Chicago Real Estate Questions and Answers Exam bundle Rated 100% correct

What's the best action/intention to show interest in a contract? - ANSWEREarnest money deposit. What does the 1997 taxpayer relief act do? Exclude? - ANSWERIt exempted capital gains tax of up to $500k for married couples and $250k for single people. What are the bundle of rights? DEEPC - ANSW...

Acceptance -ANSWER Agreeing to the terms of an offer to enter into a contract, creates binding contract. Acceleration Clause -ANSWER Contract Clause. Gives lender the right to declare the entire loan balance due immediately due to default. Accessibility -ANSWER AKA Ingress/Egress. Easy access ...

Parts of the Management Agreement -ANSWER Should be in writing 1. Description of the property 2. Time period the agreement covers 3. Definition of the management's responsibilities 4. Statement of the owner's purpose 5. Extent of manager's authority 6. Reporting 7. Management fee 8. Allocation of...

Implied Contract -ANSWER The agreement between the parties is demonstrated by their acts and conduct. Bilateral Contract -ANSWER Both parties promise to do something; one promise is given in exchange for another. Unilateral Contract -ANSWER One-sided agreement. If one party does comply, the fi...

Familial Status - ANSWERrefers to the presence of one or more individuals who have not reached the age of 18 and who live with either a parent or legal guardian. The term also includes a woman who is pregnant. Jones v. Mayer - ANSWERThe 1968 decision of the U.S. Supreme Court that upheld the Civi...

Policy and procedures manual -ANSWER Establishes clear understanding of relationship between brokers and sponsored licensees. It serves as a risk management tool for the company. Errors and Omissions Insurance -ANSWER real estate equivalent of malpractice coverage Price-Fixing -ANSWER the prac...

Types of Property -ANSWER Residential, Commercial, Industrial, agricultural and special purpose. Land -ANSWER The earth's surface extending downward to the center of the earth and upward to infinity. Land includes not only the surface of the earth but also the underlying soil. Land also refers t...