IL Real Estate Broker PSI
Practice Exam with complete
answers(verified for
accuracy)
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.
Practice Exam with complete
answers(verified for
accuracy)
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.
