Real Estate

  1. A 360 day period used in calculating prorations
    Banking year
  2. An unearned fee, paid as part of a real estate transaction, that is prohibited by RESPA
  3. Mortgage loans made by banks, savings associations or other lenders whose deposits are insured by federal agencies, plus FHA and VA loans are called ___ and are subject to the requirements of RESPA
    Federally Related Loans
  4. When does a license issued to a buisness entitie or branch office expire?

    B) 10/31 of every even numbered year
  5. How many C.E class hours must a sales person complete to renew his or her license?

    B) 6 hrs each year
  6. When do leasing agent's license expire?

    C) July 31st of each even numbered yr
  7. When do salesperson license expire?

    D) April 30th of every odd numbered yr
  8. When do brokers license expire?

    C) April 30th of every even numbered year
  9. Whas is the licensing fee required for a salesperson or broker?

    C) 125
  10. The licensee must return a true copy of the listing agreement signed by the seller and by the sponsoring broker, to the principal within __ hours of execution.

    B) 24
  11. How many months after a consumer makes an inquiry can an agent call to market his or her goods & services?

    D) 3 mo
  12. How many people are appointed to the RE Administration & Disciplinary board?

    B) 9

    Six must have been brokers or salespeople for 10yrs. The remaining 3 must be unilicensed, unconnected with the Real estate profession. Each term is 4yrs, all apointed by the governor.
  13. After expiration of a license how much time is given to renew w/o having to go through original requirements for a license must be met.

    A) 2 years
  14. How many classroom hours are required for a brokers license?

    D) 120

    A total of 120hrs are required. 45 salesperson + 75 additional.
  15. Howm many class room ours are required for a salesperson license?

    A) 45
  16. How many hours of classroom must a leasing agent take?

    C) 15
  17. How man acres are in a square mile?

    B) 640
  18. What section number is considered a school section in a township?

    A) 15
    C) 21
    C) 16
    D) 10
    C) 16
  19. How many feet are in a mile?

    A) 5,280
  20. How many feet are in an acre?

    A) 43,560
  21. The closing agent or lender is usually responisble for filing form ____ to report certain real estate sales to the IRS.
  22. A sworn statement, or___, is completed by the seller and sassures the title insurance company (and the buyer) that there have been no judgements, bankruptcies or divorce involving the seller since the date of the title examination.
    Affidavit of title
  23. One ofthe requirements of RESPA is that no later than three buisness days after receiving a loan applicaiton, the lender must provide the borrower with an ____ of the settelement cost the borrower is likely to pay.
    Good faith estimate
  24. Usually the ___ pays for recording charges, such as recording the deed, that are due to the actual transfer of title.
  25. The arrangement when an owner of property sells the property and then obtains a lease from the new owners is called ____.
    Sale and leaseback
  26. Greg the tenant pays for his own utilities and makes one payment each month to the landlord who takes care of taxes insurance on the building, and maintence. What type of lease arrangement is this?

    A) Gross
  27. Nan rents an apartment fro Rob under a one year written lease. The expiration date of the lease is May 1st. How much notice must Rob give Nan to recover possession when the lease expires?

    C) no notice is required

    An estate for years by definition, no notice is required. It terminates at the end of the contract date.
  28. A type of property management speciality that helps owners decide which properties to purchase and when to sell.
    Asset management
  29. Performance of regularly shceduled activities such as painting and servicing appliances and systems.
    Preventive maintenance
  30. Major alterations to a buildings interior to meet tenants particular needs.
    Tenant Improvements
  31. Evaluating Perril of any risk in terms of otpions.
    Risk management
  32. Insurance policies that provide coverage against theft, burglary and vandalism. Specific not all inclusive.
  33. An investigation to determine the need for insurance and types of insurance required.
  34. An estimate or opinion of value based on supportable evidence and approved methods.
  35. The principle that no physical or economic condition remains constant.
  36. Title XI fo the FIRREA requires that all residential property be appraised by a federally licensed or certified appraiser.

    A) T
    B) F
    B) F

    FIRREA requires that all residential property valued as 250k or more in a federally related transaction be appraised by state licensed or certiifed appraiser.
  37. A business organization in which all members participate in the operation and management of the business and share full liability for business losses and obligation.
    General Partnership
  38. The right of a delinquent tax payer to recover property after a tax sale.
    Statutory Righ of Redemption

    ILL does not recognize this
  39. The person who accepts the offer in a contract.
  40. A deed that contains no express warranties against encubrances but that implies that the grantor hold title and possession of the proeprty.
    Bargain and sale
  41. When two properties share a party wall that straddles the boundry line between the two lots each lot onwers owns the half of the wall on his or her loand and has a(n) ___ easement in the other half of the wall.
  42. Who owns the building that is erected on land that has a ground lease?

    B) Lessee
  43. What must a landlord do before commencing a lawsuit for actual eviction?

    A) serve notice on the tenant
  44. A lease that provides for specified rent increses at set future dates is called an.

    A) graduated lease
  45. An independent professional who is trained to provide an unbaised estimate of value.
  46. An estimate of value based on the present worth of the rights to future income.
    Income approach
  47. The most probable price that a property should bring in a fair sale.
    Market value
  48. Under a land contract the buyer obtains both possession and title to the property by agreeng to make regular monthly payments to the seller over a nmber of years.

    A) T
    B) F
    B) F

    Under a land contract, the buyer obtains possession but the seller retains legal title until the terms of the contract have been satisfied.
  49. If a time share buyer cancels his or her contract within the statutory period, the developer must return the buyers escrow deposit within__ following cancelation.

    A) 20 days
  50. Three people have identical rights in a property, share an indivisible interest, but may ell or transfer their interest w/o consent of the others. This type of ownership is?

    D) tenancy in common
Card Set
Real Estate
Real Estate