Exam (elaborations)
ILLINOIS REAL ESTATE EXAM QUESTIONS AND ANSWERS
- Course
- Institution
ILLINOIS REAL ESTATE EXAM QUESTIONS AND ANSWERS
[Show more]
Content preview
Name: Score:260 Multiple choice questions
Term 1 of 260
In Illinois, the market value of a home is $150,000. Of this amount, $25,000 is the value given to
the land and $125,000 is the considered improvements. The owners have filed for their $3,500
homeowner's exemption, and it has been granted. If the total tax levy on the property will be
7.750 per $100, how much will their real estate taxes be?
$3,603.75 ($150,000/3 = $50,000 - $3,500 = $46,500/100 = $465*7.750 = $3,603.75)
The licensee's disclosure violated the statutory duties owed to the tenant.
May insert factual information into forms under the agent's supervision and approval.
No, the manager of a branch office must be a licensed managing broker.
Term 2 of 260
The seller refuses to provide a property disclosure to the buyer. In this situation, the buyer:
The rectangular survey system
May terminate the contract
Is required to give the inspection objection
Sue the tenant for back rent.
Term 3 of 260
Licensees who allow their licenses to expire have how long to reinstate their licenses?
Housing owned by a disabled veteran.
Up to two years; then licensees must start over
Extinguishes and becomes a tenancy in common
His sponsoring broker only.
,Term 4 of 260
A landlord wants to terminate a year-to-year tenancy in Illinois. How much notice must the
landlord provide the tenant?
five days
60 days
30 days
one year
Term 5 of 260
A real estate licensee may be disciplined for:
Making records available within 24 hours.
Not less than one and not more than four residential dwelling units.
Agreeing with a seller to accept a listing for more than the normal commission rate.
Representing more than one sponsoring broker.
Term 6 of 260
A couple with a five-year-old son lives in their own home in Illinois. Knowing their house
contains some surfaces with lead paint, the couple had their son tested for elevated blood
levels. The tests showed he had no lead in his system. Does Illinois law require that the parents
take any action with regard to the lead paint in their home?
No, abatement is required only if the child has an elevated blood lead level.
The licensee being assisted is responsible for the activities of the unlicensed personal
assistant.
Yes, commissions need not flow through the second broker.
Because the homeowner's interest rate is greater than 8 percent, the lender may not
charge a prepayment penalty under illinois law.
,Term 7 of 260
If there is no redemption before the tax sale, how long must a tax sale purchaser wait before
action to obtain a tax deed?
Six hours every two years.
Following all instructions of the client.
Implied warranty of habitability.
Two years from the date of the tax sale
Term 8 of 260
A broker signs a listing agreement with a seller. The agreement contains this clause: "If the
property has not been sold after three months from date of this signing, this agreement will
automatically continue for additional three-month periods until the property sells." Such an
agreement:
Federally mandated booklet.
Is illegal in Illinois.
A net listing, which is legal in illinois but not recommended.
Accepting subagency.
Term 9 of 260
At what time may a sponsoring broker allow licensees to work from a branch office?
After the office has been fully furnished and decorated.
Once the broker has hired additional staff for the office.
When the office has been advertised to the public.
Upon receipt of the branch office license.
, Term 10 of 260
What types of agency are permitted in Illinois?
Accepting subagency.
Sellers provided a false termite inspection report
The sponsoring broker
Seller, buyer, disclosed dual
Term 11 of 260
The decedent left an estate valued at $900,000, after the payment of all taxes and debts. She
had no surviving husband but three children. The first son died shortly after his mother died,
leaving two children of his own. The daughter has three children, and the remaining son has
two. The decedent did not write a will. How is her property divided?
The daughter and the remaining son each take $301,000, and the first son's children
divide the remaining $300,000 equally.
The daughter and the remaining son each take $300,000, and the first son's children
divide the remaining $305,000 equally.
The daughter and the remaining son each take $300,000, and the first son's children
divide the remaining $300,000 equally.
The daughter and the remaining son each take $300,100, and the first son's children
divide the remaining $300,000 equally.
Term 12 of 260
At what point may a listing agent display a For Sale sign on the property?
Once the property owner verbally agrees to the sale.
When the property is listed on the market by the broker.
After the property has been appraised.
At the time the property owner gives written consent.
The benefits of buying summaries with Stuvia:
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
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
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 selftest. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.00. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
76449 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
