Illinois Broker Licensing Exam-National Portion
questions with verified answers
A contract written by a party who at the time was incompetent is: Ans✓✓✓
voidable
A legal life estate occupied as the family home is a Ans✓✓✓ homestead
Amortized Loans Ans✓✓✓ pay off interest first, then principal
An easement in gross is Ans✓✓✓ an interest by an individual or company for the
right to use someone else's land
An easement is created by Ans✓✓✓ a written agreement
An easement that is created when an owner sells a parcel of land that has no
access to a street or public way except over the seller's remaining land is an
Ans✓✓✓ easement by necessity
An owner has the right to his/her property forever and no other person has the
right to exert any ownership control over the property. This is called Ans✓✓✓
Fee simple absolute interest
Assignment Ans✓✓✓ refers to someone taking over a mortgage or a lease
Bargain and sale deed Ans✓✓✓ implies that the grantor holds possession and
title of the property. It includes no expressed warranties
, Datum corresponds to Ans✓✓✓ elevation
Describe a joint tenancy Ans✓✓✓ Each party holds equal interest in the property
and provides for the right of survivorship for all existing parties.
Easement by condemnation is created by Ans✓✓✓ eminent domain
General warranty deed Ans✓✓✓ the strongest type of protection. The grantor is
legally bound by 5 covenants
How large is a government check? Ans✓✓✓ 24 square miles
How long is needed for an easement by prescription to be formed? Ans✓✓✓ 10
to 21 years
If a buyer breaches contract, the seller can sue for: Ans✓✓✓ liquidated or
compensatory damages
If a seller breaches contract, the buyer can sue for: Ans✓✓✓ specific
performance
In a land contract the vendee: Ans✓✓✓ Has possession during the term of the
contract
Lien-Theory-States Ans✓✓✓ The borrower gets equitable and actual title
questions with verified answers
A contract written by a party who at the time was incompetent is: Ans✓✓✓
voidable
A legal life estate occupied as the family home is a Ans✓✓✓ homestead
Amortized Loans Ans✓✓✓ pay off interest first, then principal
An easement in gross is Ans✓✓✓ an interest by an individual or company for the
right to use someone else's land
An easement is created by Ans✓✓✓ a written agreement
An easement that is created when an owner sells a parcel of land that has no
access to a street or public way except over the seller's remaining land is an
Ans✓✓✓ easement by necessity
An owner has the right to his/her property forever and no other person has the
right to exert any ownership control over the property. This is called Ans✓✓✓
Fee simple absolute interest
Assignment Ans✓✓✓ refers to someone taking over a mortgage or a lease
Bargain and sale deed Ans✓✓✓ implies that the grantor holds possession and
title of the property. It includes no expressed warranties
, Datum corresponds to Ans✓✓✓ elevation
Describe a joint tenancy Ans✓✓✓ Each party holds equal interest in the property
and provides for the right of survivorship for all existing parties.
Easement by condemnation is created by Ans✓✓✓ eminent domain
General warranty deed Ans✓✓✓ the strongest type of protection. The grantor is
legally bound by 5 covenants
How large is a government check? Ans✓✓✓ 24 square miles
How long is needed for an easement by prescription to be formed? Ans✓✓✓ 10
to 21 years
If a buyer breaches contract, the seller can sue for: Ans✓✓✓ liquidated or
compensatory damages
If a seller breaches contract, the buyer can sue for: Ans✓✓✓ specific
performance
In a land contract the vendee: Ans✓✓✓ Has possession during the term of the
contract
Lien-Theory-States Ans✓✓✓ The borrower gets equitable and actual title
