Exam (elaborations)
ILLINOIS REAL ESTATE LICENSE TEST QUESTIONS AND ANSWERS
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ILLINOIS REAL ESTATE LICENSE TEST QUESTIONS AND ANSWERS
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Illinois Real Estate License TestTerms in this set (1238)
Brokerage the business of bringing people together in a real estate transaction
acts as a point of contact between two or more people in negotiating the sale,
real estate licensee purchase, or rental of property. A real estate licensee may be the agent for the
buyer, for the seller, or for both
llinois license categories broker, managing broker, and leasing agent
is the process of estimating a property's market value based on established methods
Appraisal
and the appraiser's professional judgment.
Property Management a person or company hired to maintain and manage property on behalf of its owner.
is the business of providing the funds that make real estate transactions possible.
Financing Most transactions are financed by means of mortgage loans or trust deed loans
secured by the property.
More
Subdivision is the splitting of a single property into smaller parcels.
such as water lines and storm sewers, are made on public lands to serve the new
Offsite improvements
development.
are additions or enhancements within the buildings or lots being sold that increase
Onsite improvements the value of the properties within the development. Onsite improvements include
roads and infrastructure or new buildings.
Residential
Commercial
5 Types of Real Property Industrial
Agricultural
Special purpose
all property used for single-family or multifamily housing, whether in urban,
residential
suburban, or rural areas
business property, including office space, shopping centers, stores, theaters, hotels,
commercial
and parking facilities;
industrial warehouses, factories, and land in industrial districts;
agricultural farms, timberland, ranches, and orchards; or
special purpose churches, schools, cemeteries, and government-held lands.
labor force, construction and material costs, government controls, and financial
Factors that affect supply side of market
policies.
, Population
Factors That Affect the Demand of Real
Demographics
Estate
Employment and wage levels
Demographics the study and description of population.
A professional estimate of a property's real estate appraiser.
market value, based on established
methods and using trained, professional
judgment, is performed by a
In general, when the supply of a certain prices tend to drop
commodity increases,
Which of these factors tends to affect Government controls and financial policies
supply in the real estate market?
Which factor MOST likely influences the Wage levels and employment opportunities
demand for real estate?
Property management, leasing, appraisal, specializations within the real estate industry.
financing, and development are all
examples of
A REALTOR® is a real estate licensee who is a member of the National Association of REALTORS®.
A major manufacturer of automobiles Houses will become more expensive.
announces that it will relocate one of its
factories, along with 2,000 employees, to a
small town. What effect will this
announcement MOST likely have on the
small town's housing market?
A licensee who has several years of Real estate counselor
experience in the industry decided to retire
from actively marketing properties. Now
this licensee helps clients choose among
the various alternatives involved in
purchasing, using, or investing in property.
What is the licensee's profession?
The term REALTOR® refers to a member of the National Association of REALTORS®.
Schools are considered part of which real Special-purpose
estate classification?
When demand for a commodity decreases price tends to fall.
and supply remains the same,
method of estimating a property's market value based on established methods and
The term appraisal is defined as the
the appraiser's professional judgment.
The Federal Reserve Board establishes a discount rate of interest for the money it lends to its member banks.
All of these are categories of the uses of developmental.
real property EXCEPT
All of these would affect overall demand in zoning ordinances.
the real estate market EXCEPT
All of these affect how quickly the forces of degree of standardization of the product's price.
supply and demand work EXCEPT
A real estate professional who performs a a home inspector.
visual survey of a property's structure and
systems and prepares an analytical report
for a purchaser or an owner is acting as
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