Real Estate Final Exam Practice Test1 Flashcards

Real Estate Final Exam Practice Test1 Flashcards In Illinois, real estate licensees mayfill in blanks on preprinted form contracts customarily used in their community.While the identity of the beneficiary of a land trust is not usually disclosed without the beneficiary's written permission, under what conditions may the trustee be compelled to do so?When applying to a state agency for a license or permit affecting the property.In IL which of these is a required element of a valid deed?specifically identified grantee Three weeks before a man begins his IL real estate pre-license class, he offers to help his neighbor sell her house. The neighbor agrees to pay him a 5% commission.An offer is accepted while the man is taking the class and closes days before the man passes the exam and received his real estate license. The neighbor refuses to pay the man the agreed commission. Can the man recover payment?No, IL law prohibits lawsuits to collect commission unless the injured party is a real estate licensee, and the license was in effect before the agreement was reached.An owner paid the first installment of her IL general real estate tax on July 1. The amount due was $2,380. If the county assessor issued the owner's bill 30 days before the penalty date of June 1, does the owner owe any penalty? ** Yes, the owner will have to pay $71.40 as a penalty in addition to the real estate tax owed.In IL if the buyer of a property is a licensed brokerthis must be disclosed in writing to the parties to the transaction.IDFPR may notimpose jail time on persons who violate license law.A judgment issued by an Il court is ageneral , involuntary, equitable lien on both real and personal property owned by the debtor.Which lien has priority in a foreclosure sale? Delinquent property taxes What is the rate of the IL state transfer tax? 0.75 per $500 A non possessory interest in real property is also calledan encumbrance Which of these is legal in IL?giving referral fees to other licensees.How are members of the IL real estate admin and disciplinary board selected?governor appointed An approximately straight line (except for corrections) connecting Rockford and Cairo is the Third Principal Meridian.Under a land contract in IL, what type of title does the purchaser have until the "final" closing when the obligation to seller is paid in full?equitable title Chicago Bar Association, et al. v. Quinlan and Tyson, Inc., established what principle in Illinois real estate law?Real estate licensees may only fill in blanks and make appropriate deletions on preprinted standard form contracts.A Sponsoring broker received an earnest money deposit along with a sales contract from a buyer. Under IL law, what must the sponsoring broker do with the money?deposit the money in an existing special non-interest bearing escrow account in which all earnest money received from buyers may be held at the same time.

A landlord has a "no pets' policy in his apartment building.If a visually impaired person wants to rent an apartment from the landlord, but owns a guide dog, which of these statements is true?The IL human rights act specifically prohibits the landlord from refusing to rent the apartment to the visually impaired person on the basis of the landlord's "no pets" policy.A woman has a mortgage loan secured by real property.Under recent law, the woman may terminate the loan's escrow account when the remaining balance is equal to or less than what percentage of the original amount?65% In IL how much-written notice is a landlord required to give a tenant to pay overdue rent before terminating the lease when the tenant is in default only for failing to pay rent on time?

• days

In Illinois, if a home rule county has an ordinance that conflicts with that of a home rule city, whose ordinance will prevail?The city's ordinance An IL real estate licensee may lawfully collect compensation from a sponsoring broker only.Under IL law, what is the statutory usury ceiling on loans secured by real estate?no limit Three people decide to form a partnership to buy and sell real estate. One partner plans to specialize in residential real estate, the second in commercial real estate, and the 3rd does not plan to list, sell, or rent, but to supervise the office decor and plan holiday parties. Under these facts, which of the general partner's needs to be licensed for the partnership to qualify for a broker's license in IL?All general partners in a general partnership must hold a broker or managing broker license.In IL, how must the real property transfer tax be paid?By purchasing transfer tax stamps from the county recorder or appropriate local authority.In Il, which property is totally exempt from paying general real estate taxes?Private Schools The general datum plane referred to by surveyors throughout Ill is the North American Vertical Datum In IL, if an owner defaults on a mortgage loan and the property is ordered sold at a foreclosure sale, the owner may redeem, the property before the sale, under the equitable right of the redemption.Which of these would be required to be surveyed and have a plat recorded under the IL Plat Act?An owner divides a 20-acre parcel into 5 equal lots.An ownership arrangement in which the purchaser receives a fee simple ownership in real property for longer than three years but the right to actually use the property for a specif period of less than one year (on a recurring basis) is a time share estate The individual appointed to the position of real estate coordinator must surrender the real estate license for the duration of the appointment.

Which activity requires a real estate license? A service that, for a fee, matches individuals who want to buy and sell properties.Real property was conveyed for $185,000. What amount will have to be paid in county transfer tax?

$92.50

What is the advantage of seeking an injunction against a licensee who is violating the real estate license act of 2000?It stops the violation from continuing.Regarding mortgages, IL is most accurately described asan intermediate mortgage theory state A woman's property in Peoria has an assessed value of $175,000. The local tax rate is 3%, and no equalization factor is used. If the tax was levied in April 2011, the woman had to pay $2625 on June 1. 2012 A real estate licensee is aware that certain areas of the city are particularly unfriendly to members of certain minority groups. For these groups' own protection, the licensee shows members of such groups homes for sale only in "friendly" neighborhoods into which members of their minority group have moved in the past.These actions are prohibited by the Real Estate License Act of 2000.A sponsoring broker signs a listing agent agreement with a

seller. The agreement contains the following clause: "If the

property has not been sold after three months from the date of this signing, this agreement will automatically continue for additional three months periods thereafter until the property is sold" Based on these facts, which of these statements is true?This agreement is illegal in IL.When a broker is representing her client, she is most likely acting as a special agent Which of these statements is true of an IL county having fewer than 60,000 residents?The county clerk also serves as recorder of deeds.How many members are on the IL Real Estate Admin and Disciplinary Board?15 members The purpose of the Real estate Recovery Fund is tocompensate individuals who suffer losses due to the wrongful acts of a license.What is the name of the act that requires that IL developers file statements of record with HUD before they offer unimproved lots for sale in interstate commerce via telephone?Interstate Land Sales Full Disclosure Act A man owned property in Peoria before his marriage. The wife has no ownership interest in the property. The owner and his wife live in Chicago, and a tenant occupies the house in Peoria. If the owner wants to sell the property, who is required by law to sign the listing agreement?The owner only because he and his wife do not live in the house.An IL licensee's license may be suspended or revoked for which of the following actions?Being declared mentally incompetent

The sale price of the property is $250,000. What is the IL transfer tax on this transaction when it is .75 per $500?$250 What is the penalty if a person is convicted of practicing real estate without first obtaining a real estate license?Up to $25,000 for each offense.Which is a requirement for a deed to be recorded in IL?Payment of required tax stamps Regarding security deposits, what difference is there between requirements for the landlord of a three-unit apartment building and the landlord of a 30 unit apartment building?Only the landlord of the 30 unit building is required to pay interest on security deposits.For which of the following acts is IDFPR required to suspend or revoke a licensee's license?Having been found liable in a civil trial for illegal discrimination.