On the closing statement/closing documents, what does credit or debit mean?
Credit = owed to someone
Debit = someone owes
A property manager is hired to manage a proprety while the owners is overseas for two years. The property manager is?
a. a general agent
b. a special agent
c. a universial agent
d. an attorney-in-fact
b. a special agent
The real estate agent's responsibility to keep the princiapl informaed of all the facts that could affect a transaction is the duty of
a. care
b. disclosure
c. obedience
d. accounting
b. disclosure
A salesperson who represents the seller is showing a house to prospective buyer. The salesperson knows that the house has a web basement. Whichi of the following is true?
a. Withhodling the information protects the confidence of the seller.
b. Disclosing the information could create a fiduciary f relationaship with the buyer.
c. Witholding the information prevents the buyer from making an informed decision.
d. Disclosing t
Which of the following best describes the statue of the common law of agency in Illinois as it relates to the broker/client relationships?
a. it governs all broker-client relationships
b. It has been replaced by statutory rules.
c. While superseded by statue, it still applies to certain transactions
d. It has been replaced by local ordinances
b. It has been replaced by statutory rules.
The Illinois court decision in Munjal v. Baird & Warner, Inc. held that a broker...
a. must actively work to discover undisclosed latent material defects in a property
b has a positive duty to inspect a property for latent material defects that a seller has failed to disclose
c. has no duty to discover undisclosed latent material defects
Under Illionins law, a licensee owes a third party...
a. disclosure of all confidential communications from the pricipal
b. disclosure of all known adverse facts abougt the peorperty's physical condition
c. disclosure of latent defects likely to occur
d. disclosure of all known facts about the adjacent neigh
Which of the following would be ILLEGAL in an Illinois agency agreement?
a. a specific termination date
b. an automatic reneweal clause
c. a designated agency relationship
d. a clause that would allow the licensee to act as a dual agent
b. an automatic reneweal clause
Under the federal Fair Housing Act, it is illegal to discriminate because...
a. a person has a history of dangeorus behaviro
b. of a peson's marital status
c. a person has AIDS
d. a person has been convicted of distributing a controlled substance
c. a person has AIDS
It is illegal for a lending institution to refuse to make a residential real estate loan in a particular area only because of the...
a. economic situation of the application
b. location of the property
c. applicant not bein g of legal age
d. deteriorated condition of the premises
b. location of the property
Protection from threats or acts of violence against those who assist and encourage open housing rights is found in the ...
a. Civit Rights Act of 1866
b. Civil Rights Act of 1964
c. Fair Housing Act of 1968
d. Fair Housing Amendments Act of 1988
c. Fair Housing Act of 1968
The Fair Housing Act of 1968 is contained in...
a. Title VII of the Civil Rights Act of 1968
b. the Civil Rights Act of 1866
c. the Civil Rights Act of 1964
d. Executive Order No. 11063
a. Title VII of the Civil Rights Act of 1968
The Civil rights Act of 1866 prohibits discrimination in housing based on...
a. race
b. religion
c sex
d. handicap
a. race
A prospective renter has a 9 year old and her application for an aparment has been rejected as the community does not allow anyone under the age of 18. Is this permissible?
a. Yes, if the policy is consistently applied.
b. No, because the familial status is always a protected class in housing.
c. Yes, if the housing complies with the regulations for elderly housing.
d. No, if less than 30 percent of the occupants are over th
Actions that are made illegal by federal and state fair housing laws do NOT include...
a. Offering advantagous loan terms to encourage the resegragation of a residential area.
b. refusing to show certain residential property to non English-speaking individuals.
c. Channeling members of a certain minority group into an area already predomina
Which of the folowing would be considered to be legal?
a. Charging a fmaily with children a higher secuirity deposit than is charged to adults.
b. Requiring a person with a disability to establish an escrow for the costs to restore a property after it has been modified
c. Picturing only white people in a broc
Which of the following would NOT be covered by the Federal Fair HOusing laws?
a. duplex
b. commerical properties
c. vacant land that is zoned residential
d. a single family home
b. commerical properties
The fedral FAir Housing Act prohibits all of the following EXCEPT:....
a. blockbusting
b. discriminatory advertising
c. redlining
d. discriminating on the basis of marital status
d. discriminating on the basis of marital status
A discrimination suit may be filed in federal court by...
a. the aggrieved person because of racial discrimination
b. the Department of Housing and Urban Development
c. the state or county nondiscrimination officer
d. the Federal Housing Administration
a. the aggrieved person because of racial discrimination
If an Illinois licensee has been found by a court to have illegally discriminated...
a. his or her license must be suspended or revoked
b. his or her license may be suspended or revoked in the discretion of the board
c. his or her real estate acitvities may be limited to a specific area or category
d. the penalties under the license law a
Discrimination based on familial status was prohibited with the passage of the:...
a. Civil Rights Act of 1866
b. Civil Rights Act of 1964
c. Fair Housing Act of 1968
d. Fair Housing Admendments Act of 1988
d. Fair Housing Admendments Act of 1988
A property management firm CANNOT receive its income from....
a. a fixed rate
b. a percentage of the next rentals collected
c. a fixed fee with a percentage on new rentals
d. a percentage of purchases made from suppliers
d. a percentage of purchases made from suppliers
The cost of equipment to be installed in a modernation or renovation must be evaluated over the entire useful life. This evalutiaon is called...
a. budgeting expenses
b. noncapital expense analysis
c. capital ependiture cost analysis
d. life cycle costing
d. life cycle costing
Adaptations of property specifications to suit tenent requirements are...
a. tax-exempt improvements
b. tenant improvements
c. prohibited by most non-residential leases
d. generally not a good idea
b. tenant improvements
When does a broker license expire?
April 30 of even numbered years
Brokers who apply for license renewal (after their first renewal period) must have completed how many hours of continuing education per year?
a. Three
b. four
c. six
d. eight
c. six
Sponsoring brokers must submit termination documdents for a previously sponsored licensee to the Deparment of Financial and Professional Regulation...
a. immediately
b. within 24 hours of termination
c. within two days of termination
d. within 15 days
c. within two days of termination
When does a managing broker license expire?
a. january 1 of each year
b. April 30 of every even-numbered year
c. April 30 of every odd-numbered year
d. October 31 of every third year after his or her original licensing date
c. April 30 of every odd-numbered year
What is the statute of limiations on actionas that may result in a collection from the Real Estate Recovery Fund?
a. 1 year
b. 2 years
c. 4 years
d. 6 years
b. 2 years (must commence within 2 years of origination, but may originate within 5 years of the violation)
Who administer the Illinois Real Estate LIcense Act?
a. the governor through the secretary of state
b. the Illinois Real Estate Commission
c. The Illinois Department of Financial and Professional Regulation
d. the Illinois Licensure Board
c. The Illinois Department of Financial and Professional Regulation
As a sponsored real estate broker which of the following is required of you when you are selling your own property?
a. you must list it with your sponsoring broker
b. You must list it with another impartial broker
c. you must inform all prospective purchasers that you are a real estate licensee
d. you must inform prospective purchasers of your real estate license only
All of the following rules must be followed in the handling earnest monies EXCEPT
a. the monies must be placed in a non-interest bearing account
b. the records must be kept for ten years
c. the monies must be placed in a federally insured depository
d. the monies mus be deposited in the escrow account within one business day of the con
Any unlicensed person who engages in real estate activities for which a license is required is subject to a ciivil penalty, in addition to other statutory penalties. What is the civil penalty in Illinois?
a. a fine of $1,000 for each offense
b. A fine of $25,000 for each offense
c. A file of $10,000 for each offense
d. A fine of $5,000 for each offense
b. A fine of $25,000 for each offense
A sponsored broker's license certficate genreally must be...
a. kept in the broker's own office
b. carried by the broker at all times
c. retained in the office of the sponsoring broker
d. retained by the broker at his or her residence
What is the purpose of the real estate recovery fund?
a. to protect the public from dishonest real estate licensees
b. to provide a pool from which to collect unpaid commissions
c. to allow an award to be given to a member of the public who has been economically injured by a licensee
d. to pool monies from t
Before a real estate licnese can be suspended or revoked, the licensee is entitled to...
a. representation in court by the state's attorney
b. a hearing before the REal Estate ADiministration and Disciplinary Board
c. a probationary period.
d. an opportunity to make restitution for any financial misdealing
b. a hearing before the REal Estate
Managing brokers must keep escrow account records for...
a. one year
b. two years
c. four years
d. five years
d. five years
what is the order in which a property is sold due to non-payment of taxes
1) Annual sale
2) Forfeiture sale
3) Scavenger sale
Is a judgement on real and personal property?
Yes
The Illinois Land Sales Registration Act regulates the offering, sale and lease, or assignment of any improved or unimproved land offered as part of a common promotional plan and divided into how many lots?
a. two ore more of 5 acres or less
b. 10 or more
c. 25 or more
d. fewer then 25
c. 25 or more
An Illinois home-rule unit...
a. has unlimited authority to exercise its police powers
b. receives its power through enabling legislation
c. may not elect to revert to non-home rule status
d. is constitutionally empowered to jail offenders for up to one year
b. receives its power thro
Which of the following is NOT an example of police power?
a. zoning ordinances
b. building codes
c. restrictive covenants
d. city planning requirements
c. restrictive covenants
Restrictive covenants that run with the land...
a. are no longer effective when the title is transferred
b. apply only until the developer has conveyed the title
c. can be removed by a court of competent jurisdiction
d. apply to and bind all successive owners of the property
d. apply to and bind all su
The purpose of bulk zoning is to...
a. ensure that certain kinds of uses are incorporated into developments
b. specify certain types of architecture for new buildings
c. control density and avoid overcrowding
d. set overall development goals for the community
c. control density and avoid ov
G has defaulted in the payment of several of his debts, and the court has ordered his property sold to satisfy them. A title search f
...
A tire company has a manufacturing plan located in an area that has just been rezoned ofr residentail use. The company is allowed to continue opearting the plant under the new zoning classification. HOwever, if the plant is destroyed by fire or other haza
a. may not construct another plant in the neighborhood without first applying for a zoning variance.
b. may not construct another plant in the neighborhood under any circumstances.
c. may construct another plant if it obtains the consent of the residents
According to the Interstate Land Sales Full Disclosure Act, if the property report is NOT given to the prospective purchaser at least three days before the contract is signed...
a. the purchaser may revoke the contract, at his or her option, up to the midnight of the seventh calendar day following the signing of the contract.
b. the purchaser may revoke the contract up to the two years following the signing of the contract
c. the
For a written lease to be enforceable, it should contain:
a. the signature of the lessor
b. a statement of the specific length of time
c. a statement of the retention of the reversionary interest by the lessor
d. a complete legal description of the premises
a. the signature of the lessor
In which of the following leases would you MOST LIKELY find an escalator clause?
a. ground lease
b. lease option
c. index lease
d. percentage lease
c. index lease
A lease would be terminated by which of the following?
a. the sale of the leased premises
b. the death of the tenant
c. the abandoment of the leased premises by the tenant
d. the expiration of the term of the lease
d. the expiration of the term of the lease
Under a tenancy for years
a. the term of the lease must be for atleast one year
b. no notice is required to terminate the lease
c. a 30-day notice is required to terminate the lease
d. the lessee has a freehold estate
b. no notice is required to terminate the lease
Under a tenancy for years....
a. the term of the lease must be for at least one year
b. no notice is required to terminate the lease
c. a 30-day notice is required to terminate the lease
d. the lessee has a freehold estate
b. no notice is required to terminate the lease
The lessor and lesse have agreed to a lease term of 5 years. How would the lessor ensure that the rental income during the term is relfective of the market conditions?
a. negotiate a new lease each year
b. collect an additonal security deposit each year
c. negotiate an index lease
d. negotiate a gross lease
c. negotiate an index lease
Under a percentage lease, the lessee may be requested to pay...
a. maintenance
b. real estate taxes
c. insurance
d. a percent of gross receipts
d. a percent of gross receipts
A lessee who pays some or all of the lessor's property expenses has a ...
a. gross lease
b. net lease
c. percentage lease
d. sublease
b. net lease
In Illinois, landlords are required by law to pay interest on tenants' security deposits if they hold deposits for more than six months and receive deposits on residentail leases in properties of...
a. fewer than 5 units
b. 25 or more units
c. 15 or more units
d. 10 or more units
b. 25 or more units
An individual rents an partment for one year. THe landlord sells the building during the lease term. What effect does the sale have on the lease?
a. the sale does not affect the lease
b. the lease is automatically terminated
c. the new landlord will decide whether to honor the eixsting lease
d. the lease is terminated after 60 days notice from the new owner
a. the sale does not affect the lease
In Illinois, how much notice is required for termination of a farm tenancy?
a. 30 days
b. 60 days
c. 4 months
d. 6months
c. 4 months
The coventant implied in a lease that ensures that the tenant will not be evicted by new ownership of the property is...
a. of seizin
b. of quite enjoyment
c. of warranty forever
d. against encumbrances
b. of quite enjoyment
The authority to carry out the eviction of a delinquent tenant from rented property is held by the ...
a. court
b. landlord
c. sheriff
d. property owner
c. sheriff
When a tenant holds possession of a landord's prperty without a definite lease term but with the consent of the landlord, this is called...
a. tenancy in common
b. tenancy at sufferance
c. tenancy at will
d. trespass
c. tenancy at will
The purpose of a seucirty deposit is to...
a. provide additonal revenue for the landlord
b. repair damage to the property caused by the tenant
c. pay for the last month's rent
d. ensure that the lease is valid
b. repair damage to the property caused by the tenant
The tenant leases a heated apartment, but the landlord fails to provide heat because of a defective central heating plant. The tenant vacates the premises and refuses to pay any rent. This is an example of...
a. abandonment
b. actual eviction
c. constructive eviction
d. lessor negligence
c. constructive eviction
A lease agreement is signed by a lessee who is 17 years of age. Which of the following is true?
a. a 17 year old person cannot sign a lease
b. the lease agreement is voidable
c. the lease agreement is valid provided the security deposit is increased
d. the lease agreement is void
b. the lease agreement is voidable
A lease that will terminate within one of its inception...
a. is invalid
b. violates the provisions of the statute of frauds
c. must be in writing
d. can be oral
d. can be oral
A tenant is leasing a house until he has saved enough money for the down payment to perform on the sales contract. What type of an arrangement is this?
a. lease with an option
b. lease purchase agreement
c. periodic tenancy
d. purchase money mortgage
b. lease purchase agreement
The principal difference between an estate for years and an estate from year to year is that...
a. an estate for years is a life estate
b. an estate for years cannot be terminated
c. an estate from year to year must be in writing
d. an estate from year to year has no expiration date
d. an estate from year to year has no expiration date
Judgement liens are...
a. specific liens
b. voluntary liens
c. statutory liens
d. equitable liens
d. equitable liens
What is the difference between a general and a specific lien?
a. a general lien cannot be enfored in court, while a specific lien can be enforced
b. a specific lien is held by one person, while a general lien is held by at least two persons
c. a general lien covers all of the debtor's property, while a specific lien
How many years does a citizen have to file a petition against a realtor and sue for damages?
2 years from the date of petition, it must commence within those two years, but they have up to 5 years from the date of violation
How long should escrow records be held?
5 years
Are sponsored licensees allowed to represent more than one sponsor?
No
If a sales contract is signed in Illinois, and a negative disclosure appears afterwards, how long does the purchaser have to cancel the contract?
3 days
How quickly must a licensee provide the original signed documents to the buyer and seller?
Within 24 hours
How many days can go by without the death of a sponsoring broker being reported to IDFPR?
15 days
If the sponsoring brokers, or anyone address changes how soon must the IDFPR be notified?
Within 24 hours
In Illinois is a closing enough proof for a commission to be paid?
Yes
If when an individual who is selling parcels, demands that in order to purchase the one parcel, they must buy several other parcels, is this a violation of anti-trust rules?
Yes
Latent defects are not required to be disclosed by a license if they are dealing with a third part customer (not a buyer or seller) but someone who is seeking general information on a property, is this true?
Yes
How many parcels are required in order to adhere to Interstate Land Sales and required to provide a Property Disclosure Report?
25 parcels
If a buyer signs a contract on an interstate land sales deal, how many days do they have to receive the Property disclosure report? What happens if they don't by then?
Up until midnight on the 7 day, if they don't receive it by then, the buyer has 2 years ability to cancel the contract after signature
How large must the population be in order to automatically become a home-rule municipality, and do have the revert back to being non-home rule by vote?
35,000 population, and yes they have the power by vote to revert back
Can a population of 25,000 or less be home-rule? If yes, how so?
Yes, they may vote themselves to become one
How many units are required in order for a landlord to be obligated to present an itemized receipt of damages if using the deposit to pay for them? How long does the landlord have to present the itemized receipt?
5 units / 30 days from the termination of the lease
May a tenant withhold a portion of their rent equal to amount of space they cannot use due to damage?
Yes
When are lease agreements allowed to be oral?
On lease agreements with a term of less than one year.
When it comes to issues that deal maintaining the good health of tenants, does federal supersede state law?
Yes
On the closing statement/closing documents, what does credit or debit mean?
Credit = owed to someone
Debit = someone owes
A property manager is hired to manage a proprety while the owners is overseas for two years. The property manager is?
a. a general agent
b. a special agent
c. a universial agent
d. an attorney-in-fact
b. a special agent
The real estate agent's responsibility to keep the princiapl informaed of all the facts that could affect a transaction is the duty of
a. care
b. disclosure
c. obedience
d. accounting
b. disclosure
A salesperson who represents the seller is showing a house to prospective buyer. The salesperson knows that the house has a web basement. Whichi of the following is true?
a. Withhodling the information protects the confidence of the seller.
b. Disclosing the information could create a fiduciary f relationaship with the buyer.
c. Witholding the information prevents the buyer from making an informed decision.
d. Disclosing t
Which of the following best describes the statue of the common law of agency in Illinois as it relates to the broker/client relationships?
a. it governs all broker-client relationships
b. It has been replaced by statutory rules.
c. While superseded by statue, it still applies to certain transactions
d. It has been replaced by local ordinances
b. It has been replaced by statutory rules.
The Illinois court decision in Munjal v. Baird & Warner, Inc. held that a broker...
a. must actively work to discover undisclosed latent material defects in a property
b has a positive duty to inspect a property for latent material defects that a seller has failed to disclose
c. has no duty to discover undisclosed latent material defects
Under Illionins law, a licensee owes a third party...
a. disclosure of all confidential communications from the pricipal
b. disclosure of all known adverse facts abougt the peorperty's physical condition
c. disclosure of latent defects likely to occur
d. disclosure of all known facts about the adjacent neigh
Which of the following would be ILLEGAL in an Illinois agency agreement?
a. a specific termination date
b. an automatic reneweal clause
c. a designated agency relationship
d. a clause that would allow the licensee to act as a dual agent
b. an automatic reneweal clause
Under the federal Fair Housing Act, it is illegal to discriminate because...
a. a person has a history of dangeorus behaviro
b. of a peson's marital status
c. a person has AIDS
d. a person has been convicted of distributing a controlled substance
c. a person has AIDS
It is illegal for a lending institution to refuse to make a residential real estate loan in a particular area only because of the...
a. economic situation of the application
b. location of the property
c. applicant not bein g of legal age
d. deteriorated condition of the premises
b. location of the property
Protection from threats or acts of violence against those who assist and encourage open housing rights is found in the ...
a. Civit Rights Act of 1866
b. Civil Rights Act of 1964
c. Fair Housing Act of 1968
d. Fair Housing Amendments Act of 1988
c. Fair Housing Act of 1968
The Fair Housing Act of 1968 is contained in...
a. Title VII of the Civil Rights Act of 1968
b. the Civil Rights Act of 1866
c. the Civil Rights Act of 1964
d. Executive Order No. 11063
a. Title VII of the Civil Rights Act of 1968
The Civil rights Act of 1866 prohibits discrimination in housing based on...
a. race
b. religion
c sex
d. handicap
a. race
A prospective renter has a 9 year old and her application for an aparment has been rejected as the community does not allow anyone under the age of 18. Is this permissible?
a. Yes, if the policy is consistently applied.
b. No, because the familial status is always a protected class in housing.
c. Yes, if the housing complies with the regulations for elderly housing.
d. No, if less than 30 percent of the occupants are over th
Actions that are made illegal by federal and state fair housing laws do NOT include...
a. Offering advantagous loan terms to encourage the resegragation of a residential area.
b. refusing to show certain residential property to non English-speaking individuals.
c. Channeling members of a certain minority group into an area already predomina
Which of the folowing would be considered to be legal?
a. Charging a fmaily with children a higher secuirity deposit than is charged to adults.
b. Requiring a person with a disability to establish an escrow for the costs to restore a property after it has been modified
c. Picturing only white people in a broc
Which of the following would NOT be covered by the Federal Fair HOusing laws?
a. duplex
b. commerical properties
c. vacant land that is zoned residential
d. a single family home
b. commerical properties
The fedral FAir Housing Act prohibits all of the following EXCEPT:....
a. blockbusting
b. discriminatory advertising
c. redlining
d. discriminating on the basis of marital status
d. discriminating on the basis of marital status
A discrimination suit may be filed in federal court by...
a. the aggrieved person because of racial discrimination
b. the Department of Housing and Urban Development
c. the state or county nondiscrimination officer
d. the Federal Housing Administration
a. the aggrieved person because of racial discrimination
If an Illinois licensee has been found by a court to have illegally discriminated...
a. his or her license must be suspended or revoked
b. his or her license may be suspended or revoked in the discretion of the board
c. his or her real estate acitvities may be limited to a specific area or category
d. the penalties under the license law a
Discrimination based on familial status was prohibited with the passage of the:...
a. Civil Rights Act of 1866
b. Civil Rights Act of 1964
c. Fair Housing Act of 1968
d. Fair Housing Admendments Act of 1988
d. Fair Housing Admendments Act of 1988
A property management firm CANNOT receive its income from....
a. a fixed rate
b. a percentage of the next rentals collected
c. a fixed fee with a percentage on new rentals
d. a percentage of purchases made from suppliers
d. a percentage of purchases made from suppliers
The cost of equipment to be installed in a modernation or renovation must be evaluated over the entire useful life. This evalutiaon is called...
a. budgeting expenses
b. noncapital expense analysis
c. capital ependiture cost analysis
d. life cycle costing
d. life cycle costing
Adaptations of property specifications to suit tenent requirements are...
a. tax-exempt improvements
b. tenant improvements
c. prohibited by most non-residential leases
d. generally not a good idea
b. tenant improvements
When does a broker license expire?
April 30 of even numbered years
Brokers who apply for license renewal (after their first renewal period) must have completed how many hours of continuing education per year?
a. Three
b. four
c. six
d. eight
c. six
Sponsoring brokers must submit termination documdents for a previously sponsored licensee to the Deparment of Financial and Professional Regulation...
a. immediately
b. within 24 hours of termination
c. within two days of termination
d. within 15 days
c. within two days of termination
When does a managing broker license expire?
a. january 1 of each year
b. April 30 of every even-numbered year
c. April 30 of every odd-numbered year
d. October 31 of every third year after his or her original licensing date
c. April 30 of every odd-numbered year
What is the statute of limiations on actionas that may result in a collection from the Real Estate Recovery Fund?
a. 1 year
b. 2 years
c. 4 years
d. 6 years
b. 2 years (must commence within 2 years of origination, but may originate within 5 years of the violation)
Who administer the Illinois Real Estate LIcense Act?
a. the governor through the secretary of state
b. the Illinois Real Estate Commission
c. The Illinois Department of Financial and Professional Regulation
d. the Illinois Licensure Board
c. The Illinois Department of Financial and Professional Regulation
As a sponsored real estate broker which of the following is required of you when you are selling your own property?
a. you must list it with your sponsoring broker
b. You must list it with another impartial broker
c. you must inform all prospective purchasers that you are a real estate licensee
d. you must inform prospective purchasers of your real estate license only
All of the following rules must be followed in the handling earnest monies EXCEPT
a. the monies must be placed in a non-interest bearing account
b. the records must be kept for ten years
c. the monies must be placed in a federally insured depository
d. the monies mus be deposited in the escrow account within one business day of the con
Any unlicensed person who engages in real estate activities for which a license is required is subject to a ciivil penalty, in addition to other statutory penalties. What is the civil penalty in Illinois?
a. a fine of $1,000 for each offense
b. A fine of $25,000 for each offense
c. A file of $10,000 for each offense
d. A fine of $5,000 for each offense
b. A fine of $25,000 for each offense
A sponsored broker's license certficate genreally must be...
a. kept in the broker's own office
b. carried by the broker at all times
c. retained in the office of the sponsoring broker
d. retained by the broker at his or her residence
What is the purpose of the real estate recovery fund?
a. to protect the public from dishonest real estate licensees
b. to provide a pool from which to collect unpaid commissions
c. to allow an award to be given to a member of the public who has been economically injured by a licensee
d. to pool monies from t
Before a real estate licnese can be suspended or revoked, the licensee is entitled to...
a. representation in court by the state's attorney
b. a hearing before the REal Estate ADiministration and Disciplinary Board
c. a probationary period.
d. an opportunity to make restitution for any financial misdealing
b. a hearing before the REal Estate
Managing brokers must keep escrow account records for...
a. one year
b. two years
c. four years
d. five years
d. five years
what is the order in which a property is sold due to non-payment of taxes
1) Annual sale
2) Forfeiture sale
3) Scavenger sale
Is a judgement on real and personal property?
Yes
The Illinois Land Sales Registration Act regulates the offering, sale and lease, or assignment of any improved or unimproved land offered as part of a common promotional plan and divided into how many lots?
a. two ore more of 5 acres or less
b. 10 or more
c. 25 or more
d. fewer then 25
c. 25 or more
An Illinois home-rule unit...
a. has unlimited authority to exercise its police powers
b. receives its power through enabling legislation
c. may not elect to revert to non-home rule status
d. is constitutionally empowered to jail offenders for up to one year
b. receives its power thro
Which of the following is NOT an example of police power?
a. zoning ordinances
b. building codes
c. restrictive covenants
d. city planning requirements
c. restrictive covenants
Restrictive covenants that run with the land...
a. are no longer effective when the title is transferred
b. apply only until the developer has conveyed the title
c. can be removed by a court of competent jurisdiction
d. apply to and bind all successive owners of the property
d. apply to and bind all su
The purpose of bulk zoning is to...
a. ensure that certain kinds of uses are incorporated into developments
b. specify certain types of architecture for new buildings
c. control density and avoid overcrowding
d. set overall development goals for the community
c. control density and avoid ov
G has defaulted in the payment of several of his debts, and the court has ordered his property sold to satisfy them. A title search f
...
A tire company has a manufacturing plan located in an area that has just been rezoned ofr residentail use. The company is allowed to continue opearting the plant under the new zoning classification. HOwever, if the plant is destroyed by fire or other haza
a. may not construct another plant in the neighborhood without first applying for a zoning variance.
b. may not construct another plant in the neighborhood under any circumstances.
c. may construct another plant if it obtains the consent of the residents
According to the Interstate Land Sales Full Disclosure Act, if the property report is NOT given to the prospective purchaser at least three days before the contract is signed...
a. the purchaser may revoke the contract, at his or her option, up to the midnight of the seventh calendar day following the signing of the contract.
b. the purchaser may revoke the contract up to the two years following the signing of the contract
c. the
For a written lease to be enforceable, it should contain:
a. the signature of the lessor
b. a statement of the specific length of time
c. a statement of the retention of the reversionary interest by the lessor
d. a complete legal description of the premises
a. the signature of the lessor
In which of the following leases would you MOST LIKELY find an escalator clause?
a. ground lease
b. lease option
c. index lease
d. percentage lease
c. index lease
A lease would be terminated by which of the following?
a. the sale of the leased premises
b. the death of the tenant
c. the abandoment of the leased premises by the tenant
d. the expiration of the term of the lease
d. the expiration of the term of the lease
Under a tenancy for years
a. the term of the lease must be for atleast one year
b. no notice is required to terminate the lease
c. a 30-day notice is required to terminate the lease
d. the lessee has a freehold estate
b. no notice is required to terminate the lease
Under a tenancy for years....
a. the term of the lease must be for at least one year
b. no notice is required to terminate the lease
c. a 30-day notice is required to terminate the lease
d. the lessee has a freehold estate
b. no notice is required to terminate the lease
The lessor and lesse have agreed to a lease term of 5 years. How would the lessor ensure that the rental income during the term is relfective of the market conditions?
a. negotiate a new lease each year
b. collect an additonal security deposit each year
c. negotiate an index lease
d. negotiate a gross lease
c. negotiate an index lease
Under a percentage lease, the lessee may be requested to pay...
a. maintenance
b. real estate taxes
c. insurance
d. a percent of gross receipts
d. a percent of gross receipts
A lessee who pays some or all of the lessor's property expenses has a ...
a. gross lease
b. net lease
c. percentage lease
d. sublease
b. net lease
In Illinois, landlords are required by law to pay interest on tenants' security deposits if they hold deposits for more than six months and receive deposits on residentail leases in properties of...
a. fewer than 5 units
b. 25 or more units
c. 15 or more units
d. 10 or more units
b. 25 or more units
An individual rents an partment for one year. THe landlord sells the building during the lease term. What effect does the sale have on the lease?
a. the sale does not affect the lease
b. the lease is automatically terminated
c. the new landlord will decide whether to honor the eixsting lease
d. the lease is terminated after 60 days notice from the new owner
a. the sale does not affect the lease
In Illinois, how much notice is required for termination of a farm tenancy?
a. 30 days
b. 60 days
c. 4 months
d. 6months
c. 4 months
The coventant implied in a lease that ensures that the tenant will not be evicted by new ownership of the property is...
a. of seizin
b. of quite enjoyment
c. of warranty forever
d. against encumbrances
b. of quite enjoyment
The authority to carry out the eviction of a delinquent tenant from rented property is held by the ...
a. court
b. landlord
c. sheriff
d. property owner
c. sheriff
When a tenant holds possession of a landord's prperty without a definite lease term but with the consent of the landlord, this is called...
a. tenancy in common
b. tenancy at sufferance
c. tenancy at will
d. trespass
c. tenancy at will
The purpose of a seucirty deposit is to...
a. provide additonal revenue for the landlord
b. repair damage to the property caused by the tenant
c. pay for the last month's rent
d. ensure that the lease is valid
b. repair damage to the property caused by the tenant
The tenant leases a heated apartment, but the landlord fails to provide heat because of a defective central heating plant. The tenant vacates the premises and refuses to pay any rent. This is an example of...
a. abandonment
b. actual eviction
c. constructive eviction
d. lessor negligence
c. constructive eviction
A lease agreement is signed by a lessee who is 17 years of age. Which of the following is true?
a. a 17 year old person cannot sign a lease
b. the lease agreement is voidable
c. the lease agreement is valid provided the security deposit is increased
d. the lease agreement is void
b. the lease agreement is voidable
A lease that will terminate within one of its inception...
a. is invalid
b. violates the provisions of the statute of frauds
c. must be in writing
d. can be oral
d. can be oral
A tenant is leasing a house until he has saved enough money for the down payment to perform on the sales contract. What type of an arrangement is this?
a. lease with an option
b. lease purchase agreement
c. periodic tenancy
d. purchase money mortgage
b. lease purchase agreement
The principal difference between an estate for years and an estate from year to year is that...
a. an estate for years is a life estate
b. an estate for years cannot be terminated
c. an estate from year to year must be in writing
d. an estate from year to year has no expiration date
d. an estate from year to year has no expiration date
Judgement liens are...
a. specific liens
b. voluntary liens
c. statutory liens
d. equitable liens
d. equitable liens
What is the difference between a general and a specific lien?
a. a general lien cannot be enfored in court, while a specific lien can be enforced
b. a specific lien is held by one person, while a general lien is held by at least two persons
c. a general lien covers all of the debtor's property, while a specific lien
How many years does a citizen have to file a petition against a realtor and sue for damages?
2 years from the date of petition, it must commence within those two years, but they have up to 5 years from the date of violation
How long should escrow records be held?
5 years
Are sponsored licensees allowed to represent more than one sponsor?
No
If a sales contract is signed in Illinois, and a negative disclosure appears afterwards, how long does the purchaser have to cancel the contract?
3 days
How quickly must a licensee provide the original signed documents to the buyer and seller?
Within 24 hours
How many days can go by without the death of a sponsoring broker being reported to IDFPR?
15 days
If the sponsoring brokers, or anyone address changes how soon must the IDFPR be notified?
Within 24 hours
In Illinois is a closing enough proof for a commission to be paid?
Yes
If when an individual who is selling parcels, demands that in order to purchase the one parcel, they must buy several other parcels, is this a violation of anti-trust rules?
Yes
Latent defects are not required to be disclosed by a license if they are dealing with a third part customer (not a buyer or seller) but someone who is seeking general information on a property, is this true?
Yes
How many parcels are required in order to adhere to Interstate Land Sales and required to provide a Property Disclosure Report?
25 parcels
If a buyer signs a contract on an interstate land sales deal, how many days do they have to receive the Property disclosure report? What happens if they don't by then?
Up until midnight on the 7 day, if they don't receive it by then, the buyer has 2 years ability to cancel the contract after signature
How large must the population be in order to automatically become a home-rule municipality, and do have the revert back to being non-home rule by vote?
35,000 population, and yes they have the power by vote to revert back
Can a population of 25,000 or less be home-rule? If yes, how so?
Yes, they may vote themselves to become one
How many units are required in order for a landlord to be obligated to present an itemized receipt of damages if using the deposit to pay for them? How long does the landlord have to present the itemized receipt?
5 units / 30 days from the termination of the lease
May a tenant withhold a portion of their rent equal to amount of space they cannot use due to damage?
Yes
When are lease agreements allowed to be oral?
On lease agreements with a term of less than one year.
When it comes to issues that deal maintaining the good health of tenants, does federal supersede state law?
Yes