Exam (elaborations)
ILLINOIS BROKER LICENSING EXAM NATIONAL PORTION QUESTIONS AND ANSWERS
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ILLINOIS BROKER LICENSING EXAM NATIONAL PORTION QUESTIONS AND ANSWERS
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Name: Score:45 Multiple choice questions
Term 1 of 45
If a seller breaches contract, the buyer can sue for:
injunction
lis pendens
specific performance
general liens
Term 2 of 45
What is the minimum consideration necessary for a deed to be valid?
Must be a specific monetary value, such as $1000
Does not have to be a monetary amount. Can be as informal as "with love and dignity"
Should be written in a foreign language to be legally binding
Needs to be approved by a lawyer before being considered valid
Term 3 of 45
Datum corresponds to
abduction
retraction
depression
elevation
,Term 4 of 45
Assignment
refers to someone taking over a mortgage or a lease
refers to someone inheriting a property
refers to someone renting out a property
refers to someone transferring ownership of a property
Term 5 of 45
An easement is created by
lawful objective
acceptance of possession by the bailee
a written agreement
legally competent parties
Term 6 of 45
What is commonly referred to as the "Due-On-Sale" Clause in a mortgage or deed-of-sale?
Habendum Clause
Alienation Clause
Hypothecation
Defeasance Clause
Term 7 of 45
What are the requirements of a valid lease?
CLOAC- Capacity to contract, Legal objectives, Offer and Acceptance, Consideration,
Cola- conditions, offer, legal capacity, acceptance,
Accol- acceptance, capacity, consideration, legal obligations,
Hypothecation
,Term 8 of 45
The system that describes real estate using feet, degrees, and natural/artificial markers and
monuments
lot and block
metes and bounds
rectangular survey
township and range
Term 9 of 45
Which type of tenancy provides for undivided, fractional interest by all parties?
Tenants by entirety. this is a form of joint ownership for married couples.
Tenants in common. This applies only to the property itself.
Sole tenancy. this refers to a single tenant occupying a property alone.
Joint tenancy. this applies to multiple tenants sharing one lease agreement.
Term 10 of 45
An easement in gross is
an interest by an individual or company for the right to use someone else's land
a type of dessert made with chocolate and cream
a legal document granting ownership of land
a financial investment in the stock market
, Term 11 of 45
What is RESPA?
Real estate sales and purchase agreement, regulates property sales contracts for
commercial properties.
Real estate services and property assessment, provides guidelines for property
appraisal and real estate agent services.
Residential property security act, governs mortgage lending practices for rental
properties.
Real Estate Settlement Protection Act, applies to 1st time borrowers and is used to
inform buyers and sellers of all settlement costs
Term 12 of 45
Lien-Theory-States
The borrower gets equitable and actual title
The projected income and expenses within a given year
Pay off interest first, then principal
Equitable title
Term 13 of 45
In a land contract the vendee:
Transfers ownership immediately
Has possession during the term of the contract
Is not responsible for maintenance
Pays all the taxes on the property
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