Exam (elaborations)
ILLINOIS REAL ESTATE CHAPTER 1 QUESTIONS AND ANSWERS
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ILLINOIS REAL ESTATE CHAPTER 1 QUESTIONS AND ANSWERS
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Name: Score:31 Multiple choice questions
Definition 1 of 31
Population
Demographics
Employment and Wage Levels
Factors Affecting Supply
Factors Affecting Demand
Variable Costs
Law Of Demand
Definition 2 of 31
Trees, perennial shrubbery, and grasses
Characteristics of real estate
Real property
Ownership of real property
Fructose Naturales - Real Estate
Definition 3 of 31
Emblements or personal property
Fructose Industries
Trade Fixtures
Types Of Real Property
Fructose Naturales - Real Estate
,Definition 4 of 31
The rights to use the space above the earth may be sold or leased independently, provided
the rights have not been preempted by law.
Real Property
Ground Leases
Subsurface Rights
Air Rights
Definition 5 of 31
Some or all of the mortgage interest paid
Real estate taxes
Certain other expenses
Financing
Property Management
Income
Tax Benefits
Definition 6 of 31
Scarcity
Improvements
Permanence of Investment
Location
Preferential location is the most important economic characteristic of land
Economic Characteristics
Types of Real Property
Factors Affecting the Supply of Real Estate
Characteristics of Real Estate
, Definition 7 of 31
$500K sale of a principal residence by married tax payers
$250K who file single
Can be used repeatedly as long as the homeowners have both owned and occupied the
property as their residence for at least two of the past five years
Financing
Trade Fixtures
Capital Gains Exclusions
Tax Benefits
Definition 8 of 31
Labor Force & construction Costs
Government Controls
Government Financial Policies
Government Agencies
-FHA
-VA
Taxation
Factors Affecting Demand
Factors Affecting Supply
National Association of Realtors
Co-Insurance Clause
Definition 9 of 31
Land At, above, and below the earth's surface plus all things permanently attached to it.
Property Management
Personal Property
Real Estate
Land
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