State Real Estate Test 2002

This test will Determine your knowledge of Real Estate issues pertaining to holdong a realtor license for the State Of Illinois

Question 1:A property manager work's for the best interest of
The Tenant
The Owner
The Banker
Government Agencies
Question 2:The Federal Housing Act Applies to all the following EXCEPT !
Commercial or Industrial Properties
Rental Property
Vacant Land
Single family sales
Question 3:Sandy Lives in Forest Hill apartment community. Her friend Mary applied for a three bedroom apartment complex with her three children. Mary was denied occupancy because of the children. Sandy complained to HUD, Sandy in turn was asked to MOVE out because of the complaint to HUD. Based on this information which of the following is FALSE !
Sandy is being intimidated because she has filed a complaint with HUD
Since 1988 Children have become a protected status under federal fair housing laws
andy's friend has been discriminated against
A complaint cannot be fled with HUD regarding intimidation
Question 4:Which of the following best describes the Law of Agency?
The rules and regulations of the state licensing agency
The rules of Law that apply to the responsibility and obligation of a person who acts for another
The selling of one's property by an authorized agent
The rules, regulations, and principles that govern one's conduct in business
Question 5:A listing agreement may be terminated by ALL of the Following EXCEPT !
Mutual Agreement
Operation of Law
Impossibility of Performance
Question 6:Which of the following bests describes BLOCK BUSTING
Representing to homeowners that minorities are moving into the area
Representing to buyers that the people in the neighborhood are anti-Their ( The Buyer's) race.
Removing properties from the tax rolls.
Discriminating to minorities by not showing them properties available in the area they are looking for a home.
Question 7:Broker Carl obtained an Exclusive agency listing from Rochelle Green. The broker would not be entitled to a commission if
Carl sold the property himself
The property was sold through another broker
The Seller sells the property on his/her to another neighbor who lives across the street and that neighbor is listed with another broker.
The property was sold through the MLS
Question 8:Sue Kramer just purchased a Condo, which of the following statements is MOST LIKELY TRUE! regarding her ownership
Sue Kramer owns her condo in fee simple defeasable estate and holds a joint tenancy ownership in the common areas
Ms Kramer's ownership is held as a conventional life estate.
Owner is owns the air space in fee simple and is a tenant in common in the common areas.
Sue owns a conventional life estate ownership
Question 9:The owner of a property along the banks of a river or stream MOST LIKELY has a water right known AS
Relicton rights
Littoral rights
Riparian rights
Question 10:What is the number of acres in a property which has the description NW 1/4 of the SE 1/4 and the S 1/2 of the SW 1/4 of the NE 1/4 of section 4 ?
60 acres
40 acres
80 acres
20 acres
Question 11:How many acres are in the NW 1/4 of the SE 1/4 of and the NE 1/4 and the S 1/2 of the NE 1/4 ?
90 acres
40 acres
60 acres
80 acres
Question 12:To create a contract, the offered must accept the offer
After conferring with attorney on the matter
within the 24 hour time span of one business day
Within the tenth business day after receipt of the offer
Without any changes
Question 13:Carl made a written offer from seller Ron's property. After reviewing the contract with his attorney, Ron accepted the offer in writing. At this point, what type of title does Carl have to the property?
Legal interest
Question 14:All of the following are considered a part of the Bundle of legal rigts associated with real property ownership EXCEPT the right to
trade, exchange, cultivate and explore.
Mortgage, mine, drill, and bequeath.
sell, lease, devise and improve
possess, enjoy, control, and exclude
Question 15:An owner who happens to be a war veteran negotiated a home equity loan on his property. The owner's right to rescind this agreement within 3-days is provided by
Regulation Z
Regulation C of the Credit Code
VA regulations on housing loans
the FHA
Question 16:Which of the Following mortgages best or is MOST LIKELY create negative amortization?
ARM Adjustable rate mortgage
GPM Graduated payment mortgage
SAM Shared appreciated mortgage
GEM Growing equity mortgage
Question 17:Developer McMaughton placed a mortgage on his housing development. When he sold a Lot to purchaser Sanders, a partial release was obtained for the lot the Sanders purchased. This mortgage that Developer McMaughton obtained was or is called a
Purchase-Money Mortgage
Wrap-around Mortgage
Open-end mortgage
Blanket Mortgage
Question 18:A mortgagor can get direct financing from all of the following EXCEPT
Savings and Loan Institutions
Mortgage Banking Companies
US Dept of Housing Urban Development
Commercial Banks
Question 19:Which of the following are true regarding a purchase money mortgage ?
The seller executes and delivers a note at closing
The seller retains possession of the property
The seller agrees to re-purchase the property if the buyer defaults
The seller finances a portion of the purchase price and then places a lien on the property
Question 20:Which of the following instruments is given by the purchaser to the seller who takes back a note for part or all of the purchase price of the property ?
Installment contract
An FHA Mortgage
A Contract for Deed
Purchase money mortgage
Question 21:Which of the following MUST be disclosed when an agent is showing a house?
That the property is haunted or had previous death of inhabitants
That the asking price is comparable to other homes in the area
What the original costs of the home was
That property is in a flood plain zone
Question 22:J sells a property to H then H leases it back to J. At the conclusion of this transaction, what is the status of J's interest in this property?
A freehold interest
A Fee simple defeasible
A fee simple absolute interest
A Non-freehold interest
Question 23:Broker Sally of Sally Realty recently sold jack and Sues's home for 43,500.00. Smith charged jack and Sue a 6.5 commission and paid 30 % of that amount to the listing person and 25% to the selling person. What amount of the commission did the listing sales person receive?
Question 24:Dr Andrew owns and Leases the 12 apartments in the Overton Arms for a total monthly rental of $3000.00. If this figure represents an 8% annual return for Dr Andrew, what was the original cost of the property
Question 25:The Martin's home on Cassteway rive is valued at $65,000.00 Property in their area is assessed at 60 percent of its value, and the local tax rate is $2.85 per hundred. How much are the MArtin's taxes MONTHLY ?

This Quiz has been designed by RCMC.