land uses (pg 382)

Question 84

a sponsoring broker took a listing and later discovered that a court had previously declared the client incompetent. At this point the status of the listing is

Answer 84

of no value to the sponsoring broker because the contract is void (page 191)

Question 85

a borrower defaulted on his home mortgage loan payments, and the lender obtained a court order to foreclose on the property. At the foreclosure sale, The property sold for $164,000; the unpaid balance on the loan at the time of foreclosure was $178,000. What must the lender do to recover the $14,000 that the borrower still owes?

Answer 85

seek a deficiency judgment (page 293)

Question 86

Which of these is except from the federal fair housing act of 1968? * the sale of listed, owner-occupied single family home when the listing broker does not advertise the property * the refusal to rent to an apartment to a physically disabled person * an owner-occupied building with no more than four units * The restriction of noncommercial housing where a certified statement has not been filed with the government

Answer 86

an owner-occupied building with no more than four units (page 400)

Question 87

when compared with a 30 year payment period, taking out a loan with a 20 a year payment period, taking out a loan with a 20 year payment results in?

Answer 87

Higher monthly payments (page 304)

Question 88

A licensee arrives to present a purchase offer to an older man, who is seriously ill, and finds the man's son and daughter in law also present. The son and daughter in law urge the man to accept the offer, even though it is much less than the asking price for the property. If the man accepts the offer, the man may later claim that * the licensee improperly presented an offer that was less than the asking price * the licensee's failure to protect the man from the son and daughter in law constituted a violation of the licensee's fiduciary duties. * The mans' rights under the ADA have been violated by the son and daughter in law * the man was under undue influence from the son and daughter in law, so the contract is voidable.

Answer 88

the licensee's failure to protect the man from the son and daughter in law constituted a violation of the licensee's fiduciary duties. (page 35)

Question 89

a deed of conveyance contained only the following guarantee: "This property was not encumbered during the time the grantor owned it except as noted in this deed." What type of deed did the grantor give to the grantee?

Answer 89

Special warranty (page 225)

Question 90

An unmarried couple owns a parcel of real estate. Each owns an undivided interest, with the man owning one third and the woman owning two thirds. The form of ownership under which the couple owns their property is

Answer 90

tenancy in common (page 135)

Question 91

A man agrees to purchase a house for $84,000. He pays $2,000 as earnest money and obtains a new mortgage loan for $67,000. The purchase contract provides for a march 15 settlement. He and the sellers prorate the present year’s real estate taxes of $1,880.96, which have been prepaid. The man has additional closing costs of $1,250, and the sellers have other closing costs of $850. Using the actual number of days method, how much cash must the man bring to the settlement?

Answer 91

$19,649 (Page 456)

Question 92

A broker advertised a house he had listed for sale at the price of $247,900. An African American saw the house and was interested in it. When the prospect asked the broker the price of the house, the broker told the prospect $253,000. Under the federal fair housing act of 1968, such a statement is

Answer 92

Illegal because the terms of the potential sale were changed for the african american (page 399)

Question 93

An owner placed her farm in a trust, naming herself as the beneficiary. When the owner died, her will directed the trustee to sell the farm and distribute the proceeds of the sale to her heirs. The trustee sold the farm in accordance with the will. What type of deed was delivered at settlement?

Answer 93

Trustee’s deed (Page 142)

Question 94

An appraiser has been hired to prepare an appraisal report of a property for loan purpose. The property is an elegant old mansion that is now leased out as a restaurant. To which approach to value should the appraiser probably give the greatest weight when making this appraisal?

Answer 94

Income (page 365)

Question 95

An applicant applies for a mortgage, and the loan officer suggests that she might consider a term mortgage loan. Which of these statements BEST explains what the loan officer means? * All the interest is paid at the end of the term * The debt is partially amortized over the life of the loan * The length of the term is limited by state law * The entire principal amount is due at the end of the term

Answer 95

The entire principal amount is due at the end of the term (page 303)

Question 96

A condominium community offers a swimming pool, tennis courts, and biking trail. These facilities are most likely owned by who?

Answer 96

Unit owners in the form of percentage undivided interests (page 145)

Question 97

On a closing statement in a typical real estate transaction, the buyer's earnest money deposit is reflected as a: * credit to the buyer and a debit to the seller. * credit to the seller and a debit to a buyer. * credit to both the buyer and the seller * debit to the buyer only

Answer 97

credit to the buyer and a debit (page 454)

Question 98

prepaid insurance and tax reserves, in which the buyer assumes the mortgage, will appear on a typical closing statement as a * credit to the buyer and a debit to the seller * credit to the seller only * debit to the seller only * debit to the buyer and a credit to the seller

Answer 98

debit to the buyer and a credit to the seller (page 454)

Question 99

real property can become personal property by the process called

Answer 99

severance (page 17)

Question 100

Property owners give a neighbor permission to park a camper in their yard for a few weeks. The property owners do not charge rent for the use of the yard. The property owners have given the neighbor

Answer 100

a license (page 127)

Question 101

a tenant's lease has expired, but the tenant has not vacated the premises or negotiated a renewal lease. The landlord has declared that the tenant is not to remain in the building. This situation is an example of

Answer 101

tenancy at sufferance (page 322)

Question 102

A property owner signs a listing agreement with a sponsoring broker. A second broker obtains a buyer for the house, and the sponsoring broker does not receive a commission. The sponsoring broker does not sue the seller. The listing agreement between the seller and the sponsoring broker was most likely what kind of agreement?

Answer 102

an open agreement (page 89)

Question 103

A sponsoring broker established the following office policy "All listings taken by any licensee associated with this real estate brokerage must include compensation based on a 5% commission. No lower commission rate is acceptable." If the sponsoring broker attempts to impose this uniform commission requirement. which of these statements is true? * a homeowner may sue the sponsoring broker for violating the antitrust law's prohibition against price-fixing * the licensee associated with the brokerage will not be bound by the requirement and may negotiate any commission rate they choose. * the sponsoring broker must present the uniform commission policy to the local professional association for approval * the sponsoring broker may, as a matter of office policy, legally set the minimum commission rate acceptable for the firm.

Answer 103

the sponsoring broker may, as a matter of office policy, legally set the minimum commission rate acceptable for the firm. (page 75)

Question 104

Because the owner of an apartment building failed to perform routine maintenance, the apartment building's central heating system broke down in the fall. The owner neglected to have the heating system repaired, and a tenant had no heat in her apartment for the first six weeks of winter. Although eight months remained on the tenant's lease, she moved out of the apartment and refused to pay any rent. If the owner sues to recover the outstanding rent, What would be the tenants best defense?

Answer 104

The landlord's actions constituted constructive eviection (Page 327)

Question 105

A buyer purchased a parcel of land and immediately sold the mineral rights to an oil company. The buyer gave up which one of his rights?

Answer 105

Subsurface rights (Page 13)

Question 106

A developer built a six story structure. Several years later, an ordinance was passed in that area banning any building six stories or higher. This building is a...

Answer 106

nonconforming use (Page 384 - 385)

Question 107

What is the maximum capital gains tax exclusion allowable for a married couple, filing jointly, who have lived in their home for the past 3.5 years?

Answer 107

$250,000 (Page 26)

Question 108

Statements by a real estate licensee that somewhat exaggerate the intangibles of a property without committing fraud are called

Answer 108

puffing (Page 42)

Question 109

When planning a subdivision, a developer should determine the kinds of land uses to be involved and the amounts of land to be allocated to each use by considering

Answer 109

The comprehensive plan of the local government (Page 381-382)

Question 110

Which of these is TRUE regarding condominiums? * If a unit owner does not pay the monthly maintenance fee, the entire community will be foreclosed * The covenants and restrictions define the responsibilities of the owners and declare how the homeowners association will operate the condo community * If one unit owner defaults on property taxes, those taxes will be owed by the remaining owners * A condominium unit may be mortgaged like any other parcel of real estate

Answer 110

A condominium unit may be mortgaged like any other parcel of real estate (Page 145)

Question 111

Which of these is a legal practice? * to refuse to sell, rent or negotiate with a person because of race * as a property manager, to check the credit of females only * to display the equal housing opportunity poster * to refuse to let persons with a disability, at their expense, modify a dwelling

Answer 111

To display the equal housing opportunity poster (Page 145)

Question 112

Which of these is a voidable contract? * a contract with no contingencies * A contract entered into on a legal holiday * A contract that has not been recorded with the recorder of deeds * a contract entered into by a minor

Answer 112

A contract entered into by a minor (Page 192)

Question 113

An owner entered into a three- month listing agreement with a sponsoring broker. Last week, the owner also entered into the same three month listing agreement with two separate brokers. What kind of listing has the owner negotiated?

Answer 113

open listing (Page 89)

Question 114

An appraiser was contracted to determine the value of a large apartment building for a potential investor client. Which appraisal method is the MOST useful for this type of property?

Answer 114

income approach (Page 365)

Question 115

A large manufacturing company agrees to relocate to an economically depressed neighborhood of Chicago if the city can provide suitable property in a short period. The property needed is a large vacant lot owned by an investment partnership that refused to sell. if the City of Chicago wants to relieve unemployment in the neighborhood and improve commercial conditions in the city by bringing in the manufacturer immediately, what can the city legally do?

Answer 115

Obtain immediate rights of possession and use by depositing a sum of money that a court preliminarily considers to be just compensation with the county treasurer through a process called quick take (Page 117)

Question 116

Illinois law requires that a reprinted offer to purchase that is intended to become a binding contract have which of these headings? * Real Estate Sales Contract * Offer to Purchase * Standard Purchase Offer and Contract * Purchase offer form

Answer 116

Real Estate Sales Contract (Page 196)

Question 117

In 1971 a developer conveyed a motel and restaurant to an investor "on condition that no liquor is ever served on the property." The conveyance provided that if liquor were served on this property, ownership would revert to the developer. In 2014, the investor sold the motel and restaurant to his son Based on these facts, which statement is TRUE: * The sale of the motel and restaurant in 2014 extinguished the developer's right of reverter * Both the developer's right of reverter and the condition expired by operation of illinois statute in 2000; the investor is free to sell the motel and restaurant without condition * While the condition continues forever, the developer's right of reverter expires after 40 years. * Both the condition and the developer's right of reverter automatically expired in 2005

Answer 117

While the condition continues forever, the developer's right of reverter expires after 40 years. (Page 119-120)

Question 118

A couple is married, and both are illinois residents. If their co-owned home is sold to satisfy their unpaid credit card debts, what is the maximum the creditors will receive if the property sells for $165,000?

Answer 118

$135,000 (Page 123)

Question 119

Which of these statements in a deed would establish a valid tenancy by the entirety in illinois? * "To A and B, a lawfully married couple, as tenants by the entirety" * "To A and B, husband and wife, not as joint tenants or tenants in common but as tenants by the entirety" * "To A and B jointly, as married tenants by the entirety" * "To A and B as tenants by the entirety in accordance with illinois law"

Answer 119

"To A and B, husband and wife, not as joint tenants or tenants in common but as tenants by the entirety" (Page 139)

Question 120

An ownership arrangement in which the purchaser receives a fee simple ownership in real property for longer than three years but the right to actually use the property for a specific period of less than one year (on a recurring basis) is a...

Answer 120

time-share estate (Page 148-149)

Question 121

Which of these would be required to be surveyed and have a plat recorded under the illinois plat act? * An owner divides a 30-acre parcel into five equal lots * An owner divides a 20-acre parcel into five equal lots. * An owner conveys a single 20-acre parcel * An owner divides a single 20-acre parcel into two 6-acre lots and an 8-acre lot

Answer 121

An owner divides a 20-acre parcel into five equal lots. (Page 164)

Question 122

The general datum plane referred to by surveyors throughout illinois is the

Answer 122

North American Vertical Datum (Page 165)

Question 123

While the identity is of the beneficiary of a land trust is not usually disclosed without the beneficiary's written permission, under what conditions may the trustee be compelled to do so?

Answer 123

*When applying to a state agency for a license or permit affecting the property (Page 142)

Question 124

An owner paid the first installment of her illinois general real estate tax on july 1. The amount due was $2,380. If the county assessor issued the owner's bill 30 days before the penalty date of June 1, does the owner owe any penalty?

Answer 124

Yes; the owner will have to pay $71.40 as a penalty in addition to the real estate tax owed

Question 125

A judgment issued by an illinois court is what kind of lien?

Answer 125

General, involuntary, equitable lien on both real and personal property owned by the debtor. (Page 180)

Question 126

A man owned property in Peoria before his marriage. The wife has no ownership interest in the property. The owner and his wife live in Chicago, and a tenant occupies the house in Peoria. If the owner wants to sell the property, who is required by law to sign the listing agreement?

Answer 126

The owner only because he and his wife do not live in the house (Page 122-123)

Question 127

A common item appearing in an illinois listing agreement is

Answer 127

The time duration of the listing (Page 102)

Question 128

In illinoi, which agency is responsible for licensing leasing agents?

Answer 128

Illinois department of financial and professional regulation (Page 248)

Question 129

In illinois, when a sponsoring broker is taking a listing and asks the seller to complete a disclosure of property conditions, * The disclosures are optional, and the seller may avoid liability by refusing to make any disclosure about the condition of the property. * The standard disclosures cover a narrow range of structural conditions only * The sponsoring broker should give the seller advice regarding which property conditions to disclose and which to ignore * seller disclosure of known property conditions is requires by illinois statue

Answer 129

seller disclosure of known property conditions is requires by illinois statue (Page 37)

Question 130

How long must a claimant hold adverse, exclusive, continuous, and uninterrupted use of a property under claim of right in illinois in order to obtain a prescriptive easement in illinois?

Answer 130

20 years (page 126)

Question 131

An illinois real estate licensee is the listing agent for a home. After one month of the three month listing passes without any offers on the property, the licensee becomes concerned. At the time the listing agreement was signed, the licensee and the sellers orally agreed that if no offers were received after one month, the price of the property would be reduced by 10% because the sellers are out of town, the licensee crosses out the old listing price, writes in the new one, and then updates the information on the multiple listing service. Three days later a prospective buyer comes into the listing licensee's office to make an offer on the property. Based on these facts, which of these statements is true? * Illinois licensee are prohibited by law from making any addition to, deletion from, or other alteration of a written listing agreement without the written consent of the principal * although illinois law usually prohibits altering a written listing agreement, the listing licensee acted properly in this situation because the sellers were out of town * changing the listing price of a property is a matter of professional discretion, and illinois licensees are permitted to make alterations to only that aspect of a listing agreement without the written consent of the principal * Although illinois law usually prohibits altering a written listing agreement, the listing licensee acted properly in this situation because of the prior oral agreement with the sellers.

Answer 131

Illinois licensee are prohibited by law from making any addition to, deletion from, or other alteration of a written listing agreement without the written consent of the principal (Page 196)

Question 132

A sponsoring broker signs a listing agreement with a seller. The agreement contains the following clause: "If the property has not been sold after three months from the date of this signing, this agreement will automatically continue for additional three-month periods thereafter until the property is sold." Based on these facts, which statement is TRUE? * The agreement is legal under illinois law because it contains a reference to a specific time limit * This agreement is illegal in illinois * illinois law will automatically apply a statutory six-month lasting period to this open listing * This agreement is legal under illinois law because the time periods are for less than six months each

Answer 132

This agreement is illegal in illinois (Page 102)

Question 133

Under land contract in in illinois, what type of title does the purchaser have until the final closing when the obligation to the seller is paid in full?

Answer 133

Equitably title (Page 215)

Question 134

How are the members of the illinois real estate administration and disciplinary board selected

Answer 134

Appointed by the governor (Page 249)

Question 135

What is the advantage of seeking an injunction against a licensee who is violating the real estate license act of 2000?

Answer 135

It stops the violation from continuing (Page 273)

Question 136

An illinois licensee's license may be suspended or revoked for which of the following actions? * Giving earnest money to his or her sponsoring broker rather than depositing it directly * being declared mentally incompetent * disclosing agency * Displaying a for sale sign on a property with the owner's consent

Answer 136

Being declared mentally incompetent (Page 269)

Question 137

In illinois, which of these is a required element of a valid deed? * Specifically identified grantee * Notarization of grantees' signature * Hold harmless clause * Name of the lender

Answer 137

Specifically identified grantee (Page 221)

Question 138

An approximately straight line (Except for corrections) connecting rockford and Cairo is the

Answer 138

Third principal meridian (Page 157)

Question 139

A sponsoring broker received an earnest money deposit along with a sales contract from a buyer. Under Illinois law, what must the sponsoring broker do with the money?

Answer 139

Deposit the money in an existing special non-interest bearing escrow account in which all earnest money received from buyer may be held at the same time (Page 37)

Question 140

Chicago bar association, el al v. quinlan and tyson, inc., established what principal in illinois real estate law?

Answer 140

Real estate licensees may only fill in blanks and make appropriate deletions on preprinted standard form contracts (Page 196)

Question 141

Under illinois law, what is the statutory usury ceiling on loans secured by real estate?

Answer 141

No limit (Page 283)

Question 142

A real estate licensee is aware that certain areas of the city are particulary unfriendly to members of certain minority groups. For these groups' own protection, the licensee shows members of such groups homes for sale only in "Friendly" neighborhoods into which members of their minority group have moved int eh past. Based on these facts, which of these statements is true? * The real estate license act of 2000 does not prohibit the licensee's actions because the licensee is being protective rather than discriminatory * The critical element in this type of activity is profit motive; if the licensee's actions are not driven by increased profits, the licensee will not be subject to discipline under the Real Estate License Act of 2000 * While the licensee's actions are clearly prohibited by Illinois statute, the Real Estate License Act of 2000 does not address blockbusting or steering * The licensee's actions are expressly prohibited by the Real Estate License Act of 2000.

Answer 142

The licensee's actions are expressly prohibited by the Real Estate License Act of 2000. (Page 270)

Question 143

The sale price of the property is $250,000. What is the Illinois state transfer tax on this transaction?

Answer 143

$250 (Page 226 - 227)

Question 144

IDFPR may NOT * Conduct license examinations * Issue and renew licenses * impose jail time on persons who violate license law * collect fees from applicants and licensees

Answer 144

impose jail time on persons who violate license law (page 272-273)

Question 145

In illinois, how must the real property transfer tax be paid?

Answer 145

By purchasing transfer tax stamps from the county recorder or appropriate local authority (Page 228)

Question 146

In illinois, which property is totally exempt from paying general real estate taxes?

Answer 146

Private Schools (Page 173)

Question 147

A landlord has a "no pets" policy in his apartment building. If a visually impaired person wants to rent an apartment from the landlord, but owns a guide dog, which of these statements is TRUE? * If the landlord's "no pets" policty is applied uniformly, in a nondiscriminatory manner, it may be legally applied to the guide dog as well. * The illinois human rights at specifically specifically prohibits the landlord from refusing to rent the apartment to the visually impaired person on the basis of the landlord's "no pets" policy * Under the illinois Human Rights Act, the landlord may not discriminate against the visually impaired person on the basis of a "no pets" policy, but the landlord may require the tenant to pay an additional damage fee. * The illinois Human rights act does not address the issue of guide, hearing, or support dogs

Answer 147

The illinois human rights at specifically specifically prohibits the landlord from refusing to rent the apartment to the visually impaired person on the basis of the landlord's "no pets" policy (Page 400)

Question 148

Real property was conveyed for $185,000. What amount will have to be paid in county transfer tax?

Answer 148

$92.50 (Page 226 - 227)

Question 149

Which of these statements is TRUE of all illinois county having fewer than 60,000 residents? * The recorder of deeds must be elected. * deeds are recorded by the elected recorder of deeds in the nearest county having a population over 60,000. * The city clerk of the largest population center acts as recorder of deeds * The county clerk of the largest population center acts as recorder of deeds * The county clerk also serves as recorder of deeds

Answer 149

The county clerk also serves as recorder of deeds (Page 238)

Question 150

Which is a requirment for a deed to be recorded in illinois * The name of the grantee typed or printed below the grantee's signature * Payment of required tax stamps * A blank page for use by the recorder * The name, address, and age of the grantee

Answer 150

Payment of required tax stamps (page 239)

Question 151

What is the purpose of the Real Estate Recover Fund?

Answer 151

Compensate individuals who suffer losses due to the wrongful acts of a licensee (Page 274)

Question 152

Which activity requires a real estate license? * An MLS providing listing information to members * A resident manager who collects rent on behalf of a building owner * A service that, for a fee, matches individuals who want to buy a sell properties * An executor selling a decendent's building

Answer 152

A service that, for a fee, matches individuals who want to buy a sell properties (Page 250 - 251)

Question 153

In illinois, if the buyer of a property is a licensed broker, * the buyer does not need to disclose this fact * This must be disclosed after closing * the buyer must only disclose if asked * This must be disclosed in writing to the parties to the transaction

Answer 153

This must be disclosed in writing to the parties to the transaction (Page 267)

Question 154

What is the name of the act that requires that illinois developer file statements of record with HUD before they offer unimproved lots for sale in interstate commerce via telephone?

Answer 154

Interstate land sales full disclosure act (Page 389)

Question 155

in illinois, if an owner defaults on a mortgage loan and the property is ordered sold at a foreclosure sale, the owner may redeem the property.. * before the sale, under the statutory right of redemption. * before the sale, under the equitable right of redemption * after the sale, under the equitable right of redemption * after the sale, under the statutory right of redemption. * after the sale, under the equitable right of redemption

Answer 155

before the sale, under the equitable right of redemption (Page 292)

Question 156

For three days, a man watched from his kitchen window as a small construction crew built an attractive gazebo in his backyard. The man had not contracted with anyone to build a gazebo and in fact had never given much thought to having one. but the man liked what he saw. When the contractor presented the man with a bill for the work, the man refused to pay, pointing out that he'd never signed a contract to have the work done. Can the contractor impose a mechanic's lien on the man's property under illinois law?

Answer 156

yes; if a landowner knows of work being done on the property and does not object or disclaim responsibility, and mechanic's lien may be created (Page 179)

Question 157

A woman's property in Peoria has an assessed value of $175,000. The local tax rate is 3%, and no equalization factor is used. If the tax was levied in april 2011, the woman had to pay how much?

Answer 157

$2,625 on June 1, 2012 (page 176)

Question 158

In illinois, real estate licensees may: * Complete a bill of sale after a sales contract has been signed * fill in blanks on preprinted form contracts customarily used in the their own community * Suggest additional language to be added to a preprinted sales contract by a buyer or a seller. * explain the legal significance of specific preprinted contract clauses to a buyer or seller

Answer 158

fill in blanks on preprinted form contracts customarily used in the their own community (page 196)

Question 159

For which of the following acts is IDFPR required to suspend or revoke a licensee's license? * failing to perform as promised in a guaranteed sales plan * having been found liable in a civil trial for illegal discrimination * commingling others' money or property with the licensee's own * failing to provide information requested by IDFPR within 30 days of the request as part of a complaint or audit procedure

Answer 159

having been found liable in a civil trial for illegal discrimination (Page 271)

Question 160

Three weeks before a man begins his illinois real estate prelicense class, he offers to help his neighbor sell her house. The neighbor agrees to pay him 5% commission. An offer is accepted while the man is taking the class and closes the day before the man passes the examination adn receives his real estate license. The neighbor refuses to pay the man the agreed commission. Can the man sue to recover payment?

Answer 160

no; illinois law prohibits lawsuits to collect commissions unless the injured party is a real estate licensee, and the license was in effect before the agreement was reached. (Page 76)

Question 161

A woman has a mortgage loan secured by real property. Under recent law, the woman may terminate the loan's escrow account when the remaining balance is equal to or less than what percentage of the original amount

Answer 161

65% (Page 307)

Question 162

Three people decide to form a partnership to buy and sell real estate. One partner plans to specialize in residential real estate, the second in commercial real estate, and the third does not plan to list, sell, or rent, but to supervise the office decor and plan holiday parties. Under these facts, which of the general partners needs to be licensed for the partnership to qualify for a broker's license in Illinois

Answer 162

all general partners in a general partnership must hold a broker or managing broker license (page 143)

Question 163

Regarding mortgages, illinois is most accurately described as: * an intermediate mortgage theory state * a lien-theory state * a title-theory state. * an equitable-theory state

Answer 163

an intermediate mortgage theory state (page 281)

Question 164

Which of these is legal in illinois? * Offering finder's fees to consumers * giving referral fees to other licensees * using a lottery to convey the property * indicating a "standard commission" when asked

Answer 164

giving referral fees to other licensees (Part250 - 251)

Question 165

Regarding security deposits, what difference is there between requirements for the landlord of a three-unit apartment building and the landlord of a 30-unit apartment?

Answer 165

Only the landlord of the 30-unit building is required to pay interest on security deposits (Page 325)

Question 166

How many members on are the illinois real estate administration and disciplinary board?

Answer 166

9 (Page 249)

Question 167

In illinois, how much written notice is a landlord required to give a tenant to pay overdue rent before terminating the lease, when the tenant is in default only for failing to pay rent on time?

Answer 167

5 days (Page 331)

Question 168

In illinois, if a home rule county has an ordinance that conflicts with that of a home rule city, whos ordinance will prevail?

Answer 168

The city's ordinance (Page 381)

Question 169

A nonpossessory interest in real property is also called

Answer 169

an encumbrance (Page 123)

Question 170

When a broker is representing her client, she is MOST likely acting as

Answer 170

A special agent

Question 171

Which lien has priority in a foreclosure sale? * Fire lien recorded * mechanics or material men who file a timely notice after commencing work on the property * Delinquent property taxes * mortgagee or original lender

Answer 171

Delinquent property taxes (Page 172)

Question 172

The individual appointed to the position of real estate coordinator... * may not have held a real estate license in the past * must surrender the real estate license for the duration of the appointment * must hold an active real estate license * must sign a statement that she will not pursue real estate activities that require a license during the appointment.

Answer 172

must surrender the real estate license for the duration of the appointment (Page 249)

Question 173

What is the penalty if a person is convicted of practicing real estate without first obtaining a real estate license?

Answer 173

Up to $25,000 for each offense (Page 253)

Question 174

A landlord sold an apartment building so that a freeway can be built. The tenant's lease has expired, but the landlord permits him to stay in the apartment until the building is torn down. The tenant continues to pay the rent as prescribed in the lease. What kind of tenancy does the tenant have?

Answer 174

Tenancy at will (Page 322)

Question 175

The owner of a house wants to fence the yard for her dog. When the fence is erected, the fencing materials are converted to real estate by...

Answer 175

Attachment (Page 18)

Question 176

A man wants to sell his house as quickly as possible and believes that the best way to do this is to have several brokers compete against one another for the commission. The man's listing agreements with four different brokers specifically promise that if one of them finds a buyer for his property, the man will be obligated to pay a commission to that broker. What type of agreement has the man entered into?

Answer 176

Redemption (Page 292)

Question 177

A woman enters into a sale-leaseback agreement with a man, under which the man will become the owner of the woman's ranch. Which of these statements is TRUE of this arrangement? *The woman retains title to the ranch. The man receives possession of the property. *The man is the lessor *the woman is the lessor

Answer 177

The man is the lessor (page 311)

Question 178

An investor hires a real estate licensee to locate suitable properties for investment purposes. When the licensee finds a property that the investor might be interested in buying, she is careful to find out as much as possible about the property's owners and why their property is on the market. The licensee's efforts to keep the investor informed of all facts that could affect a transaction is the common-law duty of

Answer 178

Obedience (Page 37)

Question 179

A parcel of vacant land 80 feet wide and 200 feet deep was sold for $200 feet per front foot. How much money would a broker receive for her 60% share in the 10% commission?

Answer 179

$960 (Page 78)

Question 180

Which situation violates the federal fair housing act of 1968? * The refusal of a property manager to rent an apartment to a catholic couple who is not otherwise qualified * The general policy of a loan company to grant home improvement loans to qualified individuals living in transitional neighborhoods. * A widowed woman's insistence on renting her spare bedroom only to another widowed woman * The intentional neglect of a broker to show an Asian family any property listing in all white neighborhoods

Answer 180

The intentional neglect of a broker to show an Asian family any property listing in all white neighborhoods (Page 402)

Question 181

A seller sold a 2-acre parcel for $1.50 per square foot. What was the total sales price?

Answer 181

$130,680 (Page 160)

Question 182

A condo was purchased for $1250,000. It appraised for $120,500 and previously sold for $118,250. Based on these facts, if the purchaser applies for 80% mortgage, what amount of the loan will the purchaser receive?

Answer 182

$96,400 (Page 306)

Question 183

A buyer and a seller both sign a purchase contract. What kind of title interest, if any, does the buyer have in the property at this point?

Answer 183

Equitable (Page 213)

Question 184

Which of these federal laws requires that finance charges be stated as an annual percentage rate?

Answer 184

Truth in Lending act (Page 313)

Question 185

A seller signed a 90-day listing agreement with a sponsoring broker. Two weeks later, the seller was killed in an accident. What is the present status of the listing?

Answer 185

The listing agreement terminated automatically when the seller died (Page 109)

Question 186

A woman conveys ownership of an office building to a nursing home. The nursing home agrees that the rental income will pay for the expenses of caring for the woman's parents. When the woman's parents die, ownership of the office building will revert to the woman. The estate held by the nursing home is a

Answer 186

Life estate pur autre vie (Page 121)

Question 187

A purchaser signs a buyer's brokerage agreement under which the licensee will help the purchaser find a three-bedroom house in the $285,000 to $300,000 price range. A seller comes into the licensee's office and signs a listing agreement to sell the seller's two-bedroom condominium for $170,000. Based on these facts, which of these statements is TRUE * The purchaser is the licensee's client; the seller is the licensee's customer * The purchaser is the licensee's customer; the seller is the licensee's client * While both the purchaser and the seller are client,s the licensee owes the fiduciary duties of an agent only to the seller. * Because both the purchaser and the seller are the licensee's clients, the licensee owes the fiduciary duties of an agent to both

Answer 187

Because both the purchaser and the seller are the licensee's clients, the licensee owes the fiduciary duties of an agent to both (Page 34)

Question 188

In a township of 36 sections, which of these statements is TRUE * Section 31 lies to the east of section 32 * Section 18 is by law set aside for school purposes * section 6 lies in the northeast corner of the township * Section 16 lies to the north of section 21

Answer 188

Section 16 lies to the north of section 21 (Page 159)

Question 189

A lawyer represented the seller in a transaction. Her client informed her that he did not want to recite the actual consideration that was paid for the house. Based on these instructions, the lawyer * Must inform her client that only the actual price of the real estate may appear on the deed * May prepare a deed that shows only nominal consideration of $10 * Should inform the seller that either the full price should be stated in the deed or all references to consideration should be removed from it * May show a price on the deed other than the actual price, provided that the variance is not greater than 10% of the purchase price

Answer 189

May prepare a deed that shows only nominal consideration of $10 (Page 222)

Question 190

A sponsoring broker obtained a listing agreement to act as the listing agent in the sale of the client's home. When a buyer was found for the property, all agreements were signed. As a n agent for the seller, the sponsoring broker is responsible for * Completing the buyer's loan application. * Making sure that the buyer receives copies of all documents the seller is required to deliver to the buyer. * ensuring that the buyer is qualified for the new mortgage loan * scheduling the buyer's inspection of the property

Answer 190

Making sure that the buyer receives copies of all documents the seller is required to deliver to the buyer. (Page 37)

Question 191

What is a real estate broker's share of the commission when the sales price of a property is $195,000 and the broker is entitled to 65% of the 7.5% commission?

Answer 191

$9,506.25 (Page 78)

Question 192

If an appraiser is estimating the value of a property using the cost approach, which of these describes what the appraiser should do? * Estimate the replacement cost of the improvements * Deduct the depreciation of the land and buildings * Determine the original cost and adjust for depreciation * review the sales prices of comparable properties

Answer 192

Estimate the replacement cost of the improvements (Page 362)

Question 193

Three business days before the closing of a real estate loan transaction, a mortgage loan originator must provide the borrower with the Closing Disclosure (CD). This disclosure is in keeping with which of the following? * Equal Credit Opportunity Act (ECOA) * Truth in Lending Act * TRID * Fair Housing Act

Answer 193

TRID (Page 443)

Question 194

A man conveys a life estate to his siter. Under teh terms of the mans' conveyance, the property will pass to his neice upon his siter's death. Which of these BEST describes the niece's interest in the property during the sister's lifetime? * Remainder * Reversion * Life estate pur autre vie * Redemption

Answer 194

Remainder (Page 121)

Question 195

On a settlement statement ,prorations for real estate taxes paid in arrears are shown as a * credit to the seller and a debit to the buyer * Debit to the seller and a credit to the buyer. * credit to both the seller and the buyer * debit to both the seller and the buyer

Answer 195

Debit to the seller and a credit to the buyer. (Page 454)

Question 196

What type of lease establishes a rental payment and requires that the lessor pay for the taxes, insurance, and maintenance on the property?

Answer 196

Net (Page 329)

Question 197

A conventional loan was closed on July 1 for $57,200 at 13.5% interest amortized over 25 years at $666.75 per month.. On september 1, what would the principal mount be after the monthly payment was made?

Answer 197

$57,176.75 (Page 303)

Question 198

A conventional loan was closed on July 1 for $57,200 at 13.5% interest amortized over 25 years at $666.75 per month.. On september 1, what would the interest portion of the payment be?

Answer 198

$643.50 (Page 303)

Question 199

When a seller listed her home with a broker for $190,000, the seller told the broker, "I have to sell quickly because of a job transfer. If necessary, I can accept a price as low as $175,000." The broker then told a prospective buyer to offer $180,000 "because the seller is desperate to sell the buyer's offer. Based on these facts, the broker * Did not violate his agency relationship with the seller because the broker did not reveal the seller's lowest acceptable price. * violated his agency relationship with the seller. * Acted properly to obtain a quick offer on the seller's property, in accordance with the sellers instructions. * violated his duties toward the buyer by failing to disclose that the seller would accept a lower price than the buyer offered.

Answer 199

violated his agency relationship with the seller. (Page 36)

Question 200

Which of these BEST describes the capitalization rate under the income approach to estimate the value of real estate? * Rate at which a property increases in value * Rate of return a property earns as an investment * Rate of capital required to keep a property operating most efficiently * Maximum rate of return allowed by law on an investment

Answer 200

Rate of return a property earns as an investment (Page 366)

Question 201

On a settlement statement, the cost of the lender's title insurance policy required for a new loan is usually shown as what?

Answer 201

Debit to the buyer (Page 454)

Question 202

an FHA-insured loan for $57,500 at %8.5 for 30 years was closed in July 17,2013. The first monthly payment is due on September 1. Because interest is paid monthly in arrears, what was the amount of the interest adjustment the buyer owes at the settlement, using the statutory method?

Answer 202

$190.07 (Page 1457-458)

Question 203

A seller received an opinion of value from his listing agent of $255,000 for his property. He sold the property for $249,000. Which of the following is TRUE * $255,000 is the market price * $249,000 is the market price * $249,000 is the market value * The market value cannot be determined

Answer 203

$249,000 is the market value (Page 359)

Question 204

A woman has a contract to paint her brother's garage door for $1200. Before starting the project, the woman has a skiing accident and breaks both arms. She asks a friend to take over the job. The friend paints the brother's garage door and the brother pays the friend $1200 for the work. This scenario is an example of

Answer 204

assignment (Page 193)

Question 205

When searching the public record regarding title to a specific property, what is the researcher MOST likely to find

Answer 205

Judgments (Page 237)

Question 206

A rectangular lot is worth $193,600. This value is the equivalent of $4.40 per square foot. If one lot dimension is 200 feet, what is the other dimension?

Answer 206

220 feet (Page 75)

Question 207

A sponsoring broker listed a seller's property an 8% commission rate. After the property was sold and the settlement had taken place, the seller discovered that the broker had been listing similar properties at 6% commission rates. Based on this information alone, which of these statements is true? * The broker has done nothing wrong because a commission rate is always negotiable between the parties * If the broker inflated the usual commission rate for the area, the broker may be subject to discipline by the state real estate commission * The seller is entitled to rescind the transaction based on the principle of lack of reality of consent * the seller is entitled to a refund from the broker of 2% of the commission

Answer 207

The broker has done nothing wrong because a commission rate is always negotiable between the parties (Page 75)

Question 208

A woman has six months remaining on her aprartment lease. Her monthly rent is $1,875. The woman moves out of the apartment, and her friend moves in. The friend pays the woman a monthly rental of $1,700, and the woman continues paying the full rental amount under her lease to the landlord. When the womann's lease term expires, her friend will either move out or sign a new lease with the landlord. This is an example of

Answer 208

*subletting (page 327 - 328)

Question 209

One broker asked another, "will i have to prove that i was the procuring cause if my seller sells the property himself?" The other broker answers, "No, not if you have a(n)...

Answer 209

exclusive-right-to-sell listing (Page 88)

Question 210

The capitalization rate on a property reflects which of these factors? * risk of the investment * replacement cost of the improvements * Real estate taxes * Debt service

Answer 210

risk of the investment (Page 366)

Question 211

A woman just learned that the city would like to tear down three homes across the street and build a new multi-unit apartment building in their place. She wants to sell her home now, before the value decreases. This is an example of

Answer 211

anticipation (Page 360)

Question 212

A person who dies without having made a will is said to be

Answer 212

Intestate (Page 231)

Question 213

A farmer owns the W1/4 of the NW1/4 of the NW1/4 of Section 22. The remainder of the large NW1/4 can be purchased for $300 per acre. Owning the remainder of the NW1/4 of Section 22 would cost the farmer

Answer 213

$42,000 (Page 161)

Question 214

In a standard sales contract, several words were crossed out or inserted by the parties. To eliminate future controversy as to whether the changes were made before or after the contract was signed, the usual procedure is to what?

Answer 214

Have both parties initial or sign in the margin near each change (page 195)

Question 215

The manager of an apartment building receives an 8 1/2% commission for each new tenant that he signs, based on the unit's annualized rent. In one year, the manager signed five new tenants. Three of the apartments rented for $795 per month; one rented for $900 per month; and one rented for $1200 per month. What was the total amount of the manager's new tenant commissions for that year?

Answer 215

$4,574 (Page 343)

Question 216

The monthly rent on a warehouse is $1.85 per square foot. Assuming the warehouse is 36 feet by 200 feet, what is the annual rent?

Answer 216

$13,320 (Page 466)

Question 217

A veteran wishes to refinance his home with a VA-guaranteed loan. The lender is willing but insists on 3 1/2 discount points. In this situation what can the veteran do?

Answer 217

Proceed with the refinance loan and pay the discount points (Page 309)

Question 218

A father owns two properties. He conveys one property to his daughter with no restrictions; the daughter holds all rights to this property forever. The man then conveys the second property to his son "so long as no real estate licensee ever sets foot on the property." If a licensee visits the second property, ownership will revert to the father. Based on these two conveyances, which of these statements is TRUE? * The daughter holds the first property in fee simple; the son holds the second property in fee simple determinable * The daughter holds the first property in fee absolute; the son holds the second property in fee simple defeasible, subject to a condition subsequent. * The son may not transfer ownership of the second property without his father's permission. * The father has retained a right o reentry regarding the second property.

Answer 218

The daughter holds the first property in fee simple; the son holds the second property in fee simple determinable (Page 118-120)

Question 219

A real estate transaction had a closing date of november 15. The seller, who was responsible for costs up and including the date of settlement, paid the property taxes of $1,116 for the calendar year. On the closing statement, the buyer would be debited/credited how much?

Answer 219

debited $139.50 (Page 454)

Question 220

An agreement that ends all future lessor lessee obligations under a lease is called what

Answer 220

A surrender (Page 331)

Question 221

A man buys a house for $234,500. He makes a $25,000 cash down payment and takes out a $209,500 mortgage for 30 years. The lot value is $80,000. If the man wants to depreciate the property over a period of 27 1/2 years, how much will the annual depreciate amount be, using the straight-line method?

Answer 221

$5,618.18 (Page 364)

Question 222

A property manager leased a store for three years. The first year, the store's rent was $1,000 a month, and the rent was to increase 10% per year thereafter. The manager received a 7% commission for the first year, 5% for the second year, and 3% for the balance o the lease. The total commission earned by the property manager was

Answer 222

$1,936 (Page 343)

Question 223

Against a recorded deed from the owner of record, the party with the weakest position is * person with a prior unrecorded deed who is not in possession * Person in possession with a prior unrecorded deed * Tenant in possession with nine months remaining on the lease * Painter who is half-finished painting the house at the time of the sale and who has not yet been paid.

Answer 223

person with a prior unrecorded deed who is not in possession (Page 240-241)

Question 224

An individual bought a home in 2014 for $346,000. Three years later, he sold the home for $374,800 and moved into an apartment, what amount of this transaction is taxable?

Answer 224

None of it (Page 326)

Question 225

A man moved into an abandoned home and installed new cabinets in the kitchen. When the owner discovered the occupancy, the owner had the man ejected. What is the status of the kitchen cabinets?

Answer 225

The man has no right to the cabinets (Page 326)

Question 226

A man, his nephew, and his niece are joint tenants. The man sells his interest to his sister, and then his nephew dies. As a result, which of these statements is true? * The nephew's heirs are joint tenants with the man and his sister * The nephew's heirs and the man are joint tenants, but the sister is a tenant in common * The man is a tenant in common with his sister's and nephew's heirs * The man's niece and the man's sister are tenants in common

Answer 226

The man's niece and the man's sister are tenants in common (Page 137-138)

Question 227

In a settlement statement, the selling price is ALWAYS * A debit to the buyer * A debit to the seller * a credit to the buyer * greater than the loan amount

Answer 227

a debit to the buyer (Page 454)

Question 228

The state wants to acquire a strip of farmland to build a highway. Does the state have the right to acquire privately owned land for public use?

Answer 228

Yes; the state's right is called eminent domain (page 116)

Question 229

A woman's estate was distributed according to her will as follows: 54% to her husband, 18% to her children, 16% to her grandchildren, and the remainder to her college. The college received $79,000. How much did the woman's children receive?

Answer 229

$118,500

Question 230

Which of these is an example of external obsolescence? * Numerous pillars supporting the ceiling in a store * Leaks in the roof of the warehouse, making the premises unusable and therefore unrentable * Coal cellar in a house with central heating * Vacant, abandoned, and run down buildings in an area

Answer 230

Vacant, abandoned, and run down buildings in an area (Page 116)

Question 231

Which of these phrases, when placed in a print advertisement, would comply with the requirements of the Truth in Lending act? * "12% interest" * "12% rate" * "12% annual interest" * "12% annual interest rate"

Answer 231

"12% annual interest rate" (Page 313)

Question 232

If an office building lease does not prohibit assignment or subletting, under what conditions, if any, may the tenant assigns the space? * Only to an associated corporation * Only with any rent increase being split with the owner * After hiring legal counsel to obtain full rights to the lease * Freely

Answer 232

Freely (Page 327)

Question 233

The equal credit opportunity act makes it illegal for lenders to refuse credit to or otherwise discriminate against * a parent of twins who receives public assistance and who cannot afford the monthly mortgage payments * a new home buyer who does not have a favorable credit history * A single person who receives public assistance * an unemployed person with no job prospects and no identifiable source of income

Answer 233

A single person who receives public assistance (Page 313-314)

Question 234

When a woman died, a deed was found in her desk drawer. While the deed had never been recorded, it was signed, dated, and acknowledged. The deed gave the woman's house to a local charity. The woman's will, however provided as follows: "I leave all of the real and personal property that I own to my beloved nephew." In this situation, the house MOST likely will go to the * Charity because acknowledgment creates a presumption of delivery * Charity because the woman's intent was clear from the deed. * Nephew because the woman still owned the house when she died * Nephew because the deed had not been recorded

Answer 234

Nephew because the woman still owned the house when she died (Page 224)

Question 235

If a woman takes out a $90,000 loan at 7 1/2% interest to be repaid at the end of 15 years with interest only paid annually, what is the total interest that the woman will pay over the life of the loan?

Answer 235

$101,250 (Page 303)

Question 236

Jason, a listing agent, is sitting an open house for his client. Jessica enters the open house and likes it. She begins to ask questions about how much she should offer and her best negotiation tactics. Jason is happy to answer all of her questions. In this situation, which of the following is TRUE? * Jason is acting as an undisclosed dual agent * as long as Jason has given jessica a Disclosure of No Agency, he should be fine * Since Jessica verbally said she'd like help, Jason should answer all her questions. * Jason should do what's necessary to make the deal happen

Answer 236

Jason is acting as an undisclosed dual agent (Page 52)

Question 237

To net the owner $90,000 after 6% commission is paid, the selling price would have to be what?

Answer 237

$95,745 (Page 94)

Question 238

Which of these would MOST likely be legal under the provisions of the Civil Rights Act of 1968? * A lender refuses to make loans in areas which more than 25% of the population is Hispanic * A private country club development ties home ownership to club membership, but due to local demographics, all club members are white. * A church excludes African Americans from membership and rents tits nonprofit housing to church members only * A licensee directs prospective buyers away from areas they are likely to feel uncomfortable because of their race

Answer 238

A private country club development ties home ownership to club membership, but due to local demographics, all club members are white. (page 399)

Question 239

It is discovered after a sale that the purchased land parcel is 10% smaller than the owner represented it to be. The broker who transmitted the information concerning size of the parcel to the buyer is... (liable/not liable and why)

Answer 239

Not liable if the misrepresentation was unintentional (Page 264)

Question 240

On a residential lot 70 feet square, the side yard building setbacks are 10 feet, the front yard setback is 25 feet, and the rear yard setback is 20 feet. The maximum possible size for a single story structure is how many square feet?

Answer 240

1,250 (Page 465)

Question 241

Which of the following is a purpose of the Real Estate Settlement procedures Act (RESPA)? * To ensure that there have been no hidden payments between service providers * To make real estate brokers more responsive to buyers' needs * To require use of a particular title insurance company * To allow lenders to charge for services that were not performed

Answer 241

To ensure that there have been no hidden payments between service providers (Page 441)

Question 242

Which of the following is a purpose of the Real Estate Settlement Procedures Act (RESPA)? * To ensure that there have been no hidden payments between service providers * To make real estate brokers more responsive to buyers' needs * To require use of a particular title insurance company * To allow leaders to charge for services that were not performed

Answer 242

To ensure that there have been no hidden payments between service providers (Page 441)

Question 243

The rescission provisions of of the Truth in lending act apply to which transactions? * Agricultural loans * Construction lending * business financing * consumer credit

Answer 243

Consumer credit (Page 312)

Question 244

A property has a new income of $30,000. An appraiser decides to use a 12% capitalization rate rather than 10% rate on this property. What is the result of using the higher capitalization rate?

Answer 244

$50,000 increase in the appraised value (Page 366)

Question 245

The section of a purchase contract that provides for the buyer to forfeit any earnest money if the buyer fails to complete the purchase is called the provision for...

Answer 245

Liquidated damages (Page 198)

Question 246

In one commercial building, the tenant intends to start a health food shop using her life savings. In an identical adjacent building is a showroom leased to a major national retailing chain. Both tenants have long term leases with identical rents. Which of these statements is TRUE? * If the values of the buildings were the same before the leases, the values will be the same after the leases * An appraiser would most likely use a higher capitalization rate for the store leasing to the national retailing chain. * The most accurate appraisal method an appraiser could use would be the sales comparison approach to value * The building with the health food shop will probably appraise for less than the other building

Answer 246

The building with the health food shop will probably appraise for less than the other building (Page 345 - 346)

Question 247

A builder wants to offer financial assistance to prospective buyers but does not want to lower the price of the homes. Instead the builder agrees to pay a lump sum in cash to the lender at closing so that the buyers will enjoy a lower interest rate. What type of loan is this?

Answer 247

Buydown (Page 311)

Question 248

A $100,000 loan at 12% could be amortized with monthly payments of $1,200.22 on a 15 year basis or payments of $1,028.63 on a 30 year basis. The 30 year loan results in total payments of what percentage of the 15 year loan's total payments?

Answer 248

171% (page 303)

Question 249

According to a broker's comparative market analysis (CMA), a property is worth $125,000. The homeowner bought the property for $90,000 and added $50,000 in improvements, for a total of $140,000. The property sold for $122,500. Which of these amounts represents the property's market price?

Answer 249

$122,500 (page 358)

Question 250

What will the amount of tax payable where the property's assessed value is $85,000 and the tax rate is 4% in a community in which an equalization factor of 110% is used?

Answer 250

$3,740.00 (Page 175)

Question 251

In a settlement statement, how will a proration of prepaid water, gas, and electric charges be reflected?

Answer 251

Debit to the buyer and a credit to the seller (Page 454)

Question 252

An apartment manager decides not to purchase flood insurance. Instead, the manager installs raised platforms in the basement storage areas and has the furnace placed on eight inch legs. This form of risk management is called

Answer 252

Controlling the risk (Page 349)

Question 253

A real estate broker was responsible for a chain of events that resulted in the sale of one of his client's properties. The broker is legally called the....

Answer 253

Procuring cause (Page 76)

Question 254

A characteristic of real estate licensees who are independent contractors is that hey commonly receive... * More than 50% of income in the form of a monthly salary or hourly wage * Company provided health insurance and other benefits * reimbursement for documented travel and business expenses * more than 90% of the income based on sales production

Answer 254

more than 90% of the income based on sales production (Page 64)

Question 255

In the cost approach to value, the appraiser makes use of the * Owners original cost of the building * estimated current replacement cost of the building * sales prices of similar buildings in the area * Assessed value of the building

Answer 255

Estimated current replacement cost of the building (Page 362)

Question 256

A buyer enters into an exclusive agency buyer agency agreement with a real estate broker. Based on these facts, which of these statements is TRUE * The buyer is obligated to pay the broker's compensation regardless of who finds a suitable property * If the buyer finds a suitable property without the broker's assistance, she is under no obligation to pay the broker * The buyer may enter into other, similar agreements with other brokers. * If the buyer finds a suitable property without the broker's assistance, the buyer will have to pay the broker's compensation

Answer 256

If the buyer finds a suitable property without the broker's assistance, she is under no obligation to pay the broker (Page 103)

Question 257

Which of these is TRUE of comparative market analysis (CMA)? * A CMA is the same as an appraisal * a sponsoring broker, not an affiliate, is permitted to prepare a CMA * A certified real estate appraiser prepares a CMA * A CMA contains a compilation of other similar properties that have sold

Answer 257

A CMA contains a compilation of other similar properties that have sold (Page 91-92)

Question 258

An owner sells his fourplex. Regarding this situation, which of these is TRUE * The tenants may void their leases * The lender may void the leases * The current leases must be honored by the new landlord * The current leases may be discharged by the previous landlord

Answer 258

The current leases must be honored by the new landlord (Page 331)

Question 259

When appraising a single family home, and appraiser considers which of these in determining the value of the property * Racial demographics * Date sold * Properties located within a 10 mile radius * Pending property sales

Answer 259

Date sold (Page 360-361)

Question 260

One general rule of the federal do not call regulations is that... * States must maintain separate do no call list * The national registry must be searched one a year * It is illegal to make an unsolicited phone call to a number listed on the national registry.

Answer 260

It is illegal to make an unsolicited phone call to a number listed on the national registry. (Page 79-80)

Question 261

Federal regulations on unsolicited email * require commercial emails to include a physical address for the sender * Require prior permission of recipients in order to send email to them * Require that email lists be scrubbed every 31 days. * Exempt phone calls to individuals with whom the office has a prior business relationship

Answer 261

It is illegal to make an unsolicited phone call to a number listed on the national registry. (page 80-81)

Question 262

A transaction is closing on May 2 in a non-leap year. What is the proration of an annual charge of $560, using the statutory variation method?

Answer 262

$189.68 (Page 457)

Question 263

Under illinois law, what is the statutory ceiling on the prepayment penalty a lender may charge on loans secured by real estate that bear more than 8% annual interest?

Answer 263

None (Page 283)

Question 264

A tenant agrees to rent an apartment for nine months under a verbal agreement with the land lord. If the tenant defaults, what may the landlord do?

Answer 264

Bring a court action because on year leases need not be in writing to be enforced. (Page 320)

Question 265

What principle of landlord tenant relations was established by the Illinois supreme court in 1972?

Answer 265

Implied warranty or habitability in residential tenancies (Page 327)

Question 266

In illinois, if a landlord purposely fails to maintain an apartment building's furnace and plumbing, what option is available to a tenant whos apartment is without heat and water during the first three months of winter?

Answer 266

Suit for constructive eviction (Page 332)

Question 267

A woman pays $1,250 per month for her apartment. If she refers three new tenants to the building's owner during the year, how much is she entitled to receive under the Real Estate License Act of 2000 if the landlord's normal referal fee is $500 per new tenant?

Answer 267

$1,250 (Page 252)

Question 268

Which of these properties are exempt from pay real estate taxes? * Apartment complexes * Industrial parks * Shopping centers * Educational institutions

Answer 268

Educational institutions (Page 173)

Question 269

Which of these is TRUE pursuant to the illinois human rights act? * It is a civil rights violation to require, as a condition to the rental of an apartment, that the prospective tenant not have any children under 18 residing in her family at the time the rental application is made * It is legal to refuse to rent to a tenant because she has a service animal. * It is legal to refuse to sell to a prospective purchaser because she has a service animal. * It is legal to refuse to rent to a blind person if the landlord states safety concerns as the rationale for the refusal

Answer 269

It is a civil rights violation to require, as a condition to the rental of an apartment, that the prospective tenant not have any children under 18 residing in her family at the time the rental application is made (Page 405)

Question 270

The illinois Human Rights Act specifically exempts * Gender based discrimination in housing intended for multigender occupancy * religious organizations giving preference in housing to non members * A five unit apartment building with a resident property manager living on one of the units * A three unit apartment building with the owner living in one of the units

Answer 270

A three unit apartment building with the owner living in one of the units (Page 405)

Question 271

Many of the residents of the landlord's apartment building are elderly, and some are in poor health. To ensure that they are not disturbed, the landlord politely declines to rent units to families or individuals who have young children. However, the landlord provides such persons with a printed list of nearby apartment buildings that welcome children. Based on these facts, which of these statements is TRUE * By providing a printed list of alternative comparable housing, the landlord is in full compliance with the illinois human rights act * Because the landlord's primary intent is to protect existing tenants' quality of life, and not to discriminate against prospective tenants who have young children, the illinois human rights act does not apply to this situation. * The landlords policy violates the illinois human rights act * While the landlrod's policy, as stated violates the illinois Human Rights Act, he could add a "no children" provision to leases offered to new tenants and avoid violating the act

Answer 271

The landlords policy violates the illinois human rights act (Page 404)

Question 272

What is the relationship between the illinois agency statutes and the common law of agency?

Answer 272

Illinois agency statues supersede the common law of agency in illinois (Page 33)

Question 273

Which of these is an example of a ministerial act under the illinois agency law? * Arguing the merits of an offer on behalf of a prospective buyer * helping prospective buyers determine an appropriate price range and geographic location for their home search * Responding to general questions about the price and location of a specific property * Assisting a buyer through he closing process

Answer 273

Responding to general questions about the price and location of a specific property (Page 55)

Question 274

A real estate sponsoring broker commonly names individual sponsored licensees in her brokerage office as the exclusive agents of certain clients, leaving the other sponsored licensees free to represent other parties in a transaction. Which of these statements is TRUE regarding this practice? * Because it is a common office practice, it is permitted as an exception to the general statutory prohibition against such arrangements. * illinois agency law specifically permits designated agency arrangements such as this * This is an example of designated agency, which is an illegal relationship under illinois agency law * The sponsoring broker will be considered an undisclosed dual agent under these facts and will be in violation of illinois law

Answer 274

illinois agency law specifically permits designated agency arrangements such as this (Page 48)

Question 275

A sponsoring broker decides to "sweeten" an MLS listing for a property by making a blanket offer of sub agency. Is the sponsoring broker's action acceptable?

Answer 275

No because sub agency relationships may not be offered through an MLS in illinois (Page 264)

Question 276

A broker represents the seller in a transaction. When prospective buyers ask to look at the property, the broker must do what?

Answer 276

Clearly disclose in writing that the broker represents teh seller's interests (Page 94)

Question 277

Several years ago, a unity in a condominium community was the site of a brutal and highly publicized murder. The unit was sold to an elderly woman who contracted the AIDS virus in a blood transfusion and died in the unity last year. What are the disclosure responsibilities to prospective purchasers of this unit?

Answer 277

Agents are specifically prohibited by federal law from disclosing AIDS (Page 265)

Question 278

In illinois, an unlicensed real estate assistant may do what?

Answer 278

Prepare and distribute flyers and promotional materials (Page 73)

Question 279

Illegal discrimination might result in which of these actions? * Loss of license * unlimited civil fines by the Department * Reduced errors and omissions insurance premiums * None of these

Answer 279

Loss of license (Page 73)

Question 280

An unlicensed assistant worked late nights and weekends to help ensure the successful closing of a difficult transaction. At the licensee's direction, the assistant's extra work included making several phone calls to the prospective buyers, encouraging them to accept the seller's counter offer. Largely because of the assistant's efforts, the sale went through with no problem. The licensee wants to pay the assistant a percentage of the commission. "Because the assistant has really earned it." Under Illinois license law, what should the licensee do?

Answer 280

The licensee should pay no commission to the assistant. The licensee's direction and the assistant's work violated illinois law. Payment of commission would also violate the law (Page 250-251)

Question 281

A buyer wants to have a clause included in the sales contract under which the seller offers assurances that no one has died in the home. Which of these is TRUE in illinois? * The licensee may include the clause because such standard disclosures are in general usage * Only the buyer or a licensed attorney may prepare the clause for inclusion in the sales contract * In illinois, licensees are permitted to add additional clauses to blank form contracts, such as the clause described here, that do not directly involve the conveyance of title to real property * Under illinois law, a clause such as the one described here is not permitted and any contract containing such a clause will be void

Answer 281

Under illinois law, a clause such as the one described here is not permitted and any contract containing such a clause will be void (Page 44)

Question 282

A broker lists the seller's home. Under the terms of the agreement, when the property sells, ht seller will receive a guaranteed $75,000. Any amount left over after the seller's $75,000 will constitute the broker's compensation. Based these facts, which of these statements is TRUE in illinois. * This type of arrangement, called a guaranteed sales agreement, is illegal in illinois, and the broker will be disciplined for entering into it * This type of arrangement, called a net listing, is illegal in illinois, and the broker will be disciplined for entering into it. * This is an example of a guaranteed sales agreement, which is permissible in illinois if the broker provides the seller with the necessary disclosures. * This is an example of a net listing, which is discouraged (But not illegal) in illinois.

Answer 282

This is an example of a net listing, which is discouraged (But not illegal) in illinois. (Page 89)

Question 283

In illinois, which of these in a listing agreement would result in the suspension or revocation of a licensee's license to practice real estate? * A specified commission rate * No specific termination date * No broker protection clause * A specific termination date

Answer 283

No specific termination date (Page 47)

Question 284

Under illinois law, which disclosure must be included in an exclusive listing agreement. * Anticipated seller closing costs * Tax identification number * Seller's net return * Minimum services language

Answer 284

Minimum services language (Page 89)

Question 285

A married couple lives in Springfield, Illinois. The wife is the owner of their home. If the couple decides to sell their home and move to Wisconsin, who is required to sign the listing agreement?

Answer 285

Both the husband and the wife must sign the listing. (Page 123)

Question 286

From what source do illinois local units of government receive their powers of eminent domain?

Answer 286

The illinois Constitution and Code of Civil Procedure (Page 117)

Question 287

A person dies without leaving a will. If the deceased owns real property in Illinois and has no heirs, what will happen to her real property.

Answer 287

The deceased's property will escheat to the county in which it is located (Page 118)

Question 288

Is there any limitation on an original grantor's right of reverter in illinois?

Answer 288

Yes, the original grantor's right of reverter continues for 40 years; although the underlying condition remains enforceable. (Page 120)

Question 289

Which of these is available to a surviving spouse in illinois? * Homestead * Dower * Curtesy * A married easement

Answer 289

Homestead (Page 122)

Question 290

How much of an estate of homestead is an individual entitled to in illinois?

Answer 290

$15,000 (page 123)

Question 291

Which of these conducts is cause for discipline under the real estate license act of 2000? * Using misleading or untruthful advertising * Violating the Illinois Human Rights Act * Encouraging homeowners to sell when minorities move into the neighborhood * All of these

Answer 291

All of these (269 - 27)

Question 292

Real property location in illinois are described by their geographic relation to

Answer 292

The second, third, and fourth principal meridians (Page 157)

Question 293

How often is the assessed valuation of all real estate in illinois adjusted by county authorities?

Answer 293

Annually (Page 175)

Question 294

An illinois resident was born on March 6, 2011. When will this person become of legal age?

Answer 294

March 6, 2029

Question 295

If a minor enters into a contract in illinois, what is the statutory period within which the minor may legally void the contract after reaching the age of majority?

Answer 295

There is no statutory period (Page 192)

Question 296

Which of these is essential to the validity of a deed in illinois? * A seal (or the word seal) * Acknowledgment * Granting clause * Recording

Answer 296

Granting Clause (Page 221)

Question 297

In illinois, the amount of consideration used to determine transfer taxes must be shown on the * Recording Form * Real Estate Declaration of Transfer * Blue Sheet * Tax Code Sheet

Answer 297

Real Estate Declaration of Transfer (Page 228)

Question 298

How far back does a normal illinois title search go?

Answer 298

40 years (Page 241)

Question 299

Which of these are exempt from the provisions of the Real Estate License Act of 2000? * Property owners who sell or lease property on behalf of others because they are familiar with the process * Individual who is employed as a resident property manager * Individual who engages in fee based management services * Resident lessee who receives the equivalent of $2,000 as "finder's fee" for referring a new tenant to the owner

Answer 299

Individual who is employed as a resident property manager (Page 251)

Question 300

Which of these is a requirement for obtaining an illinois broker's license? * Having successfully completed 45 hours of approved real estate courses * Being at least 17 years of age * Being of good moral character * Having been actively engaged as a licensed broker for at least 5 years

Answer 300

Being of good moral character (Page 254)

Question 301

A person who successfully completed her illinois real estate education requirement on november 1, 2014 make take the license exam no later than when?

Answer 301

October 31, 2018 (Page 253)

Question 302

What is the expiration date of every broker's license in illinois?

Answer 302

April 30 of each even-numbered year (Page 259)

Question 303

An illinois sponsoring broker wants to open a branch office in a neighboring town. The sponsoring broker applies for a branch office license and gives the branch a name that clearly identities its relationship with his main office. The sponsoring broker names a licensed illinois leasing agent, as the branch office manager. In this situation, will the sponsoring broker receive approval for the branch office?

Answer 303

No; the manager of a branch office must hold a managing broker's license (Page 262)

Question 304

A licensee could tell that a prospective buyer would probably not make an offer if she knew the previous occupant of a property had died from complications related to AIDS and did not disclose that fact. An illinois real estate broker set up a "micro brokerage." real estate services outlet in a convenience store by placing a desk at the end of a snack food aisle. A managing broker waited outside an AMP testing facility and handed out brochures to prospective licensees on their way in to take the real estate exam, encouraging them to apply for a job at his office. Which, if any, of these individuals is subject to disciplinary action for violating the Real Estate License Act of 2000?

Answer 304

Only the two brokers (Page 262, 265)

Question 305

Which of these is grounds for disciplinary action? * Being convicted of a felony in illinois * advertising in a magazine that the broker is a member of the Chicago Association of REALTORS when the broker is not * Depositing escrow money into a personal account * All of the above

Answer 305

All of the above (Page 269-270)

Question 306

A licensee engaged in activities that constitute violations of the Illinois human Rights Act, including blockbusting and discrimination on the basis of disability. The licensee also cashed a $25,000 earnest money check from a prospective buyer and used the proceeds to buy a new car. Despite rigorous management and oversight, the licensee's sponsoring broker was completely unaware of all of these activities. When the licensee's violations are brought to IDFPRS's attention, which of these statements is TRUE? * The sponsoring broker will probably not have his license revoked as a result of the licensee's violations * The licensee's sponsoring broker will be required to pay any fine imposed against the licensee out of his own personal funds. The licensee's violations are legally the responsibility of the sponsoring broker, who will be subject to the same disciplinary action as the licensee, regardless of whether he knew the violations had occurred * The licensee's sponsoring broker will be held liable for the Human Rights Act violations only

Answer 306

The sponsoring broker will probably not have his license revoked as a result of the licensee's violations (Page 271)

Question 307

A broker is convicted of a crime involving fraud in Wisconsin on November 9. On February 1 of the following year, the Wisconsin licensing agency notifies IDFPR of the conviction. Based on this information, which of these is TRUE? * The broker should have called IDFPR first * IDFPR may refuse to renew the broker's license based on his Wisconsin conviction for a crime involving fraud * Because the conviction was not in illinois, no discipline will occur * A conviction due to fraud does not constitute a violation of the Real Estate License Act of 2000

Answer 307

IDFPR may refuse to renew the broker's license based on his Wisconsin conviction for a crime involving fraud (Page 269)

Question 308

Which of these accurately describes the review process for a final administrative decision of IDFPR? * The accused may appeal a final administrative decision of IDFPR directly to the illinois Supreme Court. * The accused may petition the circuit court of the county in which the accused resides. The circuit court's decision may be appealed directly to the illinois Supreme Court * The accused may petition the circuit court of the county in which the accused resides. The circuit court's decision may be appealed directly to the illinois supreme court * The accused may petition the circuit court of the county in which the property involved in the transaction that gave rise to the violation is located. The circuit court's decision may be appealed directly to the federal district court * The accused may request a rehearing by IDFPR, but administrative decision may not be appealed to any court

Answer 308

The accused may petition the circuit court of the county in which the accused resides. The circuit court's decision may be appealed directly to the illinois Supreme Court (Page 273)

Question 309

Which of these is required to adopt a company policy manual? * Sole proprietorship with no other sponsored licensees * Self sponsored broker with no sponsored licensees * Brokerage company with sponsored licensees * None of these

Answer 309

Brokerage company with sponsored licensees (page 67)

Question 310

Every Illinois broker who applies for renewal of a license must successfully complete how many hours of continuing education courses in each two year license renewal period?

Answer 310

12 (Page 260)

Question 311

Regarding mortgage theory, illinois is usually described as

Answer 311

An intermediate mortgage-theory state (Page 282)

Question 312

Twenty years ago, a man obtained a 30-year mortgage loan to purchase a home. The interest rate on the loan was 9.275%. Today, the man is prepared to pay off the loan early. Based on these facts, which of these statements is TRUE in illinois? * The man's lender is entitled by statute to charge the man a prepayment penalty equal to one year's interest on the current balance of the loan. * The man's lender is permitted by illinois statute to charge the man a prepayment penalty of no more than 8% of the current outstanding balance of the loan. * Illinois does not take an official statutory position on the issue of prepayment penalties * Because the man's interest rate is greater than 8%, the lender may not charge a prepayment penalty under illinois law

Answer 312

Because the man's interest rate is greater than 8%, the lender may not charge a prepayment penalty under illinois law (Page 284)

Question 313

In illinois if a landlord wants to terminate a year to year tenancy, how much notice must the tenant receive?

Answer 313

60 days (Page 332)

Question 314

In illinois, which of these is TRUE of an individual who wishes to engage only in the leasing of residential real property? * The individual must obtain a broker's license and be employed by a broker who specializes in residential lease * The individual may obtain a certified leasing agent designation by passing a test * The individual may obtain a limited leasing agent license by completing 15 hours of instruction and passing a written examination * The individual may engage in residential leasing activities without obtaining a license or other certification

Answer 314

The individual may obtain a certified leasing agent designation by passing a test (Page 255)

Question 315

In illinois, which of these must be disclosed? * Stigmatized property * Dual agency * Registered sex offenders * Single Agency

Answer 315

Dual agency (Page 52)

Question 316

If an annual charge of $560 is prorated in October using the statutory variation method, what will be the resulting daily charge?

Answer 316

$1.51 (Page 457)

Question 317

In illinois, the closing statement is customarily prepared by who?

Answer 317

Seller's attorney (Page 437)

Question 318

Zoning ordinances may regulate * Water usage * Deed restrictions * Restrictive covenants * Density

Answer 318

Density (Page 382)

Question 319

Which of these is TRUE regarding option contracts? * An option contract is classified as a unilateral contract * An option contract that has been exercised is classified as a bilateral contract * The option money may not be applied toward the purchase price * The seller is the optionee, and the buyer is the optionor.

Answer 319

An option contract is classified as a unilateral contract (Page 214)

Question 320

Grounds for discipline under the Real Estate License Act of 2000 include * Disclosing dual agency * Representing a broker other than the sponsoring broker * Advertising the sponsoring broker's name in the advertisement * maintaining an escrow account to hold earnest money deposits

Answer 320

Representing a broker other than the sponsoring broker (page 269 - 270)

Question 321

Which of these will terminate a listing contract? * Only the seller agreeing to cancel because it is unilateral decision of the client * The foreclosure of the neirhbor's property will terminate the contract * The death of the sponsoring broker will terminate the contract * There is no cancellation provision in listing contracts

Answer 321

The death of the sponsoring broker will terminate the contract (Page 109)

Question 322

Under the Real Estate License Act of 2000, which of these could work in a limited way indefinitely without a specific license? * Personal assistance hired by a sponsored broker * Leasing agent hired by a property management company * Leasing agent working independently * Broker working independently

Answer 322

Personal assistance hired by a sponsored broker (Page 72-73)

Question 323

The number of hours of continuing education that can be taken in one day... * is not regulated by law * Cannot be more than six hours * Cannot be more than nine hours * Cannot be more than nine hours * Can be up to 12 hours

Answer 323

Cannot be more than nine hours (page 261)

Question 324

Why is early discussion of agency so important under the Real Estate License Act of 2000?

Answer 324

Working with a consumer may now be construed as an implied agency if nothing else has been stated (Page 46)

Question 325

prelicense courses will have to be retaken if a license has been expired for more than

Answer 325

2 years (Page 258)

Question 326

Under the real estate license act of 2000, a buyer to whom a license is showing houses under a buyer brokerage agreement is considered to be....

Answer 326

A client (Page 34)

Question 327

Which of these statements could an illinois buyers agent appropriately make to a buyer client? * "Here are the CMAs. I think they suggest the highest range you should pay is about $110,000 - 120,000, but that's up to you." * "The listing agent said the floors underneath the carpet are oak. Isn't that great." * "I know this neighborhood. Don't worry about radon." * There really isn't any way to get a list of released sex offenders addressed in illinois."

Answer 327

"Here are the CMAs. I think they suggest the highest range you should pay is about $110,000 - 120,000, but that's up to you." (Page 104)

Question 328

Employment agreements with a sponsoring broker must cover at LEAST * Supervision, duties, referral fees, and MLS requirements * Referral fees, commission splits, and cooperation with other brokers. * Supervision, duties, compensation, and termination * Salary and benefits agreed on

Answer 328

Supervision, duties, compensation, and termination (Page 64)

Question 329

Who needs to disclose material facts related to a transaction in illinois?

Answer 329

Listing agents, buyer's agents, and sellers (Page 45)

Question 330

What is TRUE of licensed personal assistants under the Real Estate license Act of 2000? * They must be licensed as brokers * They need an employment agreement with the broker with whom they work day to day * They are usually paid directly by the person who selected them and when with whom they work most closely * They need an employment agreement with the sponsoring broker and must be paid by the sponsoring broker.

Answer 330

They need an employment agreement with the sponsoring broker and must be paid by the sponsoring broker. (Page 64)

Question 331

What is TRUE about real estate advertising in illinois under the Real estate license act of 2000? * The company name must appear in a print ad for houses * Whenever the company name does appear, it must be in letters larger than the sponsored broker's name * Links on a broker's real estate website must routinely be approved by IDFPR * The company name is usually not needed on a website

Answer 331

The company name must appear in a print ad for houses (Page 266)

Question 332

Which of these does NOT need to be disclosed in illinois? * To a buyer: the fact that the seller is also a client * To a seller's agent: the fact that the buyer client qualifies for the purchase price with only $5,000 to spare * To a customer who is just starting to work with the licensee: he is a customer, but that agency is possible and may very quickly be presumed in illinois if nothing is said * To a buyer client: the fact that the licensee holds a 1.1% interest in a property he wants to buy

Answer 332

To a seller's agent: the fact that the buyer client qualifies for the purchase price with only $5,000 to spare (Page 36)

Question 333

Who may pay compensation to a broker in illinois?

Answer 333

Sponsoring broker (Page 75)

Question 334

Which of these may be offered to an illinois licensee for referring business to a lawyer or loan officer? * A weekend in peoria * A small stereo * A cash amount less than $200 * None of these

Answer 334

None of these (Page 441)

Question 335

For which of these could a licensee be late in illinois without affecting license renewal?

Answer 335

Mortgage payment (Page 271)

Question 336

Under the Real Estate License Act of 2000, when the license of any sponsoring broker is suspended or revoked, what is TRUE regarding sponsored licensee's agreements with that sponsoring broker? * They expire on the date of suspension * Each licensee has 10 days in which to find another sponsoring broker * A licensee can continue to work through the suspension * The licensee has 30 days to which to finish all deals

Answer 336

They expire on the date of suspension (Page 66)

Question 337

Which of these licensee statements is appropriate in illinois * Licensee answering a call-in customer's question: "The standard commission is 6%." * Listing agent to bueyr's agent: "List price is $200,000 but my seller will probably sell for about $195,000." * buyers' agent to listing agent: "My buyers need to buy this weekend, so I think we can get this deal together." * Licensee to a licensed personal assistant: "Thanks for your help on this transaction, but I acn't cut you a check."

Answer 337

Licensee to a licensed personal assistant: "Thanks for your help on this transaction, but I can't cut you a check." (Page 76)

Question 338

When a broker passes the license examination, the first proof of the eligibility to engage in real estate activities in illinois is a

Answer 338

sponsor card (Page 258)

Question 339

What should a buyer's agent check first if a buyer indicated he does NOT want to buy a home in a floodplain?

Answer 339

Floodplain maps for the area(s) in which the buyer is interested (Page 104)

Question 340

What is the guideline for when agency should be disclosed in illinois?

Answer 340

As early as possible (Page 265)

Question 341

Which of these is TRUE concerning dual agency in illinois?

Answer 341

Dual agency is permitted so long as the buyer and the seller are informed and consent to the representation of both in writing (Page 264)

Question 342

Under the Real Estate License Act of 2000, what must be in writing? * grantees signature on the deed * All listings * Exclusive agency and exclusive right to sell listings * Agency between a buyer and a broker

Answer 342

Exclusive agency and exclusive right to sell listings (Page 89)

Question 343

A broker placed the following order with the telephone company: "list my name in the directory under the heading Real Estate as 'John Smith, Real Estate broker, Residential Property is My Specialty.'" The broker is required to include what?

Answer 343

The name of his employing (Sponsoring) broker (Page 266)

Question 344

Who designates a sponsored broker in illinois to act as designated agent?

Answer 344

The sponsoring broker (Page 48)

Question 345

Actions being brought against licensees under Article 15 (Agency Relationships of the Real Estate License Act of 2000 must be taken * Within five years after the facts become known * Within one year after the facts become known * Any time after the closing if negligence can be proven * Within six months after closing

Answer 345

Within five years after the facts become known (Page274)

Question 346

Under the Real Estate License Act of 2000, which of these statements is TRUE * The person with whom a licensee works is always a customer if nothing else is said * The person with whom a licensee works is a client if nothing else is said * The person who works with buyers who do not want client status is called their agent * A client becomes a client only when the agency agreement is signed

Answer 346

The person with whom a licensee works is a client if nothing else is said (Page 55)

Question 347

Who pays a licensed leasing agent?

Answer 347

The sponsoring broker (Page 55)

Question 348

How long may an individual work as a leasing agent without a license in illinois, provided the agent is working to obtain a license and has a sponsoring broker?

Answer 348

120 days (Page 255)

Question 349

An illinois licensee has listed a property whos owner has AIDS. what should the licensee do?

Answer 349

Not mention this to anyone; unless the owner directs the agent to do so (Page 44)

Question 350

Which of these is TRUE about leasing agents in illinois? * Leasing agents in illinois may operate independently as long as they approved by IDFPR * While leasing agents are not licensed, a test indicating basic competence must be passed to work as a leasing agent * Leasing agents must have a sponsoring broker * Leasing agents may work without a license for 130 is properly supervised

Answer 350

Leasing agents must have a sponsoring broker (Page 251)

Question 351

A buyer's agent is showing properties to a young mother of three children who's safety is paramount to her. Which of these is NOT appropriate? * The agent tells the mother she can check addresses of convicted but released sex offenders online * The agent decides to show only certain neighborhoods * The licensee checks properties surrounding an interesting subject property carefully for any signs of oil leaks, USTs, formaldehyde odors, gas odors, bogs, or fire/explosion hazards * The buyer's agent recommends radon testing, carbon monoxide detectors, and water testing

Answer 351

The agent decides to show only certain neighborhoods (Page 402)

Question 352

Under the Real Estate License Act of 2000, which of these statements describes how a licensed personal assistant is paid? * Whichever broker the personal assistant works for on a daily basis pays the assistant * Fees usually come straight from any closings on which the licensed assistant has participated. * The cooperative broker fee covers the personal assistant * The sponsoring broker pays the licensed personal assistant

Answer 352

The sponsoring broker pays the licensed personal assistant (Page75)

Question 353

How much do local 9City or town) tax stamps in illinois cost?

Answer 353

vary by town (Page 228)

Question 354

In illinois, if a sponsored broker leaves one firm to go to another, what happens to the broker's listings?

Answer 354

Stay with the sponsoring broker unless the employment agreement stipulates otherwise (Page 88)

Question 355

A licensee must have the owner's written consent to advertise their house... * In a newspaper * by putting up a yard sign * Online * In all of these ways

Answer 355

In all of these ways (page 111)

Question 356

In illinois, which type of deed becomes null and void after one year if it is not recorded?

Answer 356

Tax deed (Page 177)

Question 357

An expired real estate license may be renewed in illinois for how many years

Answer 357

Two years (Page 259)

Question 358

Which of these escrow record must be kept by a broker? * Journal * Ledger * Monthly reconciliation statements * All of these

Answer 358

All of these (Page 265)

Question 359

The principal to whom a real estate agent gives advice and counsel to is called a....

Answer 359

Client (Page 34)

Question 360

The Real Estate Recovery Fund was created for what reason?

Answer 360

To provide a means of compensating people who have been harmed by a licensee's negligence (Page 274)

Question 361

The MOST important purpose of the Real Estate License act of 2000 is to...

Answer 361

Protect the public (Page 247)

Question 362

Real estate licensees in illinois must disclose * Minor problems in the neighborhood of which they have knowledge * Designated agency * Special compensation found outside the scope of their agency relationship * All of the above

Answer 362

Designated agency (Page 55)

Question 363

Which appraisal licensing category allows an appraiser to appraise residential property of one unit to four units without regard to transaction value or complexity? * Associate trainee real estate appraiser * Certified residential appraiser * Certified general real estate appraiser * None of these

Answer 363

Certified residential appraiser (Page 356)

Question 364

Escrow records must be maintained for at least how many years?

Answer 364

5 years (Page 266)

Question 365

Illinois recognizes which of the following estates? * homestead * courtesy * Dower * Community property

Answer 365

Homestead (Page 130)

Question 366

In illinois, in order to be eligible for a homestead estate, an owner must do what?

Answer 366

Reside in the property (Page 130)

Question 367

What is the composition of Real Estate Administration and Disciplinary Board?

Answer 367

Nine members appointed by the governor (Page 249)

Question 368

When does a leasing agent's license expire?

Answer 368

On January 1, every third year (page 260)

Question 369

Which of these may NOT be offered to consumers in illinois * Coupons to the local grocery store if they list * Discounts on commission if they list * A new television if they buy * A finder's fee for referring client prospects

Answer 369

A finder's fee for referring client prospects (Page 250)

Question 370

Which of these would NOT happen for offenses noted in the Real Estate License Act of 2000? * $5,000 fine * 25,000 fine * License Revoked * Commissions seized

Answer 370

Commissions seized (Page 269)

Question 371

An unlicensed individual who engages in activities for which a real estate license is required is subject to which of these penalties? * A fine not to exceed $1,000 * A fine not to exceed $5,000 and on year imprisonment * A civil penalty of $25,000 per count in addition to possible other penalties stipulated by law * A civil penalty not to exceed $25,000 and a mandatory prison term not to exceed five years

Answer 371

A civil penalty of $25,000 per count in addition to possible other penalties stipulated by law (Page 253)

Question 372

What is an exclusive right to sell listing?

Answer 372

One broker is appointed as the seller's sole agent. THe listing broker is given the exclusive right, or authorization, to market the seller's property. If the property is sold while the listing is in effect, the seller must pay the broker a commission regardless of who sells the property.

Question 373

What is an exclusive agency listing?

Answer 373

One broker is authorized to act as the exclusive agent of the seller-principal. However the seller retains the right to sell the property without obligation to the broker.

Question 374

What is an open listing?

Answer 374

The seller retains the right to employ any number of brokers as agents. The brokers can act simultaneously, and the seller is financially obligated only to that broker who successfully produces a ready, willing, and able buyer.

Question 375

What is a net listing?

Answer 375

The seller will receive a net amount of money from any sale, with the excess going to the listing broker as commission.

Question 376

What is an option listing

Answer 376

Gives the broker the right to purchase the listed property at some point in the future.

Question 377

What secures the lender's interest in real estate when providing money to a property owner?

Answer 377

Mortgage lien

Question 378

A form of incurable depreciation because of external factors that causes a property lose value is referred to as

Answer 378

Economic obsolescence

Question 379

What is an essential element of a valid contract?

Answer 379

Recording the deed

Question 380

All of the following can levy taxes on real property except? * The federal government * The local elementary school district * The city * The local park district

Answer 380

The federal government

Question 381

In illinois, a broker has an oral exclusive right to sell listing for 6 months. This type of listing would be

Answer 381

Unenforceable

Question 382

The intent of article 15 in the RELA on agency refers to the regulations governing the relationship between who?

Answer 382

Real estate licensees and consumers

Question 383

What would be considered to be a licensed activity under the definition of "broker in the RELA EXCEPT * Holding an open house for other brokers * Holding an open house for consumers * managing commercial rental space * Selling real estate at auction

Answer 383

Holding an open house for other brokers

Question 384

A seller has listed their property with a broker, but reserves the right to sell the property himself without paying commission. What type of listing agreement is this?

Answer 384

Exclusive agency

Question 385

Local zoning ordinances regulate which activity? * Income tax * Sales tax * Who may own a business * The number of buildings

Answer 385

The number of buildings

Question 386

``` Real property may be owned in the following for EXCEPT *trust sole proprietor or individually *Limited liability company *beneficial interest ```

Answer 386

Beneficial interest

Question 387

Who are the parties in a listing agreement?

Answer 387

The seller and the listing sponsoring broker

Question 388

Who is responsible for maintaining sound financial conditions in federal banking institutions?

Answer 388

Federal Reserve System

Question 389

The Chicago Bar Association v. Quinton and Tyson court case established a precedent in the practice of real estate brokerage concerning what?

Answer 389

The unlicensed practice of law

Question 390

Which type of listing provides the most protection for the broker?

Answer 390

Exclusive right to sell

Question 391

When disclosing environmental hazards, all of the following must be disclosed to a prospective buyer as environment hazard EXCEPT * Lead-based Paint * Meth * Radon * Wetlands

Answer 391

Wetlands

Question 392

What are the rights and obligations to ownership of land adjacent to or abutting a river or stream?

Answer 392

Riparian rights

Question 393

Which of the following are effects of zoning ordinances, EXCEPT * Building height * Building set back * Property use * Rent control

Answer 393

Rent control

Question 394

What is best described as the illegal practice of a lender denying credit or restricting loans in a specific area of town?

Answer 394

redlining

Question 395

A freehold estate in real property lasts for

Answer 395

An indeterminate amount of time

Question 396

An open listing agreement is considered to be

Answer 396

Unilateral

Question 397

Which of the following items would NOT be considered a fixture * A refrigerator * Bathroom faucets * A heating unit * Kitchen cabinets

Answer 397

A fridge

Question 398

Local municipalities can regulate the homeowner's use of property by establishing

Answer 398

The number of persons allowed per bedroom

Question 399

The unrestricted rights associated with land that borders lakes, seas, and oceans are

Answer 399

littoral rights

Question 400

A broker signs an exclusive right to sell listing with a seller. During the term of the listing, the seller finds a buyer on her own and closes the sale. Under the listing contract, the seller owes the broker

Answer 400

A full commission

Question 401

How many house of post license education are required prior to a broker's first renewal?

Answer 401

30 hours

Question 402

Which statement most accurately describes an exclusive agency listing?

Answer 402

The seller retains the right to sell the property on his/her own

Question 403

All of the following are essential elements of a valid real estate contract, EXCEPT * Legal to be sold * conveyance of deed * Offer and acceptance * Consideration

Answer 403

Conveyance of deed

Question 404

The person who provides a mortgage to secure a debt is

Answer 404

mortgagor