ILLINOIS REAL ESTATE PRACTICE
EXAM 2025 ACTUAL EXAM
QUESTIONS WITH DETAILED
VERIFIED ANSWERS /ALREADY
GRADED A+ //BRAND NEW!!
Save
Terms in this set (225)
To counteract inflationary and
deflationary trends, to create a
Objectives of
favorable economic climate, to
Federal Reserve
maintain sound credit conditions but
System
NOT to control the secondary
mortgage market
, A fee simple holder of a parcel of
real estate grants a life estate to her
Remainder daughter and stipulates that upon
Interest the daughters death, the property
will pass to her grandson. The
second estate is called
A property The entire loan principal is due at
buyer obtains a the end of the loan period
term loan to
finance a home
purchase.
Best evidence of Title Insurance
marketable title
A borrower has a mortgage loan
that requires monthly payments of
Balloon Loan
$936.25 for 10 years and a final
payment of $136,287. Type of loan?
Brokers should deposit all earnest
money checks they receive into an
Commingling
escrow account or trust account to
prevent being accused.
Conversion Fancy name for theft
, Exaggeration of a fact it is legal as
Puffing
long as it doesn't come in as a fraud
In performing an Estimates the property's market
appraisal of real value
estate, the
appraiser:
Allowable uses for buildings,
Local zoning
building heights, population density
ordinances are
NOT rules for the conducting open
used to regulate
spaces
After paying the 100%-6%=94%=.94
brokers fee of 180,000 / .94 = 191489
6%, a seller want
to net $180,000
from the sale of
his house. What
must the
property sell for
to satisfy both
the eh broker
and the seller?
EXAM 2025 ACTUAL EXAM
QUESTIONS WITH DETAILED
VERIFIED ANSWERS /ALREADY
GRADED A+ //BRAND NEW!!
Save
Terms in this set (225)
To counteract inflationary and
deflationary trends, to create a
Objectives of
favorable economic climate, to
Federal Reserve
maintain sound credit conditions but
System
NOT to control the secondary
mortgage market
, A fee simple holder of a parcel of
real estate grants a life estate to her
Remainder daughter and stipulates that upon
Interest the daughters death, the property
will pass to her grandson. The
second estate is called
A property The entire loan principal is due at
buyer obtains a the end of the loan period
term loan to
finance a home
purchase.
Best evidence of Title Insurance
marketable title
A borrower has a mortgage loan
that requires monthly payments of
Balloon Loan
$936.25 for 10 years and a final
payment of $136,287. Type of loan?
Brokers should deposit all earnest
money checks they receive into an
Commingling
escrow account or trust account to
prevent being accused.
Conversion Fancy name for theft
, Exaggeration of a fact it is legal as
Puffing
long as it doesn't come in as a fraud
In performing an Estimates the property's market
appraisal of real value
estate, the
appraiser:
Allowable uses for buildings,
Local zoning
building heights, population density
ordinances are
NOT rules for the conducting open
used to regulate
spaces
After paying the 100%-6%=94%=.94
brokers fee of 180,000 / .94 = 191489
6%, a seller want
to net $180,000
from the sale of
his house. What
must the
property sell for
to satisfy both
the eh broker
and the seller?
