100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Compiled- Illinois Real Estate Practice Exam *Q&A* (100% Correct) 2025/2026 |VERIFIED| £7.39
Add to cart
Quickly navigate to
Preview
  2.  
  3. Real Estate
  4.  
  5. Real Estate

Exam (elaborations)

Compiled- Illinois Real Estate Practice Exam *Q&A* (100% Correct) 2025/2026 |VERIFIED|

 3 views  0 purchase
  • Module
  • Real Estate
  • Institution
  • Real Estate

Compiled- Illinois Real Estate Practice Exam *Q&A* (100% Correct) 2025/2026 |VERIFIED| The person who borrows money to purchase real estate is commonly known as: Buyer When a tenant’s lease is violated because the landlord has allowed the rental unit to become uninhabitable, this ...

[Show more]

Preview 3 out of 25  pages

Document information

  • December 8, 2024
  • 25
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • compiled illinois real estate practice exam qa

Written for

  • Real Estate
  • Real Estate

Seller

avatar-seller
StellarGrades

Reviews received

Content preview

Compiled- Illinois Real Estate Practice Exam
*Q&A* (100% Correct) 2025/2026
|VERIFIED|
The person who borrows money to purchase real estate is commonly known as:

Buyer



When a tenant’s lease is violated because the landlord has allowed the rental unit to become
uninhabitable, this is referred to as:

Constructive Eviction



The deed containing the most covenants or warranties is known as:

General Warranty Deed

(In Illinois, the grantor's signature is required for conveyance and warranty.)



Which type of deed includes the term "grant, bargain, and sell"?

Bargain And Sale Deed



A deed that conveys, revises, and alienates the property with a guarantee that it was not encumbered
during the grantor’s ownership is known as:

Special Warranty Deed



The deed that involves revising, releasing, and quitting any claims to the property is called:

Quitclaim Deed



A personal mortgage or private mortgage is referred to as:

Deed Of Trust




1

,When a trustee creates a land trust by entrusting the property, this is documented by a:

Deed In Trust



Transfer of title occurs when:

The deed is delivered and accepted



After making the final mortgage payment, the homeowner should request the following to ensure the
mortgage lien is released:

Satisfaction Of Mortgage



When litigation affects the title to real estate, the legal notice recorded is called:

Lis Pendens

(This typically indicates that a foreclosure may occur.)



The document that serves as evidence of debt when filing a mortgage is a:

Promissory Note

(Without it, the mortgage is not legally valid.)



If a prospective buyer withdraws an offer before the seller has accepted it, the buyer is entitled to:

Withdraw the offer and recover the earnest money deposit



A rectangular parcel of land is 130 feet deep and 25 yards wide. How many square feet does it contain?

75 feet (25 yards = 75 feet) x 130 feet = 9,750 square feet



A grantor conveying title but only guaranteeing that the property was not encumbered during their
ownership would use a:

Special Warranty Deed



A tenant in a net lease would most likely be responsible for which of the following expenses?

2

, Maintenance



According to the Anti-Trust Laws, which activities are prohibited by real estate offices?

Agreeing with other real estate companies to divide the market by location

Agreeing with other companies on a commission schedule

Agreeing to create market territories



If a broker showed an owner-occupied property and a buyer's offer was accepted, which items could the
seller remove before the close of escrow?

None of the identified items unless specified in the contract



Trade fixtures are defined as:

Items installed by a tenant that are necessary for their business



Which of the following is classified as real property?

Fixtures



What is considered the most significant economic characteristic of land?

Area Preference



What type of estate gives the owner full control over the property?

Fee Simple Estate

(This is a freehold estate.)



A life estate that allows a person to live on the property until their death is:

Life Estate

(In Illinois, this is covered by Homestead protections.)




3

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller StellarGrades. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for £7.39. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

53340 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now

Start selling
£7.39
  • (0)
Add to cart
Added