Chicago Real Estste school Exam Bundle Questions and Answers Graded A+

What is reversion? - ANSWERWhen the rights of ownership to a life estate go back to the person who created the life estate. What's the best action/intention to show interest in a contract? - ANSWEREarnest money deposit. What does the 1997 taxpayer relief act do? Exclude? - ANSWERIt exempted c...

Acceptance -ANSWER Agreeing to the terms of an offer to enter into a contract, creates binding contract. Acceleration Clause -ANSWER Contract Clause. Gives lender the right to declare the entire loan balance due immediately due to default. Accessibility -ANSWER AKA Ingress/Egress. Easy access ...

Management Plan -ANSWER Outlines the details of the owner's objectives with the property, as well as what the property manager expects to accomplish and how, including financial objejectives. Three factors are 1. Owner's objectives 2. Regional and neighborhood market 3. Specific Property Parts...

Implied Contract -ANSWER The agreement between the parties is demonstrated by their acts and conduct. Bilateral Contract -ANSWER Both parties promise to do something; one promise is given in exchange for another. Unilateral Contract -ANSWER One-sided agreement. If one party does comply, the fi...

Jones v. Mayer - ANSWERThe 1968 decision of the U.S. Supreme Court that upheld the Civil Rights Act of 1866, meaning that racial discrimination is prohibited under all circumstances. Megan's Law - ANSWERlegislation requiring that communities be alerted to the presence of sex offenders Equal C...

Managing broker -ANSWER A broker who has supervisory responsibilities for licensees in one or, in the case of a multi office company, more than one office and who has been appointed as such by the sponsoring broker. Policy and procedures manual -ANSWER Establishes clear understanding of relations...