Illinois Real Estate Licensee Practice |\ |\ |\ |\ |\
Questions with answers |\ |\
The final decision on the listing price for a property is made by
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
the
a) listing broker
|\ |\
b) sponsoring broker
|\ |\
c) seller
|\
d) appraiser - CORRECT ANSWERS ✔✔c) seller
|\ |\ |\ |\ |\ |\
A rectangular parcel of land is 260 feet deep and 50 yards wide.
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
How many square feet does it contain?
|\ |\ |\ |\ |\ |\
a) 13,000 sq. ft.
|\ |\ |\
b) 36,400 sq. ft.
|\ |\ |\
c) 39,000 sq. ft.
|\ |\ |\
d) 52,000 sq. ft. - CORRECT ANSWERS ✔✔c) 39,000 sq. ft.
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
A fee simple holder of a parcel of real estate grants a life estate
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
to his son and stipulates that upon the son's death the property
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
will pass to his grandson. The grandson's interest in the property
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
is called
|\
a) an estate at sufferance.
|\ |\ |\ |\
b) a legal life estate.
|\ |\ |\ |\
c) a remainder estate.
|\ |\ |\
,d) a reversionary estate. - CORRECT ANSWERS ✔✔c) a remainder
|\ |\ |\ |\ |\ |\ |\ |\ |\
estate.
|\
A brother and sister own a parcel of real estate as joint tenants.
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
The brother sells his interest in the property to a cousin. What is
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
the relationship between the sister and the cousin?
|\ |\ |\ |\ |\ |\ |\
a) The sister and cousin are joint tenants.
|\ |\ |\ |\ |\ |\ |\
b) The sister and cousin are tenants in common.
|\ |\ |\ |\ |\ |\ |\ |\
c) The sister and cousin are tenants by the entirety.
|\ |\ |\ |\ |\ |\ |\ |\ |\
d) The brother and sister are still joint tenants since the brother
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
would be prohibited from selling his interest. - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔b) The sister and cousin are tenants in common.|\ |\ |\ |\ |\ |\ |\ |\ |\
A businessperson owns and operates a barbershop in an area
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
that was recently annexed by a neighboring suburb. The area
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
annexed was zoned as a single-family residence by the suburb,
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
but the barbershop is allowed to continue operating. The
|\ |\ |\ |\ |\ |\ |\ |\ |\
allowance for the barbershop's continued operation is known as
|\ |\ |\ |\ |\ |\ |\ |\
a) nonconforming use.
|\ |\
b) spot zoning.
|\ |\
c) variance.
|\
d) conditional use. - CORRECT ANSWERS ✔✔a) nonconforming
|\ |\ |\ |\ |\ |\ |\ |\
use.
According to the Illinois descent and distribution law, if an
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
individual dies without a valid will and leaves a spouse and a
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
child, the deceased's real estate
|\ |\ |\ |\
a) goes entirely to the wife.
|\ |\ |\ |\ |\
,b) goes entirely to the child.
|\ |\ |\ |\ |\
c) is split between the wife and child; two-thirds go to the wife
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
and one-third to the child.
|\ |\ |\ |\
d) is split between the wife and child; one-half goes to the wife
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
and one-half to the child. - CORRECT ANSWERS ✔✔d) is split
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
between the wife and child; one-half goes to the wife and one-
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
half to the child. |\ |\ |\
An Illinois real estate licensee who is engaged as an independent
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
contractor
|\
a) is considered an employee by the IRS for tax purposes.
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
b) must have a written independent contractor agreement with
|\ |\ |\ |\ |\ |\ |\ |\ |\
the sponsoring broker.
|\ |\
c) may work as an independent contractor for multiple brokers.
|\ |\ |\ |\ |\ |\ |\ |\ |\
d) must be covered by workers' compensation. - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔b) must have a written independent contractor |\ |\ |\ |\ |\ |\ |\ |\
agreement with the sponsoring broker. |\ |\ |\ |\
A requirement for obtaining title to property under the concept of
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
adverse possession is that
|\ |\ |\ |\
a) the possession must be with the owner's consent.
|\ |\ |\ |\ |\ |\ |\ |\
b) use of the property must be hidden.
|\ |\ |\ |\ |\ |\ |\
c) the party must take possession continuously for a time period
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
prescribed by law. |\ |\
d) the party taking possession must compensate the owner. -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔c) the party must take possession |\ |\ |\ |\ |\ |\ |\ |\
continuously for a time period prescribed by law. |\ |\ |\ |\ |\ |\ |\
, A homeowner has made the final mortgage loan payment to the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
bank. To ensure the bank's mortgage lien has been released, the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
homeowner should get a |\ |\ |\
a) mortgage novation.
|\ |\
b) mortgage rider.
|\ |\
c) lis pendens.
|\ |\
d) satisfaction of mortgage. - CORRECT ANSWERS ✔✔d)
|\ |\ |\ |\ |\ |\ |\ |\
satisfaction of mortgage. |\ |\
Residential property in all Illinois counties except Cook County is
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
assessed at what percent of fair market value? |\ |\ |\ |\ |\ |\ |\
a) 10% |\
b) 26% |\
c) 33.33% |\
d) 40% - CORRECT ANSWERS ✔✔c) 33.33%
|\ |\ |\ |\ |\ |\
A seller has a listing agreement with a real estate company. A
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
second real estate company brings a buyer for the house. If the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
seller owes a commission to the second real estate company who
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
brought the buyer and not the first company, what type of listing
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
agreement must the seller have had with the first company?
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
a) An open listing
|\ |\ |\
b) A net listing
|\ |\ |\
c) An exclusive-right-to-sell listing
|\ |\ |\
d) An exclusive agency listing - CORRECT ANSWERS ✔✔a) An
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
open listing |\
Questions with answers |\ |\
The final decision on the listing price for a property is made by
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
the
a) listing broker
|\ |\
b) sponsoring broker
|\ |\
c) seller
|\
d) appraiser - CORRECT ANSWERS ✔✔c) seller
|\ |\ |\ |\ |\ |\
A rectangular parcel of land is 260 feet deep and 50 yards wide.
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
How many square feet does it contain?
|\ |\ |\ |\ |\ |\
a) 13,000 sq. ft.
|\ |\ |\
b) 36,400 sq. ft.
|\ |\ |\
c) 39,000 sq. ft.
|\ |\ |\
d) 52,000 sq. ft. - CORRECT ANSWERS ✔✔c) 39,000 sq. ft.
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
A fee simple holder of a parcel of real estate grants a life estate
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
to his son and stipulates that upon the son's death the property
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
will pass to his grandson. The grandson's interest in the property
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
is called
|\
a) an estate at sufferance.
|\ |\ |\ |\
b) a legal life estate.
|\ |\ |\ |\
c) a remainder estate.
|\ |\ |\
,d) a reversionary estate. - CORRECT ANSWERS ✔✔c) a remainder
|\ |\ |\ |\ |\ |\ |\ |\ |\
estate.
|\
A brother and sister own a parcel of real estate as joint tenants.
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
The brother sells his interest in the property to a cousin. What is
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
the relationship between the sister and the cousin?
|\ |\ |\ |\ |\ |\ |\
a) The sister and cousin are joint tenants.
|\ |\ |\ |\ |\ |\ |\
b) The sister and cousin are tenants in common.
|\ |\ |\ |\ |\ |\ |\ |\
c) The sister and cousin are tenants by the entirety.
|\ |\ |\ |\ |\ |\ |\ |\ |\
d) The brother and sister are still joint tenants since the brother
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
would be prohibited from selling his interest. - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔b) The sister and cousin are tenants in common.|\ |\ |\ |\ |\ |\ |\ |\ |\
A businessperson owns and operates a barbershop in an area
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
that was recently annexed by a neighboring suburb. The area
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
annexed was zoned as a single-family residence by the suburb,
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
but the barbershop is allowed to continue operating. The
|\ |\ |\ |\ |\ |\ |\ |\ |\
allowance for the barbershop's continued operation is known as
|\ |\ |\ |\ |\ |\ |\ |\
a) nonconforming use.
|\ |\
b) spot zoning.
|\ |\
c) variance.
|\
d) conditional use. - CORRECT ANSWERS ✔✔a) nonconforming
|\ |\ |\ |\ |\ |\ |\ |\
use.
According to the Illinois descent and distribution law, if an
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
individual dies without a valid will and leaves a spouse and a
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
child, the deceased's real estate
|\ |\ |\ |\
a) goes entirely to the wife.
|\ |\ |\ |\ |\
,b) goes entirely to the child.
|\ |\ |\ |\ |\
c) is split between the wife and child; two-thirds go to the wife
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
and one-third to the child.
|\ |\ |\ |\
d) is split between the wife and child; one-half goes to the wife
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
and one-half to the child. - CORRECT ANSWERS ✔✔d) is split
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
between the wife and child; one-half goes to the wife and one-
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
half to the child. |\ |\ |\
An Illinois real estate licensee who is engaged as an independent
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
contractor
|\
a) is considered an employee by the IRS for tax purposes.
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
b) must have a written independent contractor agreement with
|\ |\ |\ |\ |\ |\ |\ |\ |\
the sponsoring broker.
|\ |\
c) may work as an independent contractor for multiple brokers.
|\ |\ |\ |\ |\ |\ |\ |\ |\
d) must be covered by workers' compensation. - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔b) must have a written independent contractor |\ |\ |\ |\ |\ |\ |\ |\
agreement with the sponsoring broker. |\ |\ |\ |\
A requirement for obtaining title to property under the concept of
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
adverse possession is that
|\ |\ |\ |\
a) the possession must be with the owner's consent.
|\ |\ |\ |\ |\ |\ |\ |\
b) use of the property must be hidden.
|\ |\ |\ |\ |\ |\ |\
c) the party must take possession continuously for a time period
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
prescribed by law. |\ |\
d) the party taking possession must compensate the owner. -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔c) the party must take possession |\ |\ |\ |\ |\ |\ |\ |\
continuously for a time period prescribed by law. |\ |\ |\ |\ |\ |\ |\
, A homeowner has made the final mortgage loan payment to the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
bank. To ensure the bank's mortgage lien has been released, the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
homeowner should get a |\ |\ |\
a) mortgage novation.
|\ |\
b) mortgage rider.
|\ |\
c) lis pendens.
|\ |\
d) satisfaction of mortgage. - CORRECT ANSWERS ✔✔d)
|\ |\ |\ |\ |\ |\ |\ |\
satisfaction of mortgage. |\ |\
Residential property in all Illinois counties except Cook County is
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
assessed at what percent of fair market value? |\ |\ |\ |\ |\ |\ |\
a) 10% |\
b) 26% |\
c) 33.33% |\
d) 40% - CORRECT ANSWERS ✔✔c) 33.33%
|\ |\ |\ |\ |\ |\
A seller has a listing agreement with a real estate company. A
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
second real estate company brings a buyer for the house. If the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
seller owes a commission to the second real estate company who
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
brought the buyer and not the first company, what type of listing
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
agreement must the seller have had with the first company?
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
a) An open listing
|\ |\ |\
b) A net listing
|\ |\ |\
c) An exclusive-right-to-sell listing
|\ |\ |\
d) An exclusive agency listing - CORRECT ANSWERS ✔✔a) An
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
open listing |\
