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Real Estate Exam #3

Illinois Real Estate Broker Exam Real Estate Exam #3
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  1. Question 1 of 50
    1. Question

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

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  2. Question 2 of 50
    2. Question

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

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  3. Question 3 of 50
    3. Question

    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?

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    Incorrect
  4. Question 4 of 50
    4. Question

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

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  5. Question 5 of 50
    5. Question

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

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  6. Question 6 of 50
    6. Question

    In Illinois, A floodplain is:

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  7. Question 7 of 50
    7. Question

    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:

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    Incorrect
  8. Question 8 of 50
    8. Question

    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?

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    Incorrect
  9. Question 9 of 50
    9. Question

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

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  10. Question 10 of 50
    10. Question

    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?

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  11. Question 11 of 50
    11. Question

    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?

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  12. Question 12 of 50
    12. Question

    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):

    Correct
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  13. Question 13 of 50
    13. Question

    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:

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  14. Question 14 of 50
    14. Question

    In Illinois, The Civil Rights Act of 1866 prohibits:

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  15. Question 15 of 50
    15. Question

    In Illinois, An estate can be best described as:

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  16. Question 16 of 50
    16. Question

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

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  17. Question 17 of 50
    17. Question

    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:

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    Incorrect
  18. Question 18 of 50
    18. Question

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

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  19. Question 19 of 50
    19. Question

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

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  20. Question 20 of 50
    20. Question

    In Illinois, What does mortgage life insurance cover?

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  21. Question 21 of 50
    21. Question

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

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  22. Question 22 of 50
    22. Question

    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:

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  23. Question 23 of 50
    23. Question

    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?

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  24. Question 24 of 50
    24. Question

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

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  25. Question 25 of 50
    25. Question

    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):

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    Incorrect
  26. Question 26 of 50
    26. Question

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

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  27. Question 27 of 50
    27. Question

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

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  28. Question 28 of 50
    28. Question

    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:

    Correct
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  29. Question 29 of 50
    29. Question

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

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  30. Question 30 of 50
    30. Question

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

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  31. Question 31 of 50
    31. Question

    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:

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  32. Question 32 of 50
    32. Question

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

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  33. Question 33 of 50
    33. Question

    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:

    Correct
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  34. Question 34 of 50
    34. Question

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

    Correct
    Incorrect
  35. Question 35 of 50
    35. Question

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

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  36. Question 36 of 50
    36. Question

    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:

    Correct
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  37. Question 37 of 50
    37. Question

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

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  38. Question 38 of 50
    38. Question

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

    Correct
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  39. Question 39 of 50
    39. Question

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

    Correct
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  40. Question 40 of 50
    40. Question

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

    Correct
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  41. Question 41 of 50
    41. Question

    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?

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  42. Question 42 of 50
    42. Question

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

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  43. Question 43 of 50
    43. Question

    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:

    Correct
    Incorrect
  44. Question 44 of 50
    44. Question

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

    Correct
    Incorrect
  45. Question 45 of 50
    45. Question

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

    Correct
    Incorrect
  46. Question 46 of 50
    46. Question

    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)?

    Correct
    Incorrect
  47. Question 47 of 50
    47. Question

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

    Correct
    Incorrect
  48. Question 48 of 50
    48. Question

    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:

    Correct
    Incorrect
  49. Question 49 of 50
    49. Question

    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:

    Correct
    Incorrect
  50. Question 50 of 50
    50. Question

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

    Correct
    Incorrect
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