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Real Estate > Class Final > Flashcards

Class Final Flashcards

1
Q

The person who provides a mortgage to secure a debt is

A

mortgagor

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2
Q

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
A

Conveyance of deed

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3
Q

Which statement most accurately describes an exclusive agency listing?

A

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

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4
Q

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

A

30 hours

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5
Q

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

A full commission

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6
Q

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

A

littoral rights

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7
Q

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

A

The number of persons allowed per bedroom

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8
Q

Which of the following items would NOT be considered a fixture

  • A refrigerator
  • Bathroom faucets
  • A heating unit
  • Kitchen cabinets
A

A fridge

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9
Q

An open listing agreement is considered to be

A

Unilateral

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10
Q

A freehold estate in real property lasts for

A

An indeterminate amount of time

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11
Q

The recording of a deed

A

Constitutes constructive notice

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12
Q

Which of the following are effects of zoning ordinances, EXCEPT

  • Building height
  • Building set back
  • Property use
  • Rent control
A

Rent control

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13
Q

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

A

Riparian rights

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14
Q

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
A

Wetlands

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15
Q

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

A

Exclusive right to sell

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16
Q

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

A

The unlicensed practice of law

17
Q

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

A

Federal Reserve System

18
Q

Who are the parties in a listing agreement?

A

The seller and the listing sponsoring broker

19
Q 
Real property may be owned in the following for EXCEPT
*trust
sole proprietor or individually
*Limited liability company
*beneficial interest
A

Beneficial interest

20
Q

Local zoning ordinances regulate which activity?

  • Income tax
  • Sales tax
  • Who may own a business
  • The number of buildings
A

The number of buildings

21
Q

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?

A

Exclusive agency

22
Q

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
A

Holding an open house for other brokers

23
Q

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

A

Real estate licensees and consumers

24
Q

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

A

Unenforceable

25
Q

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
A

The federal government

26
Q

What is an essential element of a valid contract?

A

Recording the deed

27
Q

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

A

Economic obsolescence

28
Q

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

A

Mortgage lien

29
Q

What is an option listing

A

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

30
Q

What is a net listing?

A

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

Real Estate (10 decks)

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