I love Real estate Quiz

A woman purchased 4.5 acres of land for $78,400. A man who owns adjoining property wants to purchase a strip of the woman's land measuring 150 feet by 100 feet. What should this strip cost the man if the woman sells it for the same price per square foot she originally paid for the property?

$6000

As generally classified, real estate that is in the "special use" category may include all of the following EXCEPT: A. Townhomes B. Churches C. Hospitals D. Cemeteries

. Townhomes

A section equals

1 mile by 1 mile

How many square feet are in an acre?

43,560 square feet

how many units would a commercial property have ?

5 or more or can be business property

How many feet in a mile?

5,280 feet

Township contains

6 miles x 6 miles 36 sections per township

how acres in a section ?

640 acres

A section is: A. 1 mile square B. 460 acres C. 36 square miles D. Divided into equal areas

A. 1 mile square

After passing the state exam how long does the candidate have to obtain a license before being required to retake the examination? A. 1 year B. 4 years C. 30 days D. April 30th of the following year

A. 1 year

A township contains: A. 36 sections B. 6 square miles C. 640 acres D. 18 sections

A. 36 sections

Which of the following is regulated under the federal underground storage tank requirements? A. A 2,000 gallon tank used in a commercial fuel tank B. An underground oil tank used to heat a home C. An underground wastewater tank D. A 1,000 gallon gas tank used at a private residence for personal use

A. A 2,000 gallon tank used in a commercial fuel tank

An item of personal property that has been affixed to the land or building becoming a permanent part of th real estate is: A. A fixture B. A hereditament C. A chattel D. A trade fixture

A. A fixture

For which of the following actions may the public seek funds from the Real Estate Recovery Fund? A. A managing broker cashes an earnest money check, using the money for past due office rent B. A broker fails to discover a high radon level in the home and the buyer develops lung cancer C. An agent fails to find an error on the settlement statement, costing the client $1,700 D. A real estate company fails to advertise a home is agreed to in the listing contract

A. A managing broker cashes an earnest money check, using the money for past due office rent

Which of the following is a violation of both the federal Fair Housing Act and the Illinois Human Rights Act? A. Broker representing that the property is not available to rent when it is available. B. Broker showing a Greek family properties near their church. C. Broker showing homes only under $250,000 to meet his Client's budget. D. Broker refusing to show properties to people who haven't been pre-qualified

A. Broker representing that the property is not available to rent when it is available.

When determining whether an article of property is a fixture, a court will apply various legal tests. Which of the following is NOT one of the tests? A. Cost of the item B. Adaptation of the item to the real estate C. Permanence of the item's annexation D. Intent of the parties

A. Cost of the item

All of these are categories of the uses of real property EXCEPT: A. DEVELOPMENTAL B. RESIDENTIAL C. AGRICULTURAL D. INDUSTRIAL

A. DEVELOPMENTAL

Items of property that are being transferred in a sale of a residential home that are not consider fixtures or real estate must be A. Identified as personal property and transferred by bill of sale B. Must be excluded from any listing agreement C. Cannot be transferred in the sale of residential property D. Listed as non-included items and paid for outside of the contract

A. Identified as personal property and transferred by bill of sale

Listing broker, Barney Miller has successfully concluded negotiations for the sale of his listing on Elm Street. The seller and buyer have a meeting of the minds and the contract has been signed by both parties. The buyer has applied for his mortgage loan and things are moving forward. Today, Barney got a call from Hazel, a buyer's agent for the Emerson's, and she has written an offer to purchase Barney's listing. Barney advised Hazel that the house is under contract and off the market. Hazel insists that Barney present her offer to his seller. Barney must: A. In absence to the contrary in writing from the seller, present Hazel's offer to the seller B. Decline to present the offer because the house is sold C. Tell the seller about the contract but advise them not to entertain it D. Tell Hazel that the home is unavailable and the seller is satisfied

A. In absence to the contrary in writing from the seller, present Hazel's offer to the seller

Illinois has enacted real estate license laws in order to: A. Protect the health, welfare, and safety of the public through competent professional licensees B. Find more ways to generate sales tax C. Increase the number of successful lawsuits against unscrupulous licensees D. Increase revenues to the state treasury

A. Protect the health, welfare, and safety of the public through competent professional licensees

Two real estate brokerage companies agreed to boycott the services of the MNM Title Company so that the new TSK Title Company can take over MNM's market share. They could be found guilty of violating which act? A. Sherman Antitrust Act B. Land of Lincoln Fair Trade Act C. Anti-boycotting act D. Illinois Lincoln Antitrust Act

A. Sherman Antitrust Act

Archie and Edith, a married couple, own their home together and have since they bought it 35 years ago. Listing agent, Gloria should be certain to get the signature of both Archie and Edith on the listing agreement because A. Since the sellers are married and own the property, homestead rights must be released B. A listing is not valid without more than 1 signature C. A listing contract is not valid when signed D. A broker cannot advertise a home without the signatures of all owners

A. Since the sellers are married and own the property, homestead rights must be released

In which type of account can a Sponsoring Broker put an earnest money check? A. Special Trust Account B. Personal Account C. Business Brokerage Account D. Brokerage Operating Account

A. Special Trust Account

April, a broker and a residential property specialist, is analyzing a commercial store front property for a landlord who wishes to find tenants to fill the center. April provides the landlord an appraisal of the value of the center, as well as a spreadsheet of the tax advantages for the owner. April may be in violation of: A. Standard of competence B. Standard of loyalty C. Standard of confidentiality D. Standard of fair practices

A. Standard of competence

Article 15 defines confidential information to be any information: A. That would affect the negotiating position of the client B. recorded at the recorder's office C. Obtained from the buyer or seller during listing or brokerage agreement D. Obtained form the buyer or seller only after they have signed a listing agreement or brokerage contract

A. That would affect the negotiating position of the client

Which of the following will terminate an agency in a broker seller relationship? A. The owner declares personal bankruptcy B. The sponsoring broker appoints another licensee to help sell the property C. The broker discovers that the market value of the property will not provide adequate commission D. The owner abandons the property

A. The owner declares personal bankruptcy

Beginning at the SW corner of the SW ¼ of Section 23, then North for a distance of 1,320 feet, then Northeast to the Northeast corner of the SW ¼ of Section 23 then to the South Easterly corner of the SE ¼ of Section 23, then West to the point of beginning. If this property sells for $18,900 acre and your commission is 4.5%, what did you earn? A. $154,600 B. $170,100 C. $134,000 D. $123,000

B. $170,100

11) A developer divided 5 acres into 20 equal lots all having depth of 120 feet. What is the approximate front footage of the lots? A. 105 feet B. 90.75 feet C. 108.9 feet D. 95.5 feet

B. 90.75 feet

A "variance" as applied to real estate use is: A. A court order prohibiting certain types of business uses B. An exception to a zoning ordinance C. A temporary permit to allow a use not consistent with zoning D. The nullification of an easement

B. An exception to a zoning ordinance

Casey and Kyle co-listed a property for Thom. During the listing period Casey and Kyle submitted several qualified purchasers for the property, including Tina, a well known celebrity in town. After the expiration of the listing, Thom approached Tina about buying his property and entered into a contract to purchase with her. In the absence of a safety clause in the listing, Casey and Kyle A. Lost the listing and are entitled to nothing B. Are not entitled to a commission since Tina did not make the offer through them C. Are entitled to their commission since they introduced Tina to the property during the listing period D. Sue Tina for violating their listing agreement

B. Are not entitled to a commission since Tina did not make the offer through them

The agency that regulates and oversees the real estate activities in the State of Illinois is the: A. Attorney General's Office B. Department of Financial and Professional Regulation (Your Answer) C. State Board of Real Estate D. State legislature

B. Department of Financial and Professional Regulation

Miggie made an offer on a home through agent Anna. Anna was able to present the contract through the seller's agent, but the seller needed time to think about the offer. The next day, Miggie found a FSBO she liked better, called Anna and told her to rescind her previous offer. To that point Anna had not received any response from the previous seller and notified the seller's agent of Miggie's decision. Anna must now A. Make an immediate offer on the FSBO property before someone else does B. Do nothing more because she has notified the agent of her decision to rescind the offer C. Give the seller three days to decide, as stated in the original offer D. Make sure the seller is notified of the revocation before making the offer on the FSBO

B. Do nothing more because she has notified the agent of her decision to rescind the offer

Agent Eddie has decided to leave the real estate company he has been with the last 20 years. Upon notice his current managing broker, the managing broker must: A. Withhold Eddie's commissions until Eddie returns the office keys B. Immediately endorse and return Eddie's original license with the termination date C. Notify the Department with 7 days of the Eddie's termination D. Inform Eddie that he will not return his license until Eddie repays his desk expenses for the month

B. Immediately endorse and return Eddie's original license with the termination date

One general rule of the National Do Not Call Registry Is: A. The national registry must be updated once per year B. It is illegal to make an unsolicited phone call to a number listed on the national registry C. States must maintain separate do-not-calls lists D. Real estate offices are exempt from the law because they are not considered telemarketers

B. It is illegal to make an unsolicited phone call to a number listed on the national registry

Alexandra completed the pre licensing classes on March 12, 2018. She has until when to take and pass the state examination? A. April 30, 2020 B. March 12, 2022 C. December 25, 2018 D. March 12, 2019

B. March 12, 2022

Which of the following is a lien that does not have to be recorded? A. Money judgement B. Real estate taxes C. A tax deed D. Voluntary mortgage lien

B. Real estate taxes

Under Illinois license law, which of the following is considered "unprofessional conduct" and would be subject to disciplinary action? A. Failure to give a copy of all documents immediately B. Taking advantage of someone's age, disability, or lack of understanding of English C. Disclosing the existence of environmental documents relative tot he adjacent land fill D. Showing property to a minority in the neighborhood of their choice

B. Taking advantage of someone's age, disability, or lack of understanding of English

Under the Safe Drinking Water Act, non-community drinking water systems are under the responsibility of: A. The Illinois Department of Public and Recovery B. The EPA C. The Superfund Amendment D. The Resource Conservation and Recovery Administration

B. The EPA

Buyer Nessman made a successful offer on the Carlson mansion on the edge of town. He put up $10,000 as earnest money which was deposited by the listing brokerage. After several attempts to obtain financing on the mansion, Nessman was turned down for a loan. Which of the following statements is true A. Nessman is in default and the broker should release the money to the seller B. Upon demand by the buyer and agreement by the seller the earnest money should be returned to Nessman C. The earnest money should be paid to the seller as liquidated damages D. Nessman is in default and the broker should deduct his commission from and release the balance to Nessman

B. Upon demand by the buyer and agreement by the seller the earnest money should be returned to Nessman

Agent Macy is very innovative and has developed a new marketing program that allows a buyer to receive a 1% rebate if the buyer purchases a property through Macy. Is this legal? A. No, this violates RESPA laws B. Yes, it is completely legal in Illinois C. Yes, as long as proper disclosures are made to the seller in advance D. No, rebates or incentives to consumers is illegal in Illinois

B. Yes, it is completely legal in Illinois

The NW ¼ of the SW ¼ and the S ½ of the NW ¼ contains how many acres? A. 5 B. 120 C. 80 D. 60

B?

Theft, smoke damage, and damage from fire are covered under which type of homeowners insurance policy?

Basic form

The co-insurance clause in a homeowner's policy usually requires that the insured maintain insurance protection of at least what percentage of the home's value? A. 50% B. 100% C. 80% D. 90%

C. 80%

An applicant wishing to obtain a real estate license must complete: A. 3 full days of on the job training with a competent agent B. Be appointed by the Governor C. 90 hours of pre-licensing education D. A four year college degree program

C. 90 hours of pre-licensing education

Which of the following will NOT terminate an offer A. Revocation of the offer before acceptance B. A counteroffer by the offeree C. An offer by a third party for more money D. Death of the offeror

C. An offer by a third party for more money

31) Mold and mildew found in the home fall into which category of pollutants? A. Pesticides B. Formaldehyde C. Biological D. Hazardous waste

C. Biological

Sales broker Adriana has listed her personal home for sale. In attempting to show this property, Adriana: A. May not put a for sale sign on the property B. Must disclose everything she knows about the property, including the price she would accept C. Cannot be a dual agent on her own home D. Must have every buyer sign a consent to dual agency form

C. Cannot be a dual agent on her own home

What is NOT required to have a valid real estate sales contract? A. Legal intent B. Legal capacity C. Earnest money D. Offer and acceptance

C. Earnest money

Which of the following activities could cause an Illinois licensee to be disciplined, suspended, fined or refu a license? A. Failure to pay federal inheritance taxes B. Failure to pay alimony C. Failure to pay state income taxes D. Failure to pay country property taxes

C. Failure to pay state income taxes

Which of the following statements about the relationship between the sponsoring broker and his licensees is not true? A. He is responsible for the actions of his licensees B. He must have written employment agreement with each licensee C. He cannot have agents representing buyers and sellers in the same office D. He can give his licensees permission to advertise their own listings under the banner of the firm

C. He cannot have agents representing buyers and sellers in the same office

A major manufacturer of car parts announces that it will relocate its factory along with 3,200 employees for Sycamore to Cairo. What affect will this have on Cairo's housing market? A. Houses become less expensive as a result B. The announcement involves an industrial property; residential housing will not be affected. C. Houses become more expensive as a result D. The announcement involves an issue of demographics, not a supply and demand issue; prices should stay the same

C. Houses become more expensive as a result

Which of the following statements is true regarding reciprocity? A. Illinois grants reciprocity to bordering states only B. Illinois does not allow reciprocity C. Illinois grants reciprocity to states with agreements with Illinois and equal or greater standards for licensing D. Illinois grants reciprocity to all states

C. Illinois grants reciprocity to states with agreements with Illinois and equal or greater standards for licensing

The Illinois Real Estate Coordinator: A. Rules on all cases of licensee complaints B. Must continue to maintain an active real estate practice C. Must surrender his/her license to the Department of Financial and Professional Regulation D. Do whatever the Governor has directed

C. Must surrender his/her license to the Department of Financial and Professional Regulation

Real property can be converted to personal property through: A. Conversion B. Inference C. Severance D. Accession

C. Severance

The law that requires real estate contracts to be in writing is A. The statute of limitations B. The statute of estoppel C. The statute of frauds D. The statute of fair dealings

C. The statute of frauds

The economic term "supply" can best be defined as: A. The availability of resources to manufacture and deliver goods to the market B. The services offered by suppliers to a market C.The amount of goods available for sale at a given price D. The effort of government and industry

C.The amount of goods available for sale at a given price

Private deed restrictions on land may be created by: A. General plan restrictions in a subdivision B. Written agreement C. Deed D. All of the above

D. All of the above

Of the following, which is NOT a protected class under the Equal Credit Opportunity Act (ECOA)? A. Religion B. Marital Status C. Receipt of public assistance D. Familial Status

D. Familial Status

Which factor tends to affect supply in a real estate market? A. Employment B. Demographics C. Population D. Government controls

D. Government controls

Agent Agnes Severino is getting a divorce and is taking back her maiden name of Agnes Schrimpl. What w she need to do regarding her Illinois broker license? A. Send a letter to IDFPR within 30 days B. Let IDFPR know of the name change at her next license renewal C. Nothing - the court will notify the state of the name change D. Immediately notify IDFPR and include the court order for the name change

D. Immediately notify IDFPR and include the court order for the name change

Under the Junk Fax Prevention Act, real estate licensees: A. Are exempt from telemarketing laws B. My phone or fax any visitors to an open house C. Are required to search the national registry before faxing D. May only fax flyers to existing clients

D. May only fax flyers to existing clients

When all parties to an agreement have agreed upon its terms, it is called A. Specific performance B. Legality of object C. Option to purchase D. Meeting of the minds

D. Meeting of the minds

Which of the following states is NOT one that Illinois has a reciprocity agreement with? A. Iowa B. Colorado C. Florida D. Michigan

D. Michigan

Rose listed David Bowie's home under a 90 day exclusive agencylisting agreement. The following week Rose began advertising and showing the property to two couples. One week later, Bowie announced that he had decided to sell the house to his nephew. After the closing, Bowie is liable to Rose's sponsoring broker for A. the full amount of the commission B. One half of the commission C. Any expenses incurred by Rose or her broker D. Nothing

D. Nothing

A licensee sends out an e-mail about an open house to all local real estate agents. Per the can spam act, he must: A. Give at least the list price and address of the home B. Provide his office name and phone number C. Give the street address of the open house D. Provide a way for the recipients to "opt out" of future mailings

D. Provide a way for the recipients to "opt out" of future mailings

Which of the following activities requires a real estate license? A. Selling real estate under a court order B. Selling your own home C. Acting as a resident property manager D. Selling your next door neighbor's home for a commission

D. Selling your next door neighbor's home for a commission

An Illinois real estate licensee is also a licensed attorney. Which of the following is true? A. She can act as the real estate agent and attorney in the same transaction B. She can act as agent and attorney but cannot collect fees for both services C. She must give up one of the licenses because she can't have both D. She can hold both licenses but cannot act as both in the same transaction

D. She can hold both licenses but cannot act as both in the same transaction

When the license of the sponsoring broker is suspended or revoked, his or her sponsored licensees must: A.Keep listing and selling so they can raise enough money for the managing broker to get the license back B. Go back to real estate school C. Get their listings sold quickly so they can get paid D. Stop listing and selling

D. Stop listing and selling

Labor availability and construction costs most generally have a direct effect on which of the following with regard to real estate? A. Demand B. Government controls C. Rental rates D. Supply

D. Supply

A licensee has a new listing and is hosting an open house. A prospective buyer attends the open house. The agent subsequently offers to show the buyer other listings int he neighborhood. Three days later, the buyer tells the licensee that she wishes to make an offer on the home she viewed at the open house. Since no agency disclosures had been previously made, the licensee will be acting as a(n): A. Disclosed dual agent B. A buyer's agent C. A subagent D. Undisclosed dual agent

D. Undisclosed dual agent

"No two pieces of real estate are exactly alike" describes a physical characteristics of land called nonhomogeneity, or: A. Immobility B. Indestructibility C. Scarcity D. Uniqueness

D. Uniqueness

what are the bundle of legal rights?

DEEP C right of Disposition right to Enjoyment right of Exclusion right of Possession right to Control property (within law)

what type of property would a crop that has yet to be cut be considered ?

It is real property until it is cut then it becomes personal property

Each room of a house was pre-assembled at a factory, driven to the building site on a truck and then lowered onto its foundation b a crane. Later workers finished the structure and connected plumbing and wiring before the owners moved in. Which term best describes that type of home? a. Modular b. Mobile c. Manufactured d. Converted

a. Modular

An owner decides to sell her house and takes the antique front door with her when she moves. In the absence of any provision in the contract, is the owner allowed to remove the door? a. No this is an act of severance is not allowed at the time of selling because the door is a fixture b. Yes, the owner can remove the door and the act is called accession c. No, this is conversion d. yes, the owner can remove the door and the act is called separation

a. No this is an act of severance is not allowed at the time of selling because the door is a fixture

Intent of the parties, method of attachment, adaptation to real estate, and agreement between the parties are the legal tests for determining whether an item is a. a fixture or personal property b. a trade fixture or personal property c. real property or real estate d. an improvement

a. a fixture or personal property

which of these is not a cost or expense of owning a home? a. taxes on personal property b. interest paid on borrowed capital c. homeowners insurance d. maintenance and repairs

a. taxes on personal property

The phrase bundle of legal rights is properly included in a. the definition of real property b. a legal description c. real estate transactions d. leases for less than one year

a. the definition of real property

what are the three legal tests of a fixture ?

attachment, adaptation and agreement

To meet the continuing education requirement in Illinois, brokers must obtain how many hours of continuing education per year? a. 4 b. 6 c. 10 d. 18

b. 6

A single woman bought a home 18 months ago and is now selling because she found a new job in another city. A married couple filing joint taxes has owned a nine-bedroom home for three years. Now, the couple wants to move to a small condominium unit. A single man owned his home for 17 years, sold it, and will use the proceeds from the sale to purchase a larger house. Based on these facts, which of these people is entitled to the $500,000 capital gains exclusion? a.The single woman b. The married couple c. The married couple and the single man d. The single woman and the single man

b. The married couple

A buyer is interested in a house that fits most of her needs but it is located in a busy area where she is not sure she wants to live. The real estate characteristic associated with her concern is a. physical deterioration b. area preference c. permanence of investment d. immobility

b. area preference

Detailed information about the age, education, behavior, and other characteristics of members of a population group is called a. population analysis b. demographics c. family lifestyles d. household data

b. demographics

The initial broker's license fee for a partnership, LLC, or corporation is a. $55. b. $100, so long as no more than 50% of the shares of the company are held by brokers. c. $125. d. $250.

c. $125.

An unlicensed man has been twice found to be engaging in activities for which a real estate license is required. He is subject to a a. fine not to exceed $1,000. b. fine not to exceed $5,000 and one year imprisonment. c. civil penalty not to exceed $25,000 per violation. d. civil penalty not to exceed $25,000 per violation and a mandatory prison term not to exceed five years.

c. civil penalty not to exceed $25,000 per violation.

All of these affect how quickly the forces of supply and demand work EXCEPT a. a property's specific geographic location b. immobility of a property c. degree of standardization of the property's price d. uniqueness of a property

c. degree of standardization of the property's price

The federal reserve board a. monitors the federal housing administration b. monitors nationwide construction costs c. establishes the discount rate of interest for the money it lends to its member banks d. establishes real estate appraisal standards

c. establishes the discount rate of interest for the money it lends to its member banks

which of these is not covered in either a basic form or a broad form homeowners insurance policy ? a. fire and lightening b. explosion c. flood d. windstorm and hail

c. flood

One result of the capital gains tax law is that MOST homeowners a. will pay capital gains tax at an 8% lower rate on their home sales. b. may build more equity in their primary residence. c. may use the $250,000 capital gains exclusion if they lived in the property for two out of the last five years. d. will be permitted to use the $125,000 over-55 exclusion more than once.

c. may use the $250,000 capital gains exclusion if they lived in the property for two out of the last five years.

According to law, a trade fixture is usually treated as a. a fixture b. an easement c. personalty d. a license

c. personalty

When married homeowners who file jointly realize a profit from the sale of their home that exceeds $500,000, which of these is TRUE? a. The homeowners will not pay capital gains tax if they are over 55. b. Up to $125,000 of the excess profit will be taxed as a capital gain. c. The excess gain will be taxed at the homeowners' income tax rate. d. The profit exceeding $500,000 will be taxed at the current applicable capital gains rate.

d. The profit exceeding $500,000 will be taxed at the current applicable capital gains rate.

A REALTOR(trademark R) is a. a speciallly licensed real estate broker b. any real estate broker who assists buyers, sellers, landlords, or tenants in any real estate trasaction c. a member of the National Association of Real Estate Brokers who specializes in residential properties d. a real estate licensee who is a member of the National Association of REALTORS(trademark R)

d. a real estate licensee who is a member of the National Association of REALTORS(trademark R)

When an owner of real estate sells the property to someone else, which of the "sticks" in the bundle of legal rights is she using? a. Exclusion b. legal enjoyment c. control d. disposition

d. disposition

Which of these factors tend to affect the supply in the real estate market ? A. Population b. demographics c. employment wages and wage levels d. government controls and financial policies

d. government controls and financial policies

All of these would affect overall demand in the real estate market EXCEPT a. population b. demographics c. wage levels d. zoning ordinances

d. zoning ordinances

Fractional sections in the rectangular survey system along the northern or western borders of a check that are less than a quarter-section in area are called

government lots.

In describing real estate, the system that uses feet, degrees, and natural and artificial makers as monuments

metes and bounds

to keep the principal meridian and range lines as near to six miles apart as possible,a correction called a government check is made. How large is a government check ?

miles square

what are the five categories of real property ?

residential, commercial, industrial, agricultural, and special purpose