Illinois Real Estate Broker State Exam Questions and Answers 100% Correct
A couple leased a waterfront bungalow. The lease began on June 15, 2010 and continued through July 31, 2010. The couple had... - ANSWER-an estate for years.
What is an example of a general income tax deductible in home ownership? - ANSWER-Points paid to obtain the loan.
A licensee is representing prospective buyers. The licensee orally informed the buyers that the developer would be paving the streets in front of a house in a rural subdivision. The licensee had not verified this but assumed that it was true b/c the developer had done the paving in similar subdivisions. The buyers relied on the licensee's statement in
deciding to buy the house. If no contract exists spelling out paving responsibilities, who can be held accountable for damages? - ANSWER-The licensee b/c his unverified statement was misrepresentation.
Name a characteristic of a limited partner's role in a limited partnership. - ANSWER-
Reduced personal liability and no management decision making.
A home equity line of credit is.... - ANSWER-a secured loan.
A seller agreed to list an older house for sale on an "as is" basis. He told the licensee that the roof leaked occasionally and that the plumbing and electrical systems were old and outdated. After signing the listing agreement, the seller had the house inspected for
termites and rot damage. Both termite and rot damage were present, and the seller notified the licensee. If neither the seller nor the licensee told the buyer about the damage and the buyer personally inspected the property before closing, would the buyer be able to sue at a later date when the termite damage is found? - ANSWER-Yes,
b/c the licensee did not alert the buyer once he discovered the damages.
The closing date is approaching on the sale of a property to a buyer who is represented by a licensee. Although the sellers have both signed the sales contract, the licensee learns that a relative of the seller may have a title claim to this property. In this situation,
the licensee should.... - ANSWER-ask the listing licensee to advise the seller to contact an attorney to seek a quitclaim deed from the relative.
The primary purpose of the Real Estate Settlement Procedures Act (RESPA) is to... - ANSWER-inform the buyers and sellers of all settlement costs in real estate transactions.
A couple leased a waterfront bungalow. The lease began on June 15, 2010 and continued through July 31, 2010. The couple had... - ANSWER-an estate for years.
What is an example of a general income tax deductible in home ownership? - ANSWER-Points paid to obtain the loan.
A licensee is representing prospective buyers. The licensee orally informed the buyers that the developer would be paving the streets in front of a house in a rural subdivision. The licensee had not verified this but assumed that it was true b/c the developer had done the paving in similar subdivisions. The buyers relied on the licensee's statement in
deciding to buy the house. If no contract exists spelling out paving responsibilities, who can be held accountable for damages? - ANSWER-The licensee b/c his unverified statement was misrepresentation.
Name a characteristic of a limited partner's role in a limited partnership. - ANSWER-
Reduced personal liability and no management decision making.
A home equity line of credit is.... - ANSWER-a secured loan.
A seller agreed to list an older house for sale on an "as is" basis. He told the licensee that the roof leaked occasionally and that the plumbing and electrical systems were old and outdated. After signing the listing agreement, the seller had the house inspected for
termites and rot damage. Both termite and rot damage were present, and the seller notified the licensee. If neither the seller nor the licensee told the buyer about the damage and the buyer personally inspected the property before closing, would the buyer be able to sue at a later date when the termite damage is found? - ANSWER-Yes,
b/c the licensee did not alert the buyer once he discovered the damages.
The closing date is approaching on the sale of a property to a buyer who is represented by a licensee. Although the sellers have both signed the sales contract, the licensee learns that a relative of the seller may have a title claim to this property. In this situation,
the licensee should.... - ANSWER-ask the listing licensee to advise the seller to contact an attorney to seek a quitclaim deed from the relative.
The primary purpose of the Real Estate Settlement Procedures Act (RESPA) is to... - ANSWER-inform the buyers and sellers of all settlement costs in real estate transactions.
