Practice Quiz

Illinois Real Estate Exam - Question List

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51. An oral or written agreement that is binding in a court of law is called a:
  1. gentlemen’s agreement
  2. contract
  3. business deal
  4. promissory note
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52. The liquidation of a financial obligation on an installment plan or basis is:
  1. Conversion
  2. Amortization
  3. Acceleration
  4. Conveyancing
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53. You are selling the house you live in, but the house you’re moving to is not completed. You need to stay on in the house a while after closing. You work out a deal with the new purchaser called a:
  1. no-rent lease agreement
  2. delayed possession for the new purchaser
  3. sale-leaseback
  4. lease for one year past closing
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54. A property is not listed for sale. A person who wants the property executes an offer to purchase it through a real estate agent and gives the broker a $5,000 check as a deposit. The broker:
  1. Can accept the check on behalf of the property owner provided he presents the offer directly to the seller as the seller’s agent
  2. Cannot accept the check
  3. Can accept the check as the exclusive agent of the buyer
  4. None of the above
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55. Which of the following is required in a valid homestead:
  1. Statement that claimant is residing on the premises and desires to claim it as a homestead
  2. Statement giving the exact cost of the homestead at time of purchase
  3. A description of the property including a description of the improvements
  4. Signature of both husband and wife
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