IL Real Estate Broker PSI Practice Exam
questions and answers
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... - 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? - 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 - 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? - 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 - control future uses of the
property
,IL Real Estate Broker PSI Practice Exam
questions and answers
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? - 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 - 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? -
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? - refinancing
An enforceable purchase agreement is formed when - the buyer knows of the
seller's written acceptance of the offer
, IL Real Estate Broker PSI Practice Exam
questions and answers
Which of the following is generally income tax deductible in home ownership? -
points paid to obtain the loan
Which of the following is true concerning eminent domain? - 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 - 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? - 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? - Neither the VA nor the FHA allows prepayment
penalties.
When managing property, which of the following actions is legal? - obtaining
information from prospective tenants to determine if they are financially able to
afford the rent.
questions and answers
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... - 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? - 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 - 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? - 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 - control future uses of the
property
,IL Real Estate Broker PSI Practice Exam
questions and answers
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? - 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 - 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? -
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? - refinancing
An enforceable purchase agreement is formed when - the buyer knows of the
seller's written acceptance of the offer
, IL Real Estate Broker PSI Practice Exam
questions and answers
Which of the following is generally income tax deductible in home ownership? -
points paid to obtain the loan
Which of the following is true concerning eminent domain? - 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 - 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? - 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? - Neither the VA nor the FHA allows prepayment
penalties.
When managing property, which of the following actions is legal? - obtaining
information from prospective tenants to determine if they are financially able to
afford the rent.
