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Illinois Real Estate Exam Questions And Answers Latest 100% Verified
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Illinois Real Estate Exam Questions And Answers Latest 100% Verified
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Illinois Real Estate Exam Questions AndAnswers Latest 100% Verified
Five Categories of Real Property CORRECT ANSWERS Residential, Commercial, Industrial, Agricultural, Special Purpose
Residential Property CORRECT ANSWERS All property used for single-family or multifamily housing, whether, urban, suburban, or rural areas
Largest Real Estate Organization CORRECT ANSWERS NAR (National Association of Realtors)
Commercial Property CORRECT ANSWERS Business property, including office space, shopping centers, stores, theaters, hotels, and parking facilites
Industrial Property CORRECT ANSWERS Warehouses, factories, land in industrial districts, and power plants
Agricultural Property CORRECT ANSWERS Farms, timberland, ranches, and orchards
Special Purpose Property CORRECT ANSWERS Churches, schools, cemeteris, and government-held lands
Market CORRECT ANSWERS A place where goods can be bought and sold and where
price levels can be established based on supply and demand
Uniqueness CORRECT ANSWERS No matter how similar two properties may appear, they are never exaclty alike
Immobility CORRECT ANSWERS Property cannot be relocated to satisfy demand where supply is low
What two characteristics have the most impact on market value? CORRECT ANSWERS Uniqueness & Immobility
Factors that affect the supply of real estate: CORRECT ANSWERS Labor force, construction costs, government controls, government finiancial polices
Factors that affect the demand of real estate: CORRECT ANSWERS Population, demographics, employment/wage levels
Demographics CORRECT ANSWERS The study and description of population Freehold Estate CORRECT ANSWERS An estate in real estate that lasts for an indeterminate length of time
Fee Simple Estate CORRECT ANSWERS An estate in real estate that lasts forever
Life Estate CORRECT ANSWERS An estate in real estate that lasts for the lifetime of the holder
Riparian Rights CORRECT ANSWERS The right of the owner to use the water when property runs along a river or stream
Littoral Rights CORRECT ANSWERS The right of the owner to access the water when the property is adjacent to a lake, ocean, or sea
Eminent Domain CORRECT ANSWERS The right of the government to acquire privately owned real estate for public use
Condemnation CORRECT ANSWERS Judicial or administrative proceeding to exercise the power of eminent domain
Quick-take CORRECT ANSWERS Proceeding in which the plaintiff may obtain an immediate fee simple title to real property
Escheat (Revert) CORRECT ANSWERS Reversion of property to the state when a decedent dies without hiers
Corporation CORRECT ANSWERS Entity created by law who has rights to the same as
an individual until it is dissolved
Cooperative CORRECT ANSWERS Multi-unit residential building in which the title is held in trust or by a corporation that is owned and operated for the benefit of the beneficial owners
Marital Property CORRECT ANSWERS Property acquired after the date of marriage for
the duration of the marriage
Joint Tenancy CORRECT ANSWERS Ownership of property by two or more and upon the death of a joint tenant their interest passes to the surviving tenant or tenants
Partition CORRECT ANSWERS Division of co-tenants's interests in property
Trust CORRECT ANSWERS Fiduciary arrangement in which property is conveyed to a person or entity to be held and administered on behalf of another
Tenancy by the Entirety CORRECT ANSWERS Ownership of property by a husband and wife and when one is deceased the property is owned by the survivor
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