Real Estate Law Exam -2 Questions With Answers

Real Estate Law Exam #2 Questions With Answers
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How //much //notice //must //be //given //to //terminate //a //NON-farm //tenancy //from //year //to //year?
- CORRECT //ANSWERS(S)✔✔60 //days
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How //much //notice //must //be //given //to //terminate //a //farm //tenancy? //- //CORRECT
ANSWERS(S)✔✔4 //months
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What //kind //of //lease //must //be //in //writing? //- //CORRECT //ANSWERS(S)✔✔If //it //is //greater //than
//1 //year.




What //does //a //landlord //have //a //duty //to //repair? //- //CORRECT //ANSWERS(S)✔✔1. //Common
//stairways //and //parking //lot



2. //Anything //that //the //landlord //promised //he //would //in //the //lease.



What //is //an //actual //eviction? //- //CORRECT //ANSWERS(S)✔✔An //eviction //that //occurs //when
//the //lease //is //breached.




What //is //a //constructive //eviction? //- //CORRECT //ANSWERS(S)✔✔An //eviction //that //occurs
//when //the //property //becomes //uninhabitable.




In //Illinois, //how //many //units //owned //by //a //landlord //on //contiguous //property //trigger //the
requirement //of //payment //of //interest //on //deposits? //- //CORRECT //ANSWERS(S)✔✔25 //Units.
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How //is //the //interest //rate //on //deposits //determined? //- //CORRECT //ANSWERS(S)✔✔It //is //the
//rate //used //by //the //largest //commercial //bank //in //Illinois.

,How //long //must //the //deposit //be //kept //before //the //interest //requirement //is //triggered? //-
CORRECT //ANSWERS(S)✔✔Longer //than //6 //months
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How //many //units //owned //by //a //landlord //trigger //the //requirements //that //must //be //complied
//with //to //withhold //a //security //deposit? //(you //must //give //notice //of //why //you're //withholding)


- CORRECT //ANSWERS(S)✔✔5 //units.
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Student //will //graduate //in //December //and //has //a //lease //that //runs //until //the //following //May.
//Student //wishes //to //get //a //new //tenant //to //take //over //the //rest //of //the //lease. //Is //this //an


//assignment //or //a //sublease? //- //CORRECT //ANSWERS(S)✔✔Assignment, //new //tenant //is //taking
//over //the //rest //of //the //lease.




What //is //a //5-day //notice //in //beginning //eviction //procedures //in //Illinois? //- //CORRECT
ANSWERS(S)✔✔If //the //tenant //pays, //the //lease //continues.
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What //is //a //10-day //notice //in //beginning //eviction //procedures //in //Illinois? //- //CORRECT
//ANSWERS(S)✔✔Tenant //needs //to //pay //AND //leave. //This //has //to //be //a //lease //violation
//besides //non-payment //of //rent.




Is //the //offer //still //open //and //available?

Offer //stated //to //remain //open //until //Friday //at //noon. //It //is //currently //the //preceding
Wednesday. //- //CORRECT //ANSWERS(S)✔✔Yes
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Is //the //offer //still //open //and //available?

Offer //of //$139,000 //by //a //prospective //buyer //to //the //seller //where //the //list //price //is //$159,000.
Seller //rejects //the //offer. //- //CORRECT //ANSWERS(S)✔✔No
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Is //the //offer //still //open //and //available?

, Offer //of //$139,000 //by //a //prospective //buyer //is //rejected //by //the //seller //and //a //counteroffer
of //$149,000 //is //made //by //the //seller //to //the //buyer. //- //CORRECT //ANSWERS(S)✔✔Yes
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Is //the //offer //still //open //and //available?

Offer //made //and //before //any //response //by //the //seller, //the //house //is //destroyed //in //a //fire. //-
CORRECT //ANSWERS(S)✔✔No
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Is //the //offer //still //open //and //available?

Offer //made //and //before //any //response //by //the //seller, //the //seller //is //hit //by //a //car //and //is //in
a //coma. //- //CORRECT //ANSWERS(S)✔✔No
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Assume //the //counteroffer //of //$149,000 //is //an //acceptable //price //to //the //buyer, //and //the
//buyer //adds //that //he //would //like //the //seller's //lawn //tractor //included //in //the //price. //Is //this


an //acceptance //or //a //counter-offer? //- //CORRECT //ANSWERS(S)✔✔Counter-offer.
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What //are //the //typical //inspections //that //might //be //required //as //part //of //a //purchase //of
//residential //real //estate? //- //CORRECT //ANSWERS(S)✔✔Termite, //well/water, //sometimes
//mold, //radon




Of //the //typical //inspections //which //ones //are //typically //written //as //conditions //precedent //that
//will //allow //the //buyer //to //back //out //of //the //contract? //- //CORRECT //ANSWERS(S)✔✔Home
//inspection //and //radon //inspection //(depending //on //what //they //show)




If //the //house //is //built //before //1978 //what //do //you //have //to //disclose? //- //CORRECT
ANSWERS(S)✔✔That //there //is //probably //lead //paint //in //the //property.
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When //do //the //broker's //duties //end //and //the //practice //of //law //being //when //using //a //standard
//purchase //contract, //according //to //the //Illinois //case //of //Chicago //Bar //Assn. //V. //Quinlan //&