Practice Quiz

Illinois Real Estate Exam - Question List

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21. When ownership of a mortgage is transferred from one company or individual to another, it is called:
  1. an assumption
  2. an assignment
  3. an assessment
  4. all of the above
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22.

Which of the following items is usually considered to be a cost of home ownership?

  1. Land depreciation
  2. Improvement appreciation
  3. Amenity value
  4. Interest lost on the owner’s equity
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23. What is “community property”?
  1. Property that is owned by an entire condominium development
  2. Property that is owned by an entire subdivision of single-family homes
  3. Property acquired by a married couple during the marriage and considered to be jointly owned
  4. Both A and B
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24. Which of the following is not a necessary element in the formation of a contract:
  1. Offer
  2. Acceptance
  3. Consideration
  4. Performance
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25. A broker who is hired by an owner to sell his property must reveal all significant and material information to the principal. Which of the following would be considered material information and must be revealed?
  1. The new lender will require the buyer to maintain an impound account
  2. Agent’s knowledge that a better offer to purchase is imminent
  3. The prospective buyer is of oriental descent
  4. None of the above
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