Exam Smart
A buyer put 20% down on the purchase of a house. The lender required the buyer to pay two discount points in order to obtain a loan. The buyer paid $1,000 for the discount points. What was the purchase price of the house?
$1,000 divided by 2% equals the loan amount of $50,000. The buyer putting 20% down means the loan must have been 80% of the purchase price. $50,000 divided by 80% equals the purchase price of $62,500.
A buyer borrowed $1,500 to purchase a hot tub. If the agreement between the parties was for the total principal and interest to be repaid in a single payment, what was the interest rate on the loan if the payment was $1,695?
$1,695 principal and interest minus $1,500 principal equals interest of $195. $195 divided by $1,500 equals an annual interest rate of 13%.
If the capitalization rate is 8% and the yearly net income is $100,000, what is the selling price?
$100,000 net income divided by a cap rate of 8% equals a value of $1,250,000.
A seller sold a commercial property with a closing date of November 20, 2003. The seller had pre-paid $3,224 for an annual hazard insurance policy which began on August 13, 2003. The buyer assumed the hazard insurance policy with the seller being responsible for the closing date. Assuming a 360 day year, what would be the amount for the insurance proration?
$3,224 divided by 360 days equals $8.96 per day. The buyer owes from November 21st to August 12th, which is a total of 262 days (using 30 day months). 262 times $8.96 = $2,347 that the buyer owes to the seller.
If rent was $450 per month and you had an annual return of 12%, what would be the total value for this property?
$450 per month times 12 months equals annual rent of $5,400. $5,400 divided by a capitalization rate of 12% equals a value of $45,000.
An $84,000 loan at 10% annual interest had principal and interest payments of $737.16 per month. How much of the second month's payment would be applied to principal?
$84,000 times 10% equals $8,400. $8,400 divided by 12 equals $700. $737.16 less $700.00 equals $37.16 applies to principal in the first month. $84,000 less $37.16 equals $83,962.84 loan balance for month two. $83,962.84 times 10% equals $8,396.28 divided by 12 months equals $699.69 interest for month two. $737.16 minus $699.69 equals $37.47 being applied to principal in the second month.
A loan with a balance of $21,000 prior to the June 1st payment was figured with interest at 11% annually and monthly principal and interest payments of $571.80. There was a 1% pre-payment penalty. The owner paid the June 1st payment and then paid off the balance of the loan. What was the pre-payment penalty?
$21,000 times 11% equals $2,310 annual interest divided by 12 equals $192.50 monthly interest. $571.80 principal and interest minus interest of $192.50 equals principal of $379.30. $21,000 loan minus $379.30 equals a loan balance of $20,620.70. $20,620.70 times 1% equals a penalty of $206.
A lender had a loan to value ratio of 97% on the first $25,000 of a sales price and 95% on the balance. If the sales price was $68,000, what was the down payment?
$25,000 times 97% equals $24,250. $68,000 minus $25,000 equals $43,000. $43,000 times 95% equals $40,850. $24,250 plus $40,850 equals a loan of $65,100. The price of $68,000 minus the loan of $65,100 equals a down payment of $2,900.
A property was worth $289,000 if capitalized at 4%. What is it worth if it capitalized at 5%?
$289,000 times 4% equals a net income of $11,560. $11,560 divided by 5% equals a new value of $231,200.
What type of ownership would provide for a surviving owner to obtain complete title?
(B) Joint tenancy provides right of survivorship, which means when one party dies, the interest goes to the surviving owners. (A) Tenancy in common is inheritable to the heirs upon the death of one of the owners. (C) Severalty is ownership by one person or entity. (D) Co-ownership is a general term referring to more than one owner.
Which of the following terms BEST describes one or more persons' right to use a property to the exclusion of all others?
(B) Ownership of a freehold estate indicates sole use of a property. An easement (A) shows that one has the right to use the easement while another still has the possessory rights to the property. In a leasehold (C), a lessee (tenant) has the possessory rights but the owner still has certain rights in the property. A license (D) is where the owner gives permission to another to use a portion of the owner`s property (which may be revoked).
What would be an advantage for a buyer in taking out an FHA 245 loan in purchasing a house?
(B) The FHA 245 is a graduated payment mortgage giving a buyer lower payments initially on a loan. The payments typically go up for 5 years and then level off for the remainder of the term. (A) An FHA 245 does not necessarily have a lower interest rate. (C) An FHA 245 does not build equity faster, rather, it builds equity slower or can have negative amortization. (D) There is not a longer term for an FHA 245 loan.
In order to determine the value of an income producing property, what item does one divide by the capitalization rate?
(B) The net operating income (gross income less vacancies less operating expenses) is divided by the capitalization rate to determine the value of a commercial piece of property.
A visiting dignitary who rented a place to live for two months (June 5th to August 5th) has which of the following property rights?
(C) Any lease that has a definite beginning AND ending date is an estate for years (regardless of how long it lasts). A periodic tenancy (A) is a month-to-month lease that requires notice to terminate. An estate at will (B) is permission to stay but no real lease agreement. Estate at sufferance (D) is when a lessee stays past the end of the lease WITHOUT permission.
Which of the following is true regarding a condominium?
(C) In a condominium, the homeowner`s association typically takes care of lawn maintenance. (A) The maintenance fee is set by the association. (B) The owner CAN pass fee simple title. (D) The owner receives a deed in a condominium, not stock. Stock is issued in a cooperative.
Which of the following statements is correct about a judgment lien?
(C) Judgment liens can usually only cover property in that county. To place a lien on properties in other counties requires recording a notice of lien in the other county. Judgment liens are general liens and can cover both personal (A) and real (B) property. Judgments cannot just sit there indefinitely (D). The lienholder must try to enforce it legally in the time period prescribed by each particular state.
A cooperative was having problems meeting its obligations because a few of the individual members were in arrears with their lease payments. The lender who holds the mortgage has threatened foreclosure. What could happen as a result of this foreclosure action?
(C) One of the biggest problems in a cooperative is that if the cooperative cannot make mortgage payments, the entire property can be foreclosed on with all the members losing out. (A) The cooperative is liable for the debt, not the individual members. (B) All stockholders could lose in foreclosure, not just the ones in arrears. (D) The court cannot force the ones in arrears to pay to avoid foreclosure.
A legal description is as follows: "Beginning at the intersection of Route #7 and Boone County Road proceed South 2 miles to the old oak tree, thence 1 mile West to the well by the old farm house, thence North 2 miles to an iron post at the corner of the Johnson farm, thence East 1 mile back to the point of beginning." Which of the following would NOT be true?
1/2 of a township is 18 square miles. This describes only 2 square miles. It does contain 1,280 acres (1 sq. mile = 640 acres) (B). A metes and bounds gives a physical description (D) and is an acceptable method of describing land (C).
A lot with 15,400 square feet had a depth of 140 feet. The owner bought 2 lots, one on each side directly abutting his property, each having 4200 square feet and 140 feet of depth. What was the total of the front footage?
15,400 plus 4,200 plus 4,200 equals total square footage of 23,800. 23,800 divided by 140 feet equals 170 feet for the frontage
Buyer A is investigating the purchase of a lot on which to build a home. The lot is 200' wide and 500' deep. Zoning regulations stipulate that the lot must be at least 2 acres to be able to build on it. Would a home be allowed to be built on this lot?
200' x 500' = 100,000 square feet for the lot. 100,000 square feet divided by 43,560 (which is the square feet per acre) = 2.3 acres for the lot size. As this lot is over 2 acres, a home could be built on the lot.
A property described as follows sold for $1,500 per acre. "Beginning at a boulder go 249' north; then 140' east; then 249' south; then 140' west to the point of beginning." What was the sale price?
249 feet times 140 feet equals 34,860 square feet. 34,860 divided by 43,560 equals .80 acres. .80 acres times $1,500 per acre equals a price of $1,200.
A buyer purchased a property from a seller in which a special assessment tax was on the property. Which of the following statements regarding a special assessment tax is NOT true?
(A) A special assessment tax is NOT deductible in the year paid but rather is like a capital expenditure and is added to the basis of the property. The other responses are all true. (A) The sales contract should declare who pays the specials. (C) If not paid, the special assessment tax becomes delinquent. (D) A special assessment tax is for improvements, such as sewers, sidewalks, etc., that benefit certain pieces of property.
A lessee stays past a five year lease but continues to pay the rent. The landlord, however, does not accept the rent payment. This is best described as a(n):
(A) A tenancy at sufferance is where a tenant stays past expiration without permission. (B) A tenancy in common is an ownership form whereby if the owner dies, the heirs inherit the rights. (C) A tenancy for years is a lease with a definite beginning and ending date. (D) A periodic tenancy is a lease from period to period, such as a month-to-month lease.
Baird and Carr both used a shared driveway located on the boundary line between their two properties. Baird died. Which of the following statements BEST describes this situation?
(A) An appurtenant easement is tied to the property and continues on even in the event of death. (B) A gross easement is for utilities, railroads, etc. (C) A license is permission whereas a shared driveway is normally an easement. (D) An appurtenant easement does NOT terminate upon the death of one of the parties.
What form of ownership do individual condominium owners have in the common elements?
(A) Common areas are owned as tenants in common where interests may be unequal and if the condominium owner dies, the interest in the common areas would also be inherited just like the interest in the condominium unit. Joint tenancy (B) would have the common areas passing to the surviving owners upon the death of one condominium owner. Tenancy by the entirety (C) is owned by a husband and wife and also carries the right of survivorship. Severalty (D) indicates that one person owns all the common areas.
A farmer leased a property on an annual basis whereby the farmer or the owner could terminate the lease by giving the other party 90 days notice. One half of the crop value would be the annual rent. This type of lease would best be described as a:
(B) A periodic estate, such as a month-to-month lease, requires a notice of termination as there is no specific ending date in the lease. (A) A tenancy in common is an ownership form whereby if an owner dies, the heirs inherit the rights. (C) A tenancy for years is a lease with a definite beginning and ending date, therefore requiring no notice of termination. (D) A tenancy at will is a situation where there is no written lease, but the tenant has permission to stay due to the landlord accepting the rent.
When a buyer receives an equitable title to a property, this entitles the buyer to:
(B) A signed contract gives the buyer an equitable title (the right to receive the deed at a later date, usually closing). Therefore, if the seller backs out of the contract, the buyer can sue for specific performance - court action to force completion. An equitable title does not deal with assuming loans (A). A novation is a new contract that takes the place of an old contract (C). A non-freehold estate is a leasehold estate (D).
An encroachment would usually be discovered during which of the following?
(B) An encroachment is an improvement that illegally protrudes across the property line onto the land of another. It takes a visual, on-site inspection (survey) to detect an encroachment. Title records do not automatically list encroachments (A) & (C). An appraiser (D) does not automatically know where the property lines are.
Two people wanted to purchase a property but did not want the right of survivorship. Which of the following forms of ownership should they MOST likely choose?
(B) As tenants in common, each owner`s rights pass to that owner's heirs upon death. Joint tenancy (A) would have each owner's rights passing to the other owners (survivorship) upon death. Severalty (C) is when only one person takes title. Co-ownership (D) is not a form of ownership.
Which of the following statements BEST illustrates the practice of blockbusting?
Blockbusting is where a licensee tries to scare people into selling by saying persons of a protected class are moving into the neighborhood (B). Raising the rent (A) or changing terms (C) based on a person belonging to a protected class is also illegal but is NOT blockbusting. (D) refers to steering which is directing people to certain areas of town based on their protected class.
Which of the following statements BEST describes an amortized loan with a fixed interest rate?
Constant principal and interest payments each month
An owner buys a house and puts in a new furnace and air conditioning unit. These items would be considered a(n):
D) A new furnace and air conditioning unit would be considered fixtures (real estate) which therefore would be an appurtenance (right, privilege or improvement that belong to and pass with the sale of property). (A) A trade fixture is an item installed by a commercial tenant for business and is considered to be personal property. (B) Chattel is another word for personal property. (C) A new furnace and air conditioning unit would be real property, not personal property.
Illinois licensees, performing ministerial acts, MUST disclose which kind of defects to potential buyers?
All agents, regardless of representation, must disclose latent, or hidden, defects to potential buyers in Illinois. There is no requirement to point out patent, or obvious, defects that a buyer can see on their own.
Which of the following is NOT an appurtenance that belongs to and passes with the land?
An appurtenance is a right (A), privilege (B) or improvement (C) that passes automatically to the purchaser upon the sale of the land. Reversion (D) is the right of a granting party to get the property back at a future time (such as the right of the landlord to regain the property when a lease expires or the right of the grantor of a life estate to regain use of the property upon the death of the life tenant.
Sponsoring broker B owns 51% of a title company. He encourages his agents to use the company for their closings. Are there any disclosure requirements?
Any interest of more than 1% in a real estate related company, other than a publicly traded one, must be disclosed. Remember that the client is a client of the sponsoring broker, not just the agent.
Brokers who receive others' monies are required by the License Act to:
Escrow accounts are non-interesting bearing by default. A company may have an interest bearing account as well. Buyers and sellers must agree to it going into an interest bearing account and must agree as to where the interest will go.
Agent Jon is looking for new clients. He offers a $50 gift card to anyone who will send him a name of someone looking to buy or sell real estate. Is this legal in Illinois?
Referral fees may only be paid between sponsoring brokers. Nothing may be paid to an unlicensed party for referring business to an agent. Compensation includes anything of value, including cash, gift certificates, services rendered, lottery tickets, etc.
OSTENSIBLE
Refers to a contractual obligation that is created by what appears to be; similar to implied
A potential tenant walks into a property management company looking to rent one of their apartments. Is any type of agency disclosure required?
Tenants should be given written notice that they are not being represented, and that the property manager represents themselves (or the landlord).
Which is NOT true about a metes and bounds description?
The actual distances will prevail over the distances stated in the deed. A metes and bounds description starts at a point of beginning (A) and lists the distances between various bounds (physical markers) with distances as low as 1/100 of a foot (B). For those reasons, it is ideal for describing land that is shaped irregularly (C).
The mill rate for two properties was 80. The tax paid on property A was $2,400 and on property B was $1,600. What was the value of the two properties?
The mill rate of 80 is the same thing as an 8% tax rate. $2,400 in taxes divided by 8% tax rate gives a value for property A of $30,000. $1,600 in taxes divided by 8% tax rate gives a value for property B of $20,000.
A portion of the equity in a principal residence is protected from unsecured creditors in Illinois. This so called "homestead exemption" is: (rev 306)
This law was revised in Illinois in 2006 to $15,000 per owner (previously $7,500). Note that this is protection only from unsecured creditors, and would not include secured debt such as mortgages and real estate taxes.
Consumers in Illinois are no longer liable for the wrongful actions of their agent. This kind of liability is also known as:
Vicarious liability is being liable for the acts of another, such as your agent.
Which would NOT be used in the capitalization approach?
Which would NOT be used in the capitalization approach?
A buyer had purchased a home and obtained a first mortgage to buy the property. The buyer decided to rescind the transaction and had a loan that was covered under Regulation Z. Can the buyer rescind the sales contract after it is consummated?
(C) There is no right of rescission in a real estate sales contract. (A) Regulation Z (Truth-In-Lending) has nothing to do with the right of a buyer to back out of a contract with a seller. Regulation Z does give the borrower 3 days to rescind some loans (not first mortgages to buy a house) but it does not apply to sales contracts. (B) Regulation Z does apply to residential home loans but has nothing to do with rescinding a sales contract. Neither buyer nor seller can simply rescind a contract without cause (D).
(B) The net operating income (gross income less vacancies less operating expenses) is divided by the capitalization rate to determine the value of a commercial piece of property.
(D) An open end is much like a secured line of credit that allows the borrower to reborrow funds that have already been repaid on the original note. Package (A) mortgages use BOTH real and personal property as security. A blanket mortgage (B) covers more than one piece of real estate. A wraparound (C) mortgage occurs when a lender assumes a first mortgage, advances additional funds to the borrower, writes a second mortgage which includes the first and the additional funds, collects on the second and then pays on the first.
Each of the following contracts would be bi-lateral EXCEPT a:
(D) An option contract is a uni-lateral (one-way) contract, not a bi-lateral (two-way) contract. (A) A lease purchase, (B) sales contract and (C) listing contract are all bi-lateral contracts with two parties making promises.
An owner of a life estate died and the land passed to the remainderman. What interest would the remainderman receive?
(D) Life estates can only be based on the life of one person in the chain. Upon death, the estate reverts back to fee simple and goes either to a third party (remainder) or back to the original grantor (reversion). (A) An estate in reversion refers to a property reverting back to the original grantor upon the death of a life tenant. (B) A life estate is where a person owns property just for his or her lifetime. (C) An estate at will is a leasehold estate where the tenant has permission to stay but no real lease.
Which of the following would be enforced by the Federal Trade Commission (FTC)?
(D) The FTC enforces the Truth-In-Lending law. (A) RESPA is enforced by the Consumer Financial Protection Bureau (CFPB). Fair housing laws (B) are enforced by HUD. (C) The Federal Equal Credit Opportunity Act prohibits lenders from discriminating based on race, religion, marital status, age, etc.
Which of the following statements BEST distinguishes general from limited partnerships?
(D) There must be at least one general partner to run any partnership. Limited (silent) partners are investors only and are not involved in running the business (A). There is no requirement to have limited partners (B). Limited partners can only lose what they have invested (C).
Which of the following items is NOT necessary for a deed to be valid?
A grantee does not have to sign a deed. The grantor signs the deed (A) which has conveying words in it (C) along with a property description (D). Title passes to the grantee when the deed is delivered to and accepted by the grantee. Next Question »
Which of the following items would be an example of a tenant at sufferance?
A) A tenant at sufferance is where a tenant wrongfully holds over at the end of a lease without the landlord`s consent. (B) A tenant does NOT have the right to use property indefinitely. (C) A landlord does not necessarily have to pay for upkeep on a property; that is negotiable between landlord and tenant. (D) A tenant behind on back rent does not constitute a tenancy at sufferance.
A husband and wife filed for and received a divorce. The wife then tried to sell the property but the ex-husband's name was still on the deed. Which of the following actions would be best in trying to remedy the situation?
B) A quiet title suit, court action, would be the best way to clear up title. (A) A suit to partition is court action to force all parties who own a property jointly to sell. (C) A lis pendens is notice of pending legal action. (D) A notice of lien extends a lien into other counties.
An appurtenant easement would BEST be described as an easement that:
B) An appurtenance is a right (such as an easement), privilege or improvement that runs with the land. (A) Utility companies are generally associated with gross easements. (C) Appurtenant easements do not terminate upon the death of the dominant tenement (the land benefited by the easement). (D) An easement by prescription is created by long-term use.
If you took projected future costs from projected future income, you would arrive at:
B) Gross income minus expenses equals net income. The word projected in income and expenses simply results in projected net income. (A) A capitalization rate is used in the income approach to estimate the value of a commercial property. (C) Debt service refers to principal and interest payments. (D) Debt coverage is similar to debt service.
Which of the following types of ownership is joint tenancy most similar to?
B) Tenancy by the entireties is similar to joint tenancy in that both require right of survivorship and TTIP (time, title, interest, possession) - same time, same title, equal interest and undivided possession. (A) Severalty is ownership by one person or entity. (C) Tenancy in common is inheritable to the heirs upon the death of an owner. (D) Community property is property acquired during a person`s marriage.
A lender tried to force a homeowner to sell her home to pay the lender for personal debts incurred by the homeowner. Which of the following could the homeowner claim to stop the sale of her home?
B) The homestead exemption is where a homeowner can keep ownership of the home even when creditors are trying to force the sale. (A) Curtesy refers to a husband`s right in property at the time of a wife's death. (C) Escheat is when a person dies intestate (no will) and has no heirs and the ownership goes to the state government. (D) Eminent domain is the right of the government to take private property for public good.
A cooperative would take title to property under which of the following categories?
C) A cooperative is a corporation, therefore being one entity and taking title in severalty. (A) Tenants in common, (B) joint tenancy and (D) Tenancy in the entireties are all forms of concurrent ownership, that is, ownership involving more than one person or entity.
A construction company built a hangar for an airplane which was kept on an owner's property. The owner did not pay for the hangar, so the company filed a mechanic's lien on the airplane. Was the construction company justified in doing this?
C) A mechanic`s lien is a specific lien and only covers the property where the work was performed. The hangar did not raise the value of the airplane itself (A). In order for a lien to cover all of one's property (B) (real or personal), it would have to be a general lien (i.e. some type of judgment lien). A mechanic's lien can be placed on personal property (such as a car or airplane), but only if the work was done on that piece of personal property (D).
Two neighbors both used a driveway located on the boundary line between their two properties. Upon the death of one of the neighbors, would the heirs of the deceased have the right to use the driveway?
C) An easement between two neighboring properties is an appurtenant easement that passes to the new owner upon the transfer of title (whether by sale or inheritance). (A) An easement is transferable. An easement in gross (B) is usually a commercial easement and is not owned by a neighboring property. No payment to the neighbor is necessary (D) since the neighbor did not lose any rights; they already existed.
Which would have enough different types of measurements to accurately describe an irregularly shaped parcel of land?
C) Metes and bounds can use rods, feet and inches (down to 1/100 of a foot) an is ideal for identifying irregular shaped parcels. (A) The datum plane is a level surface to which heights and depths are referred. (B) The rectangular survey system is what the government uses to identify land using meridians, base lines, townships and sections. Next Question »
An investor bought a property on the courthouse steps at a foreclosure sale. The foreclosed owner would have which of the following rights available to them?
C) Statutory redemption is the right to redeem after the foreclosure sale. (A) A person does typically have redemption rights even after a foreclosure sale. (B) Equitable redemption is the right to redeem before the foreclosure sale. (D) A performance bond does not always have to be posted to be able to redeem property.
A situation whereby a person loses land but the boundary lines remain the same would be an example of:
C) is correct as an avulsion is a sudden washing away of soil by nature whereby the riparian owner has a right to regain the soil; the boundary lines do not change. (A) and (b) are incorrect as a riparian owner does lose rights to the soil if it is deemed to be erosion; a gradual wearing of soil. Accretion is a gradual build up of soil. The (D) answer refers to some type of problem concerning the title, such as ownership disputes, etc.
A buyer purchased a piece of property. The property purchased was described as follows: Beginning North of the lake at a tall spire, proceed South 1,936 feet, then proceed East 45 feet, then proceed North 1,936 feet, then proceed West 45 feet back to the point of beginning. If the buyer purchased the total property for $17,000, what was the cost per acre?
Find the square footage of the property first by taking Find the square footage of the property first by taking 1,936 feet times 45 feet. This equals 87,120 square feet. Then find the total acres by taking 87,120 / 43,560. This results in a total of 2 acres. To find the cost per acre, take the total purchase price of $17,000 and divide by 2 to arrive at a cost of $8,500 per acre.
Which of the following is true of Illinois real estate transaction records?
Illinois generally requires records to be kept a total of five years, including all active and pending, as well as the most recent two years of closed transaction files to be kept at the office. Previous records may be stored offsite.
An Illinois real estate contract has typed print that indicates that all heating and cooling systems shall meet local building codes. Handwritten words on the contract indicate that the buyer will take the property "as is" with no warranties on equipment. Which statement is correct?
Illinois law allows for handwritten words to take precedence over pre-printed ones.
Mr. Smith sells his Illinois home for $151,050. He will be required to pay how much in Illinois transfer taxes?
Illinois transfer tax is $.75 per $500 of sales price, or portion thereof and is paid by the seller. $.50 goes to the state and $.25 is retained by the county where the property is located. $151,050 divided by $500 = 302.10. In this case, the .10 indicates we have a portion of the next $500 of sales price in addition to the 302 number. As the tax is $.75 per $500 of price, 303 times $.75 = $227.25 for transfer taxes.
Sonja sells her home for $250,600. What is the total amount of Illinois transfer tax due?
Illinois transfer tax is $.75 per $500 of sales price, or portion thereof and is paid by the seller. $.50 goes to the state and $.25 is retained by the county where the property is located. $250,600 divided by $500 = 501.20. In this case, the .20 indicates we have a portion of the next $500 of sales price in addition to the 501 number. As the tax is $.75 per $500 of price, 502 times $.75 = $376.50.
Which is NOT true about a mechanic's lien?
Mechanic`s liens take priority based on the date the work was performed, not the date of recording (like most liens). Mechanic's liens have to be based on the cost of the improvement (A) and must be recorded within a certain time period after the work was completed (the time period varies from state to state). Although no court judgment is necessary to record the lien, enforcement (court ordered sale) would have to be done by the court.
Broker Susan has listed the properties of two clients, the Smiths and the Jones. The Smith listing is an "exclusive right to sell" contract with a 120 day protection period, while the Jones is an "open" listing contract. Without having previously viewed each other's properties, Smith and Jones decide to buy each other's homes 30 days after their respective listings have expired. Under these circumstances, Broker Susan is entitled to collect:
No commission is due. A protection clause is only valid when the buyers have viewed the property during the listing period. Neither buyer had toured the other's property while it was listed. Additionally, the seller of an "open" listing is always free to sell it and not pay the broker any fee.
Antwon has an oral six month lease on his Chicago area apartment. He wishes to move out before the lease is up. The lease:
Oral leases for less than one year are enforceable in Illinois.
Except for Cook County, residential real estate in Illinois is assessed at what percentage of its fair market value?
Outside of Cook County, residential property is assessed at 1/3 of its fair market value. In Cook County, it is assessed at 16%.
An Illinois homeowner dies without a will and without any traceable heirs. The real property in the estate will:
Real property escheats to the county where it is located. Personal property escheats to the state.
