Real Estate Exam #3

In Illinois, Usually clouds on the title to real property cannot be removed except by:

In Illinois, The duration is the primary characteristic that distinguishes a ____________ from a _____________.

In Illinois, If a home is located in an area that is zoned for commercial use, the home will have minimum value because of what principle?

In Illinois, If two parties are in escrow and one of the parties wants to terminate the escrow, what is needed?

In Illinois, An additional individual who is both obligated on the loan and is on the title to the property is called:

In Illinois, A floodplain is:

In Illinois, Terry has not paid any rent on the property that she leases for a long period of time. She no longer intends on paying any future payments. The lawful expulsion of Terry would be by means of:

In Illinois, In a lease-purchase, the tenant-buyer wants to purchase a property but does not have the down payment or ability to purchase the property outright. Which of these occurs with the rental payments?

In Illinois, If Nila has a mortgage that is considered a “balloon mortgage”, Nila is required to:

In Illinois, Amanda is a real estate agent performing a title search on a property. After performing her due diligence, she finds that the title is a clear title. What does this mean?

In Illinois, Both a seller and a buyer ask the broker to give them the trust funds deposited by the buyer. How is the broker to respond?

In Illinois, Jeremy is a lender for a several loans. Once a year Jeremy performs a duty to make sure he is collecting the appropriate amount of money for the anticipated expenditures. This action that Jeremy takes is called a(n):

In Illinois, Freddie, an unlicensed employee of a real estate broker, hands out door hangers and makes telephone solicitations seeking buyers and sellers. Under the real estate law, these activities are:

In Illinois, The Civil Rights Act of 1866 prohibits:

In Illinois, An estate can be best described as:

In Illinois, A licensed real estate broker that specializes in property management usually acquires commission based on:

In Illinois, A technique in which a seller deeds property to a buyer for consideration, and the buyer simultaneously leases the property back to the seller is called:

In Illinois, When title is given to a person, it is showing that the person has a:

In Illinois, When Darius fails to make his monthly mortgage payment, he is likely to receive a formal written notice called a:

In Illinois, What does mortgage life insurance cover?

In Illinois, A title plant is a duplicate set of title records maintained at title insurance companies for use in:

In Illinois, If a mortgage has an adjustable rate but has limitations on how much the mortgage rate may adjust over a six-month period, an annual period, and over the life of the loan, this would be called:

In Illinois, The provision that states all prospective buyers are to be given the same opportunity to select available houses in their price range without restrictions because of race, color, religion, or national origin is found in which law?

In Illinois, This is any condition revealed by a title search that adversely affects the title to real estate:

In Illinois, If two property owners live as neighbors and one of them makes improvements to their property that accidentally crosses the legal property line of the other property owner, this would be termed as a(n):

In Illinois, Under a trustee’s power of sale, the right to foreclose a trust deed expires:

In Illinois, When someone is referring to PITI, they are referring to:

In Illinois, Heather has a written agreement with Erica that stipulates the conditions under which Heather may possess the property owned by Erica. The agreement outlines the specific period of time and when the payment is due. This agreement is:

In Illinois, The original amortization term minus the number of payments that have been applied is commonly referred to as:

In Illinois, If a contract was valid upon its creation but has subsequently passed the statute of limitations, the contract is now considered:

In Illinois, If the government is building a highway that is planned to pass directly through an individual’s private property, the government can enact eminent domain. However, the government must:

In Illinois, Conventional loans differ from FHA loans in that:

In Illinois, A provision in an agreement that requires the owner of a property to give another party the first opportunity to purchase or lease the property before it is offered for sale or lease to others is known as:

In Illinois, If brokers of different offices agree to set commission rates at a particular level, this would be a violation of:

In Illinois, In regards to contracts, if part of a contract is written and another part is printed, which part takes preference?

In Illinois, If a restaurant is located in a section of town that has been re-zoned from restaurant and retail to commercial office building development, the restaurant can remain there by use of:

In Illinois, On which date was Ginnie Mae created by congress?

In Illinois, A type of government loan that is NOT an FHA mortgage is called a(n):

In Illinois, A mortgage that can be assumed by the buyer when a home is sold is called an:

In Illinois, An escrow analysis is performed by the lender to ensure:

In Illinois, A 40-acre tract was purchased for $500 per acre and divided into 4 parcels. The parcels sold for $6,000 each. What was the percentage return on the purchase price?

In Illinois, If a married couple acquires property during their marriage, the property is considered to be:

In Illinois, Yin Lee is an owner of several properties as well as a relatively high profile individual. In order for Yin Lee to attempt to avoid a possible foreclosure from becoming a matter of public record by being recorded, Yin Lee would want to give the lender a:

In Illinois, A rate that is guaranteed by the lender for a certain period of time is referred to as:

In Illinois, Building heights, setbacks, and density are usually established by:

In Illinois, If a married couple owns property, and 5 years later one of them dies and willed their interest in the property to someone other than their spouse, which of the following happens (unless in a community property state)?

In Illinois, If another offer is introduced to an agent on the sale of a home, the agent:

In Illinois, When a real estate agent is viewing the report on the title of a property from the public records, or an abstract of the title, the agent is viewing:

In Illinois, This type of broker does not owe fiduciary duties to either party and is therefore not held to the same legal standards of conduct as a licensed real estate agent:

In Illinois, In the case of a cash sale, why would a seller wish to transfer an existing fire insurance policy?