Exam (elaborations)

Illinois Real Estate Licensee Practice Case Questions with Revised Correct Answers Guaranteed Pass

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Course
Illinois

Institution
Illinois

A borrower has a mortgage loan that requires monthly payments of $1,200 for 10 years and a final payment of $42,257. This type of loan is best described as a a) reverse annuity loan. b) balloon loan. c) graduated payment loan. d) blanket loan. - CORRECT ANSWER -b) balloon loan. A broker and...

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illinois real estate licensee practice

Institution Illinois
Course Illinois

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Illinois Real Estate Licensee Practice Case Questions
with Revised Correct Answers Guaranteed Pass
A borrower has a mortgage loan that requires monthly payments of $1,200 for 10 years and a

final payment of $42,257. This type of loan is best described as a

a) reverse annuity loan.

b) balloon loan.

c) graduated payment loan.

d) blanket loan. - CORRECT ANSWER ✔✔ -b) balloon loan.

A broker and seller enter into a listing agreement. Under the terms of the listing, the seller will

receive $195,000 from the sale with any sales proceeds over that amount going to the broker.

This type of listing is called

a) an open listing.

b) a net listing.

c) a multiple listing.

d) a gross listing. - CORRECT ANSWER ✔✔ -b) a net listing.

A broker representing the seller would be violating the license act regarding property disclosure

if the broker

a) does not disclose that a known sex offender resides near a listed home.

b) does not disclose to the buyer that the occupant of the property is afflicted with HIV.

,c) discloses to the buyer latent material defects in the property of which the broker is aware.

d) counsels the seller not to tell the broker of any latent defects since the broker will have to

disclose them to buyers, making the sale more difficult. - CORRECT ANSWER ✔✔ -d)

counsels the seller not to tell the broker of any latent defects since the broker will have to

disclose them to buyers, making the sale more difficult.

A broker who has a listing contract to sell an owner's house is what type of agent?

a) Universal

b) Special

c) General

d) Dual - CORRECT ANSWER ✔✔ -b) Special

A brother and sister own a parcel of real estate as joint tenants. The brother sells his interest in

the property to a cousin. What is the relationship between the sister and the cousin?

a) The sister and cousin are joint tenants.

b) The sister and cousin are tenants in common.

c) The sister and cousin are tenants by the entirety.

d) The brother and sister are still joint tenants since the brother would be prohibited from selling

his interest. - CORRECT ANSWER ✔✔ -b) The sister and cousin are tenants in common.

A businessperson owns and operates a barbershop in an area that was recently annexed by a

neighboring suburb. The area annexed was zoned as a single-family residence by the suburb, but

,the barbershop is allowed to continue operating. The allowance for the barbershop's continued

operation is known as

a) nonconforming use.

b) spot zoning.

c) variance.

d) conditional use. - CORRECT ANSWER ✔✔ -a) nonconforming use.

A buyer purchases a home under an installment sales contract. Until the buyer has completed

making payments to the seller, the buyer

a) is not responsible for the property's real estate taxes.

b) has actual title to the property.

c) has an equitable ownership interest in the property.

d) cannot occupy the property. - CORRECT ANSWER ✔✔ -c) has an equitable ownership

interest in the property.

A couple purchased a house for $350,000, making a down payment of $100,000. The buyers get

a new mortgage of $230,000 from a lender and financed the remaining $20,000 through a

mortgage given to them by the seller. The $20,000 mortgage is called a

a) wraparound mortgage.

b) purchase money mortgage.

c) blanket mortgage.

, d) balloon mortgage. - CORRECT ANSWER ✔✔ -b) purchase money mortgage.

A fee simple holder of a parcel of real estate grants a life estate to his son and stipulates that

upon the son's death the property will pass to his grandson. The grandson's interest in the

property is called

a) an estate at sufferance.

b) a legal life estate.

c) a remainder estate.

d) a reversionary estate. - CORRECT ANSWER ✔✔ -c) a remainder estate.

A homebuyer obtains a loan to finance the purchase of the house as well as personal property.

This type of loan is called a

a) wraparound loan.

b) package loan.

c) blanket loan.

d) term loan. - CORRECT ANSWER ✔✔ -b) package loan.

A homeowner has made the final mortgage loan payment to the bank. To ensure the bank's

mortgage lien has been released, the homeowner should get a

a) mortgage novation.

b) mortgage rider.

c) lis pendens.

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