Exam (elaborations)
ILLINOIS REAL ESTATE PRACTICE QUESTIONS AND ANSWERS
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ILLINOIS REAL ESTATE PRACTICE QUESTIONS AND ANSWERS
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Name: Score:223 Multiple choice questions
Term 1 of 223
Reversionary
Water deposits on land(to secret on your land)
Creator recaptures ownership (comes back)
Tenancy in common
(condo - fee simple estate)
Sales comparison approach
(fee simple ownership)
Term 2 of 223
The common law rule which state that the contract is the sum of the agreement and that there
are no outside agreements to the written document is known as the
Statute Of Limitations
Parol Evidence Rule
Law Of Descent And Distribution
The Dominant Tenement
Term 3 of 223
Accretion
The process of land reclamation from the sea
Soil erosion caused by human activity
The removal of land due to construction
Water deposits on land(to secret on your land)
,Term 4 of 223
Specific Lien
Physical location of the property
Reside in the property
Subsequent liens
Specific piece of property
Term 5 of 223
Physical Curable Depreciation
Sales Comparison Approach
(Residential and vacant land)
Broken windows, potholes in the driveway, and peeling paint are examples of
Insurance company or mortgage charge different rates on protected class
Disburse earnest money funds at closing from the escrow account
Term 6 of 223
The following restrictive covenants in a deed could be enforced..
A suggestion to improve the property's aesthetic appeal
A restriction prohibiting the use of the property as a place of business
A requirement to maintain the property in its original state
A guideline allowing any type of business on the property
,Term 7 of 223
A licensee has an exclusive right to seek listing with a seller who is looking to buy a store front.
Her commission from the sale of this unit will be $4,000. She also enters into an agreement
with another client who is selling his store on the same block. The commission on this exclusive
right to sell listing on this property will be equal to $5,000. The agent introduces these two
clients to each other and they end up exchanging properties. What is the licensee's
commission?
$10,000
$5,000
$9,000
$25,000
Term 8 of 223
Erosion
Lease the ground but own the building
= 112.50
112.50 x $1.25 = $140.63
(credit the seller $140.63)
Benefits from the servient tenement
It's eating away
Term 9 of 223
Conversion
Fancy name for theft
For adjacent properties it's a right
Partition
(one way to dissolve joint tenancy)
Personal an real property
, Term 10 of 223
Fixtures
Are neither personal property nor real estate; they are a form of fructus naturales
Are real estate
Are personal property
Utilities
Term 11 of 223
The difference between a specific lien and a general lien is that:
A general lien covers all of a debtor's property while a specific lien covers a specific
property
A general lien only applies to real estate
A specific lien is more powerful than a general lien
A specific lien can be placed on any property regardless of ownership
Term 12 of 223
Encumbrance
A financial assessment of a property's market value
A type of insurance policy for property owners
Is any charge or claim that attaches to real property and lessens its value or impairs its
use.
A legal document that transfers property ownership
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