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Real Estate > Unit 2 Test > Flashcards

Unit 2 Test Flashcards

1
Q

As an agent for the seller, a real estate broker can

A

solicit an offer to purchase the property from a prospective buyer

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2
Q

Which of the following is true regarding the duties of a real estate broker who is acting as the agent of the seller?

A) The broker can guarantee the seller will take a full price offer
B) it is okay for the broker to disclose the seller’s minimum price
C) The broker should present to the seller only the highest offer for the property
D) The broker owes statutory duties to the principal

A

D

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3
Q

The sponsoring broker:
A) must be the managing broker.
B) holds the company’s real estate license.
C) may pass authority and responsibility to someone else.
D) needs someone to hold their personal license.

A

B

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4
Q

A broker wants to leave their current firm to go to a competing brokerage company. The current sponsoring broker:
A) mails the original license to IDFPR within 7 days.
B) must sign and date the agent’s license and give the agent the original.
C) sends the agent’s license to the other firm.
D) can hold the license until the agent pays off their office bill.

A

B

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5
Q

Under what type of lien can both the real property and personal property of the debtor be sold to pay the debt?

A

Judgment lien

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6
Q

What kind of law is a mechanic’s lien based on?

A

State law

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7
Q

With whom must a licensed personal assistant have an employment agreement and be paid by?

A

Agreement with the agent’s sponsoring broker and paid by the agent’s sponsoring broker.

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8
Q

who is The National Do Not Call Registry is managed by

A

FTC.

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9
Q

If not specifically stated in the deed, two or more owners hold title as:

A

tenants in common.

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10
Q

A contract that is created by our actions is considered:

A

an implied contract.

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11
Q

In Illinois, a contractor’s right to enforce a lien expires how long after their portion of the work is completed?

A

2 years

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12
Q

A particular parcel of land is described by reference to how many principal meridians?

A

1

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13
Q

A metes-and-bounds legal description:
A) can be made only in areas excluded from rectangular survey system.
B) is not acceptable in court in most jurisdictions.
C) must commence and finish at the same identifiable point.
D) is used to complete areas omitted from recorded subdivision plats.

A

C

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14
Q

How many sections does a township contain?

A

36

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15
Q

A bill of sale prepared by an attorney transfers:

A

personal property

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16
Q

Before closing, a buyer in an agreed upon contract receives:

A

equitable title

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17
Q

A contract amendment is:
A) a verbally agreed upon change after contract by both parties.
B) an addition by an attorney.
C) a written change to an existing contract.
D) an addition written by the buyer of seller.

A

C

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18
Q

A husband and wife live in a house that the husband owned prior to marriage. They decide to sell. Who must sign the deed?

A

Both husband and wife

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19
Q 
Which type of deed warrants that the property was unencumbered by only the current grantor?
A) General Warranty
B) Quit claim 
C) Special Warranty 
D) Bargain and Sale
A

C

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20
Q

To correct a misspelled grantor’s name in the public record the grantor should:

A

file a quit claim deed with the correct spelling.

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21
Q

What is the difference between a general and specific lien?

A

A general lien covers all of the debtor’s property, while a specific lien covers only a certain piece of real property.

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22
Q

What is the state and county transfer tax on a sale’s price of $352,000?

A

$528.00

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23
Q

To claim adverse possession in Illinois the period of uninterrupted possession is:

A

20 years.

24
Q

The section of land reserved for school purposes in the rectangular survey system is section:

A

16.

25
Q

What is the minimum age of a person to legally make a will?

A

18 years.

26
Q

Which of the following is the best way to ensure that there are no encroachments and verify the boundaries of a parcel of land?

A

Get a spot survey.

27
Q

The owner has a large parcel of land surveyed into lots and streets and files a subdivision plat. Each lot can be legally described by use of which kind of survey?

A

Lots and blocks`

28
Q

An area of land that is two miles by three miles contains how many acres?

A

3,840

29
Q

Who serves as the recorder of deeds in a county of 50,000 people?

A

The county clerk

30
Q

A deed in a foreign language is:

A

Valid between the parties, but must have an English translation to be recorded.

31
Q

A property has an assessed value of $85,000. The equalization factor is 115% and the tax rate is 40 mils. What is the tax bill?

A

$3,910

32
Q

How far back does a title search usually go?

A

40 years

33
Q

The major intent of zoning regulation is to:

A

ensure the health, safety and welfare of the community.

34
Q

Before a real estate license can be suspended or revoked, the licensee is usually entitled to:

A

a hearing before the jurisdiction’s licensing authority.

35
Q

A managing broker receives a check for earnest money from a buyer and deposits the money in an escrow account. By doing this she protects herself from a charge of:

A

comingling.

36
Q

The preliminary report of title which describes the type of policy that will be issued, includes:

A

name of the insured party.

37
Q

A listing agreement in which the broker’s commission is contingent on the broker being able to produce a buyer before the property is sold by the owner or another broker is called:

A

an open listing.

38
Q

How many acres are in the NW 1/4 of the SE 1/4 and the S 1/2 of the NE 1/4 of a section?

A

120

39
Q

An owner agrees to list his property on the condition that he receives at least $47,300 after paying a 5% managing broker’s commission and paying $1.150 in closing costs. At what price must it sell?

A

$51,000

40
Q

The initial fee to obtain a broker’s license is:

A

$125

41
Q

By executing a listing agreement with a seller a real estate brokerage company becomes:

A

an agent of the seller.

42
Q

The provision in a listing agreement that give additional authority to the brokerage and obligates the brokerage to distribute the listings to other brokers in a(n):

A

multiple listing clause.

43
Q

Broker Wayne took a listing on a property and shortly thereafter discovered that his client had been previously declared incompetent by the court. The listing is now:

A

void.

44
Q

The type of listing agreement that provides for the payment of a commission to the brokerage even though the owner makes the sale without the aid of the brokerage is called an:

A

exclusive-right-to-sell listing.

45
Q

Which listings in Illinois are legal but not recommended due to the potential for fraud?

A

Open listing

46
Q

A husband and his second wife, Mary, own their home by tenancy by the entirety. The husband has two children from a previous marriage and two with Mary. The husband dies, who own the home?

A

Only Mary

47
Q

How many hours of education must a person complete to apply for a new broker’s license?

A

75 hours classroom or self-study and 15 hours interactive

48
Q

The local utility company dug up Frank’s garden to install a natural gas line. The company claimed it had valid easement and proved it through the county records. Frank claimed the easement was not valid because he did not know about it. Does the company have a valid easement?

A

Yes, the easement was valid even though the owner did not know about it.

49
Q

Barry bought property that bordered a commercially navigable river. His property line will extend to:

A

the water’s edge.

50
Q

Gillian owns 50 acres of land with 500 feet of frontage on a lake. She wishes to subdivide the parcel into lots, but she wants to retain control over the lake frontage while allowing a lot owner to have access to the lake. Which of the following access rights would provide the greatest protection for a purchase?

A

An appurtenant easement

51
Q

Tom received a life estate upon his mother’s death. At the same time, Tom’s mother gave Ben ownership of the property after Tom’s death. What interest does Ben hold?

A

Remainder

52
Q

A woman lives in a multi-unit building. The land and structure are owned by a corporation, with one mortgage loan covering the entire property. Like the other residents, the woman own stock in the corporation and has a lease to her apartment. This type of ownership is called a:

A

cooperative

53
Q

Val and John are co-owners of a fee simple interest in a small apartment building. John dies intestate and leaves no estate to be distributed to his heirs. Val is neither related to John nor a creditor of John. Which of the following would explain why Val acquired John’s interest?

A

Joint tenancy

54
Q

A licensee has a unique property and wants to put an ad in a specialty magazine. The licensee is paying for the ad. The law requires:

A

the brokerage firm’s name.

55
Q

Sally places a “for sale” sign on her verbal open listing. She received many calls and eventually the property went under contract. Sally:

A

violated the law because you need written permission for a “for sale” sign.

Real Estate (10 decks)

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