IL Real Estate Broker PSI Revision Exam
Questions Fully Answered.
A licensee was showing property in an eight-unit complex to a prospective tenant using a motorized
wheelchair. The tenant wanted to rent a unit, install grab bars in the bathroom, and lower all the door
handles. The landlord... - Answer Must allow the tenant to make the modifications at the tenants
expense, but can require, by the terms of the lease, restoration of the property
Which of the following is the best description of a fee simple estate? - Answer The most complete
ownership in property that one can obtain
A licensee plans to send out an email offering his services. According to the CAN-SPAM Act, the licensee
must - Answer Tell recipients how to opt out of receiving future emails
The owner of an apartment building has just signed an agreement with a real estate firm. Has an agency
been formed? - Answer Yes, because an agency is formed whenever one party delegates to another the
right to act on his behalf in certain business transactions
The most typical purpose of a deed restriction is to - Answer control future uses of the property
A managing broker requires his licensees to mention a particular lender to buyers. The broker has a
financial interest in this particular mortgage lender. Which of the following should the licensee
recommend to buyers? - Answer Consider this lender, disclosing the broker's interest, and other
lenders.
A couple leased a waterfront bungalow. The Lease began on June 15, 2012, and continued through July
31, 2010. The couple had - Answer An estate for years
A licensee anxious to make a sale violates his duties toward his principal if he volunteers which of the
following pieces of information to a prospective buyer? - Answer You should make an offer for less than
the listing price because the owner is anxious to sell
, An owner obtains a new mortgage on her house because the house has appreciated in value and she
wants money for an investment. The new mortgage rate is 1% lower than the old rate. What is this
process called? - Answer refinancing
An enforceable purchase agreement is formed when - Answer the buyer knows of the seller's written
acceptance of the offer
Which of the following is generally income tax deductible in home ownership? - Answer points paid to
obtain the loan
Which of the following is true concerning eminent domain? - Answer The property is taken through the
process of condemnation
When a borrower defaults on a mortgage, an acceleration clause allows the lender the option of -
Answer demanding immediate payment of the entire loan balance.
An owner has been asked to grand a 60-day option to purchase a property. When should the purchase
price be decided? - Answer Upon creation and signing of the option to purchase.
Which of the following is true about prepayment penalties on VA or FHA loans for single-family
dwellings? - Answer Neither the VA nor the FHA allows prepayment penalties.
When managing property, which of the following actions is legal? - Answer obtaining information from
prospective tenants to determine if they are financially able to afford the rent.
Which of the following is a characteristic of a limited partner's role in a limited partnership? - Answer
reduced personal liability and no management decision making
For a real estate sales contract to be valid, it must include - Answer consideration
A home equity line of credit is - Answer a secured loan
Questions Fully Answered.
A licensee was showing property in an eight-unit complex to a prospective tenant using a motorized
wheelchair. The tenant wanted to rent a unit, install grab bars in the bathroom, and lower all the door
handles. The landlord... - Answer Must allow the tenant to make the modifications at the tenants
expense, but can require, by the terms of the lease, restoration of the property
Which of the following is the best description of a fee simple estate? - Answer The most complete
ownership in property that one can obtain
A licensee plans to send out an email offering his services. According to the CAN-SPAM Act, the licensee
must - Answer Tell recipients how to opt out of receiving future emails
The owner of an apartment building has just signed an agreement with a real estate firm. Has an agency
been formed? - Answer Yes, because an agency is formed whenever one party delegates to another the
right to act on his behalf in certain business transactions
The most typical purpose of a deed restriction is to - Answer control future uses of the property
A managing broker requires his licensees to mention a particular lender to buyers. The broker has a
financial interest in this particular mortgage lender. Which of the following should the licensee
recommend to buyers? - Answer Consider this lender, disclosing the broker's interest, and other
lenders.
A couple leased a waterfront bungalow. The Lease began on June 15, 2012, and continued through July
31, 2010. The couple had - Answer An estate for years
A licensee anxious to make a sale violates his duties toward his principal if he volunteers which of the
following pieces of information to a prospective buyer? - Answer You should make an offer for less than
the listing price because the owner is anxious to sell
, An owner obtains a new mortgage on her house because the house has appreciated in value and she
wants money for an investment. The new mortgage rate is 1% lower than the old rate. What is this
process called? - Answer refinancing
An enforceable purchase agreement is formed when - Answer the buyer knows of the seller's written
acceptance of the offer
Which of the following is generally income tax deductible in home ownership? - Answer points paid to
obtain the loan
Which of the following is true concerning eminent domain? - Answer The property is taken through the
process of condemnation
When a borrower defaults on a mortgage, an acceleration clause allows the lender the option of -
Answer demanding immediate payment of the entire loan balance.
An owner has been asked to grand a 60-day option to purchase a property. When should the purchase
price be decided? - Answer Upon creation and signing of the option to purchase.
Which of the following is true about prepayment penalties on VA or FHA loans for single-family
dwellings? - Answer Neither the VA nor the FHA allows prepayment penalties.
When managing property, which of the following actions is legal? - Answer obtaining information from
prospective tenants to determine if they are financially able to afford the rent.
Which of the following is a characteristic of a limited partner's role in a limited partnership? - Answer
reduced personal liability and no management decision making
For a real estate sales contract to be valid, it must include - Answer consideration
A home equity line of credit is - Answer a secured loan
