Exam (elaborations)
ILLINOIS REAL ESTATE; PRACTICE EXAM 2 QUESTIONS AND ANSWERS
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ILLINOIS REAL ESTATE; PRACTICE EXAM 2 QUESTIONS AND ANSWERS
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Name: Score:141 Multiple choice questions
Term 1 of 141
What would cause termination of a real estate contract?
revocation
an appurtenance
no MIP insurance
completion
Term 2 of 141
Broker Bob was found guilty of "commingling." Which did Bob most likely do?
No, this is "puffing" and is the agent's opinion
They are poor credit risks
which multiple listing service will be utilized.
intermix client funds with personal funds
Term 3 of 141
An agent is showing a house to a customer. The agent tells the buyer that the seller is
desperate for an offer. Which duty has the agent breached?*
hypothecation
special or specific agency
loyalty
revocation
,Term 4 of 141
You have an exclusive listing contract with the Zloticks. The listing, which is being managed on
your behalf by Agent A, just received two offers. Agent A, who is new to the business, asks you
to review each with him before he shows them to his clients so he can better answer any
questions they may have. While you are sitting down to review the offers with Agent A, you
realize one of the offers is from a buyer client of the brokerage. The other offer comes from a
different agency. Both offers are for the same price and include all the same contingencies.
Which of the following is true?
Ted, the borrower, is asked to sign a sales contract to meet a closing deadline that
includes a blank where the penalty amount for late payments is specified
which multiple listing service will be utilized.
You will need to get informed written consent to act as a dual agent, and Agent A will be
required to present both offers at once.
not follow the instruction of the principal in this matter, and to possibly void the listing
Term 5 of 141
A seller tells the listing agent that there are no conditions in the property that are in need of
repair. However, the listing agent recognizes the early signs of termite infestation under some
carpet. The listing agent must*
can use acceptable pre-printed sales agreements.
special or specific agency
disclose this condition to the buyer, as this is a patent defect.
April should continue to show the listing without mentioning this fact.
,Term 6 of 141
A seller places his home on the market on Tuesday. On Wednesday, his agent calls and says
there are four offers on the property and he would like to present them at 7 p.m. After looking
at all the offers and comparing them, what should the seller do?*
accept one offer or counteroffer one offer
general warranty deed
mortgagee
buyer-broker contract
Term 7 of 141
Which is the environmental program established to address abandoned hazardous waste
sites?
Superfund
advising the buyer on his best negotiation position
Chris must disclose his licensee status on the property data form.
equitable title
Term 8 of 141
Taking measures to reduce adverse impacts on the environment is known as
conversion
Accretion
mitigation
protection
, Term 9 of 141
Pledging a property as security on a loan without giving up possession of the property is
known as
condemnation
revocation
hypothecation
protection
Term 10 of 141
Salesperson Chang was found guilty of steering. Which did Chang most likely do?
broker
decided to show a Chinese couple homes in a Chinese neighborhood only
Ted, the borrower, is asked to sign a sales contract to meet a closing deadline that
includes a blank where the penalty amount for late payments is specified
prior use of the property for manufacturing of methamphetamine
Term 11 of 141
Jason is in the process of transferring his license to a new sponsoring broker. Until the new
sponsoring broker completes the change of registration, Jason's license is considered*
inoperative.
$118,091
Accretion
contingency
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