Practice Quiz

Illinois Real Estate Exam - Question List

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56. Which of the following is the classic definition of the boundaries of real property?
  1. The surface area indicated on a map
  2. A reasonable use of airspace and extended to the center or the earth
  3. A reasonable distance down and unlimited airspace
  4. A practical or reasonable use of the earth and unlimited airspace
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57. ________________ is the term applied to a mortgage in which you make the payments every two weeks, thereby making thirteen payments a year rather than twelve. This mortgage is paid off faster than a normal mortgage.
  1. Twice-monthly mortgage
  2. Accelerated mortgage
  3. Bi-weekly mortgage
  4. None of the above
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58. During Broker Shaw’s preparation of the Exclusive Authorization and right to Sell on Seller Norman’s property, Norman asked that a clause be included which would require the buyer to accept primary liability in connection with the existing loan is transferred to the buyer. Shaw should enter with of the following in Paragraph 2 of the Exclusive Authorization and Right to Sell from:
  1. Buyer to take the property “subject to” the loan
  2. Buyer to “assume” existing loan
  3. Buyer to pay all cash
  4. Buyer to make a large down payment to preclude possibility of a foreclosure
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59. Which of the following is true of “condominium”?
  1. It applies to ownership, not to construction or development
  2. It is a type of ownership where all of the owners own each other’s interior units
  3. It is an ownership where owners own the property, common areas, and buildings together
  4. both A and C
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60.

In portfolio risk management, a lender considers:

  1. Diversification
  2. Liquidity
  3. Reserves
  4. All of the above
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