Practice Quiz

Illinois Real Estate Exam - Question List

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46.

Occasionally, the title to real property becomes unmarketable. Which of the following causes would be least likely to result in that eventuality?

  1. Imperfect title, due to a breach caused by adverse possession of a prior owner
  2. A lis pendens filed by the husband of the owner of record
  3. Restrictions imposed by a private owner through a deed notation
  4. Public restrictions contained in zoning ordinances and building codes
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47. An assessment does which of the following?
  1. Places a value on property for the purpose of real estate sales
  2. Is the same as a competitive market analysis
  3. Places a value on property for the purpose of taxation
  4. Is usually carried out by the mayor of a town
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48. A form that is usually prepared to allow a real estate licensee to act as an agent for all principle parties to the transaction involved is:
  1. An agreement of sale
  2. An exchange agreement
  3. A loan broker’s statement
  4. A real property securities statement
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49. The following could be used by the buyer as earnest money deposit in purchasing real property:
  1. A promissory note secured by a deed of trust
  2. A postdated check
  3. An unsecured promissory note
  4. All of the above
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50. An offer by one of the parties to a real estate transaction to carry out that party’s part of the contract is called a:
  1. Gratuity
  2. Satisfaction
  3. Recourse
  4. Tender
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