Illinois Real Estate Practice Exam
Best evidence of marketable title Title Insurance
Balloon Loan A borrower has a mortgage loan that requires monthly payments of $936.25 for
10 years and a final payment of $136,287. Type of loan?
Commingling Brokers should deposit all earnest money checks they receive into an escrow
account or trust account to prevent being accused.
Conversion Fancy name for theft
Puffing Exaggeration of a fact it is legal as long as it doesn't come in as a fraud
In performing an appraisal of real estate, the appraiser: Estimates the property's market value
Local zoning ordinances are used to regulate Allowable uses for buildings, building heights, population density NOT rules for
the conducting open spaces
After paying the brokers fee of 6%, a seller want to net 100%-6%=94%=.94
$180,000 from the sale of his house. What must the 180,000 / .94 = 191489
property sell for to satisfy both the eh broker and the
seller?
A property owner constructed a commercial building The building is a nonconforming use
on the property. Three years later an ordinance was
passed prohibiting commercial buildings in the owners
area:
Servient Tenement The owner of a parcel of land holds an easement right over an adjoining parcel
of land. The parcel of land on which the easement runs is referred to as the:
Dominant Tenement Benefits from the servient tenement
What is the amount of real estate tax due on a property 140,000 x .30 = 42,000
with a market value of $140,000 if it is assessed at 30% 42,000 x 1.5 = 63,000
of market value, has an equalizer of 1.5, and a tax rate of 63,000 x .05 = 3150
$5.00 per $100.00 of assessed value?
Easements Are rights of way on someone else's land
Easement By Necessity A property owner subdivided a piece of property, selling the front half and
retaining the back half. The back half of the property retained by the owner
does not have access to any roads. The type of easement the courts might
grant in this situation is
, Illinois Real Estate Practice Exam
Easement In Gross Utilities
Easement By Prescription Trespassers rights due for a period of time you earn 20 years
Easement Appurtenant For adjacent properties it's a right
Personal Easement In Gross Individual access to property not transferable only till alive
Adverse Possession Squatter Rights 20 years to earn it
License Personal privilege last for specific period of time
A property manager defaulted on a mortgage and the Obtain a deficiency judgement
lender foreclosed on the property. The property sold at
the foreclosure sale for less than the loan balance. To
recover the remainder of the money, the lender may:
On Wednesday, Sam offers to sell his house to Beau for No valid agreement because Beau's counteroffer ended Sam's offer
$220,000. On Sunday, Beau makes a counter offer of (Just change one aspect and you kill the contract)
$210,000. On Friday, Beau withdraws the counter offer
of $210,000 and accepts Sam's offer of $220,000. In this
situation, there is:
Graduated Payment Loan Amount goes up after period of time
Package Loan A home buyer obtains a loan to finance the purchase of the house as well as
personal property
Blanket Loan One loan secures multiple properties
Wraparound Loan New loan pays off old loan
Granting Clause Is a requirement for a valid deed
(Signature of grantor is needed in Illinois)
Best evidence of marketable title Title Insurance
Balloon Loan A borrower has a mortgage loan that requires monthly payments of $936.25 for
10 years and a final payment of $136,287. Type of loan?
Commingling Brokers should deposit all earnest money checks they receive into an escrow
account or trust account to prevent being accused.
Conversion Fancy name for theft
Puffing Exaggeration of a fact it is legal as long as it doesn't come in as a fraud
In performing an appraisal of real estate, the appraiser: Estimates the property's market value
Local zoning ordinances are used to regulate Allowable uses for buildings, building heights, population density NOT rules for
the conducting open spaces
After paying the brokers fee of 6%, a seller want to net 100%-6%=94%=.94
$180,000 from the sale of his house. What must the 180,000 / .94 = 191489
property sell for to satisfy both the eh broker and the
seller?
A property owner constructed a commercial building The building is a nonconforming use
on the property. Three years later an ordinance was
passed prohibiting commercial buildings in the owners
area:
Servient Tenement The owner of a parcel of land holds an easement right over an adjoining parcel
of land. The parcel of land on which the easement runs is referred to as the:
Dominant Tenement Benefits from the servient tenement
What is the amount of real estate tax due on a property 140,000 x .30 = 42,000
with a market value of $140,000 if it is assessed at 30% 42,000 x 1.5 = 63,000
of market value, has an equalizer of 1.5, and a tax rate of 63,000 x .05 = 3150
$5.00 per $100.00 of assessed value?
Easements Are rights of way on someone else's land
Easement By Necessity A property owner subdivided a piece of property, selling the front half and
retaining the back half. The back half of the property retained by the owner
does not have access to any roads. The type of easement the courts might
grant in this situation is
, Illinois Real Estate Practice Exam
Easement In Gross Utilities
Easement By Prescription Trespassers rights due for a period of time you earn 20 years
Easement Appurtenant For adjacent properties it's a right
Personal Easement In Gross Individual access to property not transferable only till alive
Adverse Possession Squatter Rights 20 years to earn it
License Personal privilege last for specific period of time
A property manager defaulted on a mortgage and the Obtain a deficiency judgement
lender foreclosed on the property. The property sold at
the foreclosure sale for less than the loan balance. To
recover the remainder of the money, the lender may:
On Wednesday, Sam offers to sell his house to Beau for No valid agreement because Beau's counteroffer ended Sam's offer
$220,000. On Sunday, Beau makes a counter offer of (Just change one aspect and you kill the contract)
$210,000. On Friday, Beau withdraws the counter offer
of $210,000 and accepts Sam's offer of $220,000. In this
situation, there is:
Graduated Payment Loan Amount goes up after period of time
Package Loan A home buyer obtains a loan to finance the purchase of the house as well as
personal property
Blanket Loan One loan secures multiple properties
Wraparound Loan New loan pays off old loan
Granting Clause Is a requirement for a valid deed
(Signature of grantor is needed in Illinois)
