Illinois Real Estate License Exam Prep | 140 Questions with 100% Correct Answers | Verified | Latest Update 2024

Illinois Real Estate License Exam Prep | 140 Questions with 100% Correct Answers | Verified | Latest Update 2024 To practice real estate in Illinois, brokers must be sponsored by a ______. - ✔✔Sponsoring broker Reciprocal applicants must associate with an Illinois sponsoring broker T/F - ✔✔T When must licensees in Illinois notify the Division of Real Estate of a change to their office location? - ✔✔Within 24 hours Reciprocal applicants must submit a written statement giving the state of Illinois permission to transfer your license from the other state. t/f - ✔✔T What are the main ways that license laws ensure consumer protection? - ✔✔They establish requirements, define activities, and set standards. Reciprocal applicants must file an application and pay a fee t/f - ✔✔T Reciprocal applicants must provide proof of current active license in another state.t/f - ✔✔T Reciprocal applicants must agree to abide by Illinois licensing laws t/f - ✔✔T How long does a licensee relocating to Illinois have to complete all the reciprocity requirements? - ✔✔One year Real estate, plus the interests, benefits, and rights automatically included with real estate ownership - ✔✔Real property Land, plus all things permanently attached to it naturally or artificially - ✔✔Real estate As you know, the definition of real property includes interests, benefits, and rights. Can you identify what the rights are? Which five of these illustrate rights associated with real property? - ✔✔Enjoyment, disposition, Possession,Control, Exclusion chattel - ✔✔Another word for personal property (as opposed to real property) trade fixture - ✔✔A piece of equipment or other item that is on or attached to the real estate and is used in a trade or business / personal property emblements - ✔✔crops produced through cultivation that belong to the tenant during cultivation and after harvest severance - ✔✔Altering the characteristic of an item from real property to personal property by removing it from the land (prior to putting up for sale) Annexation - ✔✔An attachment of personal property to real property, thereby making it a fixture (also known as an attachment) Manufactured home - ✔✔This is a home that is constructed with a permanent chassis and wheels because it is made to be transported Mobile homes - ✔✔Mobile homes are those constructed without any regulation, before 1976; manufactured homes are built according to HUD construction and safety standards. Otherwise, they share the common elements of a home that can be transported because of attached chassis , tongue, axles, and wheels. A modular home - ✔✔A modular home is built in pieces off -site, then those pieces are transported to the spot where it will spend the rest of its days, and the build is completed there. It is not built with transportation in mind, and does not include a permanently attached c hassis, wheels, or any of that other stuff that defines a manufactured home. Surface rights - ✔✔include both land and water rights Subsurface rights - ✔✔the rights to the natural resources below the earth's surface Air rights - ✔✔involve the right to use the open space above buildings up to an elevation established by law. Think about a piece of property with a stunning view right of profit - ✔✔An example of this would be the right to harvest timber and sell it. Doctrine of Prior Appropriation - ✔✔legal doctrine that grants water rights to the first individual or entity to take water from a source for beneficial use, such as agriculture or municipal water supplies Single Source, Multiple Rights - ✔✔The rights to a water source are sometimes granted to more than one user. If the first permit holder doesn't need all of the water Riparian Rights - ✔✔granted to landowners whose land abuts a river or stream Littoral rights - ✔✔granted to landowners whose land borders closed bodies of water, such as lakes and oceans. (An easy way to remember this is that both littoral and lake begin with L.) Accretion: - ✔✔The process in which water carries rock, sand, and soil and causes land build -up Alluvion: - ✔✔New deposits of land that are the result of accretion (common at the mouth of large rivers) Accession: - ✔✔The increase of land or property due to natural or man -made causes Erosion: Gradual loss of land due to natural force - ✔✔Gradual loss of land due to natural force