Exam (elaborations)
ILLINOIS REAL ESTATE BROKER EXAM QUESTIONS AND ANSWERS
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ILLINOIS REAL ESTATE BROKER EXAM QUESTIONS AND ANSWERS
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Name: Score:98 Multiple choice questions
Term 1 of 98
Straight Loans (also called interest-only loan or term loan)
the charge paid by the borrower for the use of the lender's money
Obtaining information from prospective tenants to determine if they can afford the rent
Must allow the tenants to make the modifications AT THE TENANTS EXPENSE, but can
require, by the terms of the lease, RESTORATION OF THE PROPERTY
Non amortized loan that essentially divides the loan into two amounts to be paid off
separately. The borrower makes periodic payments of interest only, followed by
payment of the principal in full at the end of the term.
Term 2 of 98
The most typical purpose of a deed restriction is to
A large manufacturing plant opening in the city
Control future uses on the property
There would be an increase in prices on residential property
Record the mortgage
Term 3 of 98
Package Loan
is a loan that can only be used for land purchases
is a loan that covers only commercial properties
includes real and personal property. Usually includes furniture, drapes, kitchen range,
refrigerator, dishwasher, washer, dryer, etc.
is a type of loan that requires no collateral
,Term 4 of 98
there are four steps in the income approach to value which an appraiser uses in his report:
current rental rates, property taxes, maintenance costs, buyer preferences
total property value, market demand, selling price, buyer interest
construction costs, land value, renovation expenses, selling price
potential annual gross income, effective gross income, annual net operating income,
capitalization rate
Term 5 of 98
On an investment property which of the following could be deducted as expenses from
annual income taxes?
Installing a new furnace
Making additional principal payments
Replacing a roof
Painting a structure
Term 6 of 98
A broker, acting as a buyer's agent, is helping a married couple find a home that meets their
needs. The wife's mother is going to live with them. They want to take title in such a way that if
anything happens to either one of them, the remaining spouse would have a % interest in the
property and the mother a 1% interest. The broker should advise them to:
Refer the parties to the dbpr
Give the property to the closing agent
Notify the frec in writing
Consult with an attorney
,Term 7 of 98
Howard decided to find a tenant to rent the upstairs portion of his home. He screened his
prospective tenants and would rent only to a religious, non smoking, white male. On which of
the following qualifications is it ILLEGAL for him to discriminate?
Sex
Race
Location
Religion
Term 8 of 98
Blanket Loan
is a loan that requires no down payment
is a loan that only covers a single residential property
is a type of loan for purchasing vehicles
covers more than one parcel or lot. It is usually to finance subdivision developments
Term 9 of 98
A property manager is responsible for all maintenance of a property. Replacing the furnace
filters on a regular basis is what type of maintenance?
Corrective
Defensive
Apprehension
Preventative
, Term 10 of 98
The Americans with Dissabilities Act of 1992 would apply in which of the following situations?
of seisen
Immediately upon signature of the owners
Shopping center without wheelchair accessible restrooms
Provide performance standards for construction
Term 11 of 98
A comparative market analysis is based on the principle that
the selling price is determined solely by the seller's asking price
the anticipated selling price is based on the owner's personal valuation
the anticipated selling price may be estimated by recent sales of similar properties
the property's original purchase price is the best indicator of value
Term 12 of 98
Four men bought investment properties together, each having an equal ownership interest.
They took title in such a manner that if one died, he could leave his one-fourth interest to his
heirs. How did the men take title to the real estate?
Joint tenancy
Joint tenants
Tenancy by the entirety
Tenants in common
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