Class Final Flashcards
The person who provides a mortgage to secure a debt is
mortgagor
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
Conveyance of deed
Which statement most accurately describes an exclusive agency listing?
The seller retains the right to sell the property on his/her own
How many house of post license education are required prior to a broker’s first renewal?
30 hours
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
A full commission
The unrestricted rights associated with land that borders lakes, seas, and oceans are
littoral rights
Local municipalities can regulate the homeowner’s use of property by establishing
The number of persons allowed per bedroom
Which of the following items would NOT be considered a fixture
- A refrigerator
- Bathroom faucets
- A heating unit
- Kitchen cabinets
A fridge
An open listing agreement is considered to be
Unilateral
A freehold estate in real property lasts for
An indeterminate amount of time
The recording of a deed
Constitutes constructive notice
Which of the following are effects of zoning ordinances, EXCEPT
- Building height
- Building set back
- Property use
- Rent control
Rent control
What are the rights and obligations to ownership of land adjacent to or abutting a river or stream?
Riparian rights
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
Wetlands
Which type of listing provides the most protection for the broker?
Exclusive right to sell
The Chicago Bar Association v. Quinton and Tyson court case established a precedent in the practice of real estate brokerage concerning what?
The unlicensed practice of law
Who is responsible for maintaining sound financial conditions in federal banking institutions?
Federal Reserve System
Who are the parties in a listing agreement?
The seller and the listing sponsoring broker
Real property may be owned in the following for EXCEPT *trust sole proprietor or individually *Limited liability company *beneficial interest
Beneficial interest
Local zoning ordinances regulate which activity?
- Income tax
- Sales tax
- Who may own a business
- The number of buildings
The number of buildings
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?
Exclusive agency
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
Holding an open house for other brokers
The intent of article 15 in the RELA on agency refers to the regulations governing the relationship between who?
Real estate licensees and consumers
In illinois, a broker has an oral exclusive right to sell listing for 6 months. This type of listing would be
Unenforceable
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
The federal government
What is an essential element of a valid contract?
Recording the deed
A form of incurable depreciation because of external factors that causes a property lose value is referred to as
Economic obsolescence
What secures the lender’s interest in real estate when providing money to a property owner?
Mortgage lien
What is an option listing
Gives the broker the right to purchase the listed property at some point in the future.
What is a net listing?
The seller will receive a net amount of money from any sale, with the excess going to the listing broker as commission.
