Exam (elaborations)
ILLINOIS REAL ESTATE EXAM 2 QUESTIONS AND ANSWERS
- Course
- Institution
ILLINOIS REAL ESTATE EXAM 2 QUESTIONS AND ANSWERS
[Show more]
Content preview
Name: Score:117 Multiple choice questions
Term 1 of 117
Cost Approach
*special purpose properties such as schools, churches, and hospitals
*step 1: replacement cost
*step 2: subtract for depreciation
*step 3: add land value
A recorded legal document giving constructive notice that an action affecting a
particular property has been filed in either a state or a federal court.
* apartment complexes and shopping center
*potential gross income- vacancy rate- operating expenses = NOI
*NOI / CAP RATE= Estimate of Value
Channeling prospective buyers or tenants to particular neighborhoods based upon their
race, religion, national origin, or ancestry.
Term 2 of 117
If a contract is signed under duress or undue influence, the resulting contract is:
voidable. Contracts signed under duress or undue influence are voidable by the injured
person, who has the option to rescind or accept.
enforceable only with court approval.
invalid. such contracts are automatically null and cannot be enforced.
binding. contracts signed under duress are still legally binding.
,Term 3 of 117
Rules for sales comp
Cbs= if the comp is equal, no change , cpa= if comp is different, reassess
CBS= if the comp is better, SUBTRACT , CPA= if comp is poorer, ADD
Cbs= if the comp is larger, Add , Cpa= if comp is smaller, Subtract
The listing agent is responsible for any losses to the principal.
Term 4 of 117
A mechanic's lien is usually removed from public record by:
waiting for the statute of limitations to expire.
paying the original contractor for their services.
recordation of a release of the lien.
filing a new mechanic's lien on the same property.
Term 5 of 117
Duress
The listing agent is responsible for any losses to the principal.
Is forcing someone to do something
Is may be revoked.
Advise the seller to consult a lawyer.
,Term 6 of 117
Lender's (Buyer's) Title Insurance Policy
-1896 Supreme Court ruling upheld the 'separate but equal' doctrine of "legalized" racial
segregation.
Broker must return a true copy of the listing agreement, signed by the seller and by the
sponsoring broker, to the principal within 24 hours of execution.
The amount of coverage depends on the amount of mortgage loan.
*as the loan balance is reduced the coverage decreases
1/1/1978
Term 7 of 117
Unexpected loss of manager
a request may be made to Idfpr within 15 days of this development to grant an extension.
Extension may be granted up to 29 days.
a request may be made to Idfpr within 12 days of this development to grant an extension.
Extension may be granted up to 60 days.
a request may be made to Idfpr within 15 days of this development to grant an extension.
Extension may be granted up to 55 days.
a request may be made to IDFPR within 15 days of this development to grant an
extension. Extension may be granted up to 60 days.
Term 8 of 117
In Illinois, a landlord seeking an actual eviction of a tenant must file an action called
special warranty deed
a promise to perform in a contract
contingency
a forceable entry and detainer
, Term 9 of 117
To be exempt a senior housing development's occupants must either be
only one unit must be occupied by a person over age 65.
all unit occupied by persons over age 62 or 80% of the units must be occupied by one
person over age 55.
80% of the units must be occupied by persons under age 40.
all units must be occupied by families with children.
Term 10 of 117
Plessy vs Ferguson case
-1896 Supreme Court ruling upheld the 'separate but equal' doctrine of "legalized" racial
segregation.
-1901 Supreme Court ruling upheld the 'separate but equal' doctrine of "legalized" racial
segregation.
-1896 supreme court ruling that mandated integration in public schools
-1896 supreme court ruling that allowed states to enforce racial quotas
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