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ILLINOIS REAL ESTATE PRACTICE TEST 2 QUESTIONS AND ANSWERS
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ILLINOIS REAL ESTATE PRACTICE TEST 2 QUESTIONS AND ANSWERS
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Name: Score:125 Multiple choice questions
Term 1 of 125
Which of the following best describes what an appraisal is?
It's a broker price opinion
It's a comparative market analysis
It's an assessment of market value
It's an opinion of value
Term 2 of 125
Certain properties are exempt from fair housing law requirements. Which of the following
properties is NOT exempt?
A church
Housing designated as housing for older persons
Housing operated by organizations and private clubs that limit occupancy to members
Owner occupied buildings with fewer than 4 units being marketed by a real estate
licensee
Term 3 of 125
How do licensees use the funnel?
To calculate the number of homes sold in an area that the licensee may be able to list
To calculate the number of leads required to generate a certain amount of income
To calculate the number of transactions to close each year to reach a certain amount of
income
To sift through leads to find the clients worth spending time on
,Term 4 of 125
Gloria is a buyer's agent. Which of the following is part of her role?
Advocate for both the buyer an seller
Advocate for the interests of the buyer
Advocate for the interests of the seller
Seek the highest price available for the seller
Term 5 of 125
What does REO stand for?
Real estate office
Real estate owned
Rental equality ownership
Rental equal opportunity
Term 6 of 125
In Illinois, when must licensees obtain consent for dual agency representation?
As the situation arises
Before entering into a dual agency transaction
In the first face-to-face meeting with a potential client
Prior to entering into a contract for a specific transaction
,Term 7 of 125
Which photograph of a home for sale should NOT be published for public viewing?
An exterior photo showcasing the pool and outdoor kitchen/bar area
A photo of the billiards room that reveals the owner's collection of antique guns
A photo of the master bathroom that also shows the photographer's arm reflected in the
mirror
A wide-angle photo of the renovated kitchen that makes the area look longer than it
really is
Term 8 of 125
What's used to calculate the housing debt-to-income ratio and total debt-to-income ratio?
After-tax income
Gross income
Net income
Operating income
Term 9 of 125
When must the Residential Real Property Disclosure Act in Illinois be delivered to a
prospective buyer?
Before the buyer signs a purchase agreement
Before the property closes escrow.
Never. The disclosure is delivered to the seller.
When a prospective buyer first views a property
, Term 10 of 125
What type of negotiation tactic is defined as looking for ways to expand the available pie,
rather than fighting over fixed pieces of the pie?
Creating options for mutual gain
Focusing on interests, not positions
Insisting on using objective criteria
Separating people from the problem
Term 11 of 125
With regard to contingencies, what responsibility does licensee Wanda have when
representing buyers?
She should avoid contingencies altogether because they tend to put sellers off
She should maximize the number of contingencies used to avoid being sued
She should use a standard set of contingencies with each buyer
She should use contingencies judiciously to protect her clients and the deal
Term 12 of 125
Which of the following best describes a wetland area?
An area with sufficient water to support vegetation or aquatic life
A rocky outcrop on a mountain ridge
Irrigated agricultural land
Land that's periodically covered with water, such as a beach at high tide
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