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ILLINOIS REAL ESTATE INSTITUTE KEY TERMS QUESTIONS AND ANSWERS
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ILLINOIS REAL ESTATE INSTITUTE KEY TERMS QUESTIONS AND ANSWERS
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Name: Score:480 Multiple choice questions
Term 1 of 480
A real estate loan payable in periodic installments that are sufficient to pay the principal in
during the term of the loan is called a
specific liens
Capitalization
discrimination
Amortized loan
Term 2 of 480
One who engages another to act for him/her under a contractual agreement is referred to as
the
A blanket mortgage
Negotiation with the principal
Principal
IDFPR
Term 3 of 480
What is the period of uninterrupted possession required to claim title by adverse possession
required to claim the title by adverse possession in Illinois?
20 years
2 years
5 years
40 years
,Term 4 of 480
The Civils Rights Act of 1866 prohibits discrimination in housing based on
age
race
trustee
racism
Term 5 of 480
Actions that are made illegal by federal and state fair housing laws do not Include
The seller sells the property to a neighbor across the street who has her property listed
with another broker.
Property passes 50% to a married surviving spose
Refusing to show certain residnetial property to people who are financially qualified to
purchase it
Bringing the borrower and the lender together
Term 6 of 480
The Interstate Lad Sales Full Disclosure Act regulates interstate lad sales and protects
consumers from fraud and abuse in the sale or lease if land developed into how many lots?
redlining
100 or more
Sales Price
The mortgagor
,Term 7 of 480
Strips of land six miles wide that run north and sound are called
sections
tropisms
ranges
tiers
Term 8 of 480
A mortgagee who fails to deliver a release within one month after full payment and satisfaction
will be liable to pay the mortgagor or grantor a penalty
terminate any rights the wife may have in the property
$200
home inspector
doorways to their normal width
Term 9 of 480
One of the ways lenders increase their revenue is by servicing loans. Which of the following is
NOT an activity of servicing loans?
Collecting payments
Paying real estate taxes from escrow accounts
Renegotiating interest rates
Sending overdue notices
, Term 10 of 480
To be valid, an exclusive listing contract must contain:
A reverse annuity mortgage
A specific expiration date
county in which it is located
Existing residence
Term 11 of 480
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,
Obtain the unanimous written consent of all unit owners an lien holders.
A copy of the sales contract
The purchaser may revoke the contract up to two years following the signing of the
contract
Add to the value of the comparable property when the subject property has superior
features.
Term 12 of 480
This year, the owner of a 110 - acre apple orchard earned a net profit of $13,000. In the event
he/she decides to sell the property and invest the proceeds at 5%, what must be the selling
price per acre to match the earnings from the orchard?
Poorly maintained properties in the neighborhood
Reversionary interest
An exception to a zoning ordinance
13, = 118.8 / %5 = 2,364
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