Practice Quiz

Illinois Real Estate Exam

Category - Real Estate

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Which of the following is required in a valid homestead:
  1. Statement that claimant is residing on the premises and desires to claim it as a homestead
  2. Statement giving the exact cost of the homestead at time of purchase
  3. A description of the property including a description of the improvements
  4. Signature of both husband and wife
Explanation
Answer: A. Any person filing a homestead is required to reside on the premises at the time that he records the homestead and to sign a statement that he desires to claim it as a homestead. The person claiming a homestead does not have to give the cost, or a description of the improvements on the property and it can be filed by either a husband or a wife.
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