Illinois Real Estate Licensee Practice Questions Verified Answers

Illinois Real Estate Licensee Practice Questions Verified Answers The final decision on the listing price for a property is made by the a) listing broker b) sponsoring broker c) seller d) appraiser ️c) seller A rectangular parcel of land is 260 feet deep and 50 yards wide. How many square feet does it contain? a) 13,000 sq. ft. b) 36,400 sq. ft. c) 39,000 sq. ft. d) 52,000 sq. ft. ️c) 39,000 sq. ft. A fee simple holder of a parcel of real estate grants a life estate to his son and stipulates that upon the son's death the property will pass to his grandson. The grandson's interest in the property is called a) an estate at sufferance. b) a legal life estate. c) a remainder estate. d) a reversionary estate. ️c) a remainder estate. A brother and sister own a parcel of real estate as joint tenants. The brother sells his interest in the property to a cousin. What is the relationship between the sister and the cousin? a) The sister and cousin are joint tenants. b) The sister and cousin are tenants in common. c) The sister and cousin are tenants by the entirety. d) The brother and sister are still joint tenants since the brother would be prohibited from selling his interest. ️b) The sister and cousin are tenants in common. A businessperson owns and operates a barbershop in an area that was recently annexed by a neighboring suburb. The area annexed was zoned as a single-family residence by the suburb, but the barbershop is allowed to continue operating. The allowance for the barbershop's continued operation is known as a) nonconforming use. b) spot zoning. c) variance. d) conditional use. ️a) nonconforming use. According to the Illinois descent and distribution law, if an individual dies without a valid will and leaves a spouse and a child, the deceased's real estate a) goes entirely to the wife. b) goes entirely to the child. c) is split between the wife and child; two-thirds go to the wife and one-third to the child. d) is split between the wife and child; one-half goes to the wife and one-half to the child. ️d) is split between the wife and child; one-half goes to the wife and one-half to the child. An Illinois real estate licensee who is engaged as an independent contractor a) is considered an employee by the IRS for tax purposes. b) must have a written independent contractor agreement with the sponsoring broker. c) may work as an independent contractor for multiple brokers. d) must be covered by workers' compensation. ️b) must have a written independent contractor agreement with the sponsoring broker. A requirement for obtaining title to property under the concept of adverse possession is that a) the possession must be with the owner's consent. b) use of the property must be hidden. c) the party must take possession continuously for a time period prescribed by law. d) the party taking possession must compensate the owner. ️c) the party must take possession continuously for a time period prescribed by law. A homeowner has made the final mortgage loan payment to the bank. To ensure the bank's mortgage lien has been released, the homeowner should get a a) mortgage novation. b) mortgage rider. c) lis pendens. d) satisfaction of mortgage. ️d) satisfaction of mortgage. Residential property in all Illinois counties except Cook County is assessed at what percent of fair market value? a) 10% b) 26% c) 33.33% d) 40% ️c) 33.33% A seller has a listing agreement with a real estate company. A second real estate company brings a buyer for the house. If the seller owes a commission to the second real estate company who brought the buyer and not the first company, what type of listing agreement must the seller have had with the first company? a) An open listing b) A net listing c) An exclusive-right-to-sell listing d) An exclusive agency listing ️a) An open listing A homebuyer obtains a loan to finance the purchase of the house as well as personal property. This type of loan is called a a) wraparound loan. b) package loan. c) blanket loan. d) term loan. ️b) package loan. A couple purchased a house for $350,000, making a down payment of $100,000. The buyers get a new mortgage of $230,000 from a lender and financed the remaining $20,000 through a mortgage given to