Practice Quiz

Illinois Real Estate Exam - Question List

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61. The primary justification for zoning ordinances is that they:
  1. Promote conformity in the outward appearances of structures
  2. Limit the supply of specific businesses within a zoned area
  3. Promote the general health, safety and welfare of the community
  4. Increase the tax base of the local governing body
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62. If you are buying a piece of property and have someone else who is obligated on the loan and is on the title to the property, that person is called a:
  1. spouse
  2. family member or friend who shares the property and payments with you
  3. co-borrower
  4. none of the above
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63.

Jim lives in Peoria but spends a lot of his time in Florida. The hiring of a specialist in property management would be justified by:

  1. Absentee ownership
  2. Technological advances in building concepts
  3. Vacancy factor high than normal
  4. Urbanization
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64. The distinguishing characteristic of a real estate option when compared to a conventional contract of sale is its:
  1. Lack of mutuality in obligation
  2. Irrevocability
  3. Mutuality of contract
  4. Both “1” and “2”
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65. The term “periodic rate cap” refers to:
  1. an adjustable rate mortgage
  2. a limit on the amount the interest rate can increase or decrease during any one adjustment period
  3. conventional fixed-rate loans
  4. both A and B
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