Practice Quiz

Illinois Real Estate Exam - Question List

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36. When a legal description uses only sections, townships and ranges, the lines relate to the:
  1. Government survey lines
  2. Contour lines
  3. Recorded tract map
  4. Metes and bounds descriptions
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37. If you have a loan in which the interest rate does not change during the term of the loan you have a _____________ mortgage.
  1. fixed-rate
  2. conventional fixed-rate
  3. owner financing
  4. all of the above
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38. Which of the following is not true of the term “depreciation”?
  1. It is a decline in the value of property
  2. It is an accounting term showing the declining monetary value of an asset
  3. It is a true expense where money is actually paid
  4. Lenders add back depreciation expense for self-employed borrowers and count it as
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39. Insofar as a residential neighborhood is concerned, which of the following would offer the least protection against blighting influences on future development:
  1. Natural or artificial barriers
  2. Partially built-up neighborhood
  3. New neighborhood in the path of directional city growth
  4. All families with similar income
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40. A salesman receives a deposit together with a written offer to purchase and delivers them to the employing broker who presents it to the seller. The seller signs and accepts the offer. Without the consent of the salesman and through no fault of his own, the buyer and seller instruct the salesman’s employing broker to return the deposit. Which of the following is true?
  1. The salesman’s employing broker may retain one-half of the deposit and must give one-half to the seller
  2. The broker may sue the seller but must return the deposit
  3. The broker may retain one-half of the deposit and must return only one-half to the buyer
  4. The broker may retain the deposit to compensate him for his efforts
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