Practice Quiz

Illinois Real Estate Exam - Question List

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11.

In Illinois the most common form of ownership in a Real Estate Syndicate is:

  1. Corporation
  2. Real estate investment trust
  3. Limited partnership
  4. Joint venture
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12.

A broker’s trust fund records must show the trust fund balance on a _______ basis.

  1. Daily
  2. Weekly (each Friday)
  3. Monthly (first of Month)
  4. Quarterly (first of Quarter)
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13. An attachment is classified as:
  1. A judgment
  2. A lien
  3. An encroachment
  4. An appurtenance
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14. Mr. Smith bought a single-family residence and used an FHA loan to complete the purchase. Later he sold theproperty to Mr. Brown for all cash. The following instrument would NOT appear on the public record with thistransaction:
  1. Grant deed to Smith
  2. Reconveyance to Brown
  3. Reconveyance to Smith
  4. Trust deed to Smith
See answer
15.

The only unity required for the existence of a tenancy in common is:

  1. Possession
  2. Time
  3. Title
  4. Interest
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