Exam (elaborations)
ILLINOIS LEASING AGENT LICENSE EXAM QUESTIONS AND ANSWERS
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ILLINOIS LEASING AGENT LICENSE EXAM QUESTIONS AND ANSWERS
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Name: Score:140 Multiple choice questions
Term 1 of 140
What year was the ruling of Chicago Bar Association, et al. v. Quinlan and Tyson, Inc?
Voidable.
Zoning
1966.
6 Years.
Term 2 of 140
Researching recently sold homes in the area and homes that haven't been sold in the area and
comparing their prices. Is an example of
a comparative market analysis.
Sign a separate amendment.
Withdraw the counteroffer.
Listing Agreement.
Term 3 of 140
A property owner acquired the ownership of land that was deposited by a river running
through his property by what?
Contribution
Redlining
Anticipation
Accretion.
,Term 4 of 140
What is the document that defines the relationship between the broker and the seller?
Univeral Agency
Reconciliation
A special agency.
Listing Agreement
Term 5 of 140
Who dictates trust accounts and when to deposit earnest money or other trust funds?
The principal.
State Specific License Law
Proration
Real Estate Research and Education Fund
Term 6 of 140
What is the key difference between a Less than Freehold Estate and a Freehold estate is
To provide a means of compensation for actual monetary losses suffered by individuals
as a result of the acts of a licensee who violated the license law.
Time
agent's
Void contracts are not contracts, while voidable contracts have the necessary elements
to be enforceable, but can be rejected by one party.
,Term 7 of 140
A bilateral contract is one in which
Race
the promise of one party is given in exchange for the promise of the other party.
The price the property is sold for or an estimate of the present property plus future
potential.
In a timely manner, according to State Law.
Term 8 of 140
A legal process in which a lender attempts to recover the balance of a loan from a borrower
who has stopped making payments to the lender by forcing the sale of the asset:
A foreclosure.
Balloon loan.
Timeshare.
Anticipation
Term 9 of 140
Is replacement cost and reproduction cost the same thing and if it is different, what is the
difference?
No, the reproduction cost process looks at the cost of creating an exact replica, while
with the replacement cost process, it looks at the cost of replacing an insured property
with one of similar functionality.
Void contracts are not contracts, while voidable contracts have the necessary elements
to be enforceable, but can be rejected by one party.
Two of the past 3 Years.
The difference between a lease option and a lease purchase agreement is that the lease
option only obligates the seller to sell.
, Term 10 of 140
A contract for the sale of real estate that does not state the consideration to be paid for the
property and is not signed by the parties is considered what?
Void
Credit
No.
Voidable.
Term 11 of 140
A real estate broker named Matt is filling in the blanks on a real estate sales contract. He writes
on the contract that his client, the buyer, would like 2% of the sales price at closing to cover
closing costs and assorted fees. In this instance, Matt is doing what?
Violating Chicago Bar Association, et al. v. Quinlan and Tyson, Inc.
Statute of Frauds.
Ordering something online and checking a box that says terms and conditions.
The buyer can withdraw their offer as long as the seller did not accept the offer and the
buyer can obtain the $3,000 deposit.
Term 12 of 140
What is the difference between a lease option contract and lease purchase contract?
Sign a separate amendment.
Time
The difference between a lease option and a lease purchase agreement is that the lease
option only obligates the seller to sell.
To provide a means of compensation for actual monetary losses suffered by individuals
as a result of the acts of a licensee who violated the license law.
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