FAE (FIRE APPARATUS ENGINEER) ILLINOIS EXAM NEWEST ACTUAL EXAM 160 QUESTIONS AND CORRECT DETAILED ANSWERS2024/2025
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CADC Illinois Certified Addiction Drug Counselor
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CADC Illinois Certified Addiction Drug Counselor
3. 1031 Exchange - ANSWER: federal law providing taxdeferred exchange of properties of equal or lesser value.
Proceeds from sale can sit in trust 40 to 90 days before
being reinvested
4. 1st mtg fees - ANSWER: fees (1% of the LOAN amount) 1)
origination fee (non-refundable) 2 discount fees ...
FAE (FIRE APPARATUS ENGINEER) ILLINOIS EXAM NEWEST ACTUAL EXAM 160 QUESTIONS AND CORRECT DETAILED ANSWERS 2024/2025 1. (conventional) life estate - ANSWER: in this estate: 1) life tenant holds title 2) tenant may not cause "waste"/ physical damage to property 3. Future interest can go to remainder man / reversionary interest (goes back to creator / heirs) 2. 1 square mile - ANSWER: equal to 640 acres 3. 1031 Exchange - ANSWER: federal law providing tax -
deferred exchange of properties of equal or lesser value. Proceeds from sale can sit in trust 40 to 90 days before being reinvested 4. 1st mtg fees - ANSWER: fees (1% of the LOAN amount) 1) origination fee (non -refundable) 2 discount fees (points, to lower rate, or compensate for bad credit, etc) 5. 1st mtg lender guidelines - ANSWER: front end (PITI) less than or equal to 28% of GMI (gross m onthly income). back end (PITI + long term debt) less than or equal to 36% of GMI FAE (FIRE APPARATUS ENGINEER) ILLINOIS EXAM NEWEST ACTUAL EXAM 160 QUESTIONS AND CORRECT DETAILED ANSWERS 2024/2025 6. 2 additional protected classes in cook county - ANSWER: Protection from discrimination based on 1) source of income 2) section 8 housing 7. 2 kinds of notice - ANSWER: 1) constr uctive = info available to the public through diligent inquiry 2) active/direct = directly recieved by a party, i.e. disclosure statements 8. 2 mortgage loan instruments - ANSWER: 1) the mortgage 2) the promisory note 9. 2 types of confidential information - ANSWER: This information includes 1) negotiation info 2) any information that could harm a customer or client 10. 2 types of property - ANSWER: real property and personal property (transportable/chattels) 11. 2 types of title insure - ANSWER: 1) owners policy (paid b y seller, benefits new owner) 2) FAE (FIRE APPARATUS ENGINEER) ILLINOIS EXAM NEWEST ACTUAL EXAM 160 QUESTIONS AND CORRECT DETAILED ANSWERS 2024/2025 mortagee's/lender's policy (paid by buyer, benefits the lender) 12. 2 ways to create of easements - ANSWER: this type of encumbrance can be created 1) by agreement (between both parties) 2) by necessity (through court order) 13. 3 legal tests to determine intention of the parties regarding a fixture - ANSWER: 1) Attachment(Is it permanently attached?), 2) adaptation (is it specific to the real property?) 3) agreement (do both parties agree?) 14. 3 physical characteristics of land (fund amental) - ANSWER: immobility, indestructibility, uniqueness 15. 3 requirements to be classified as an independent contractor - ANSWER: 1) holds a current real estate license 2) has employment agreement verifying they are NOT employees. 3) 90% of income is base d on production, not number of hours worked. FAE (FIRE APPARATUS ENGINEER) ILLINOIS EXAM NEWEST ACTUAL EXAM 160 QUESTIONS AND CORRECT DETAILED ANSWERS 2024/2025 16. 3 types of business management and liability - ANSWER: 1) general partnership, partners manage and are fully liable 2) limited partnership, partners don't manage, and are only liable for the initial investment 3 ) corporation, the charter or board resolute dictates who manages, corporation is liable as its own entity 17. 3 types of estate in land (ownership of land) - ANSWER: 1) fee simple absolute estate 2) defensible fee estate 3) (Conventional) life estate 18. 3 types of homeowners insurance - ANSWER: 1) basic 2) broad, 3) special polices for apartments or condos 19. 3 types of trusts - ANSWER: 1) living 2) testamentary (via a will) 3) land trust 20. 4 components/rights of real property - ANSWER: Surface, subsurface, air space, improvements, legal rights
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