Er

Discrimination

The concerns of the federal government in regulating real property right's include

To transfer

Which of the following is included in the bundle of rights inherent in ownership

Immobile, indestructible, heterogeneous

What are three unique physical characteristics of land?

The doctrine of prior appropriation

The concept that the state controls all bodies of water is called

The state

Which government entity is the primary regulator of the real estate business?

County and local

The level of government that focuses on land-use regulations and taxation is the

Littoral

A property abutting a static body of water has \____________ rights

When the owner originally intended to remove it before conveying the property

Which may an item attached to a structure be considered personal property rather than real property

Everything above, on, and below the surface of the Earth

Which is the "best" description of "land"

To the middle of the waterway

What part of the non-navigable waterway does the owner of an abutting property own

Water rights

Surface rights include which of the following

The constitution

What guarantees the right of private ownership of real estate in the United States

Any property that is not classified as real property

Which of these is the best definition for personal property

Affixing

What do we call the conversion of real property to personal property by detaching it from the real estate

land does not include man-made structures

The primary distinction between the legal concepts of land and real estate is that

Holographic

Uncle Jake wrote his will out on a notepad. This type of will is called

A title insurance policy

Of the principle forms of title of evidence in Illinois, the one that provides the best evidence is

Accompanied by a consideration

A deed is not valid unless it is

Declined because possession was secretive

A hermit lives secretly in a cave on a large property. After 20 years, the hermit makes a claim of ownership. This claim will most likely be

Sheriffs deed

A lender forecloses on a property. The type of deed that will convey ownership after a public auction is reconfirmed by the court is a

Names the parties, describes the property, and indicates a consideration

The only required clause in a deed of conveyance is one that

Actual notice

A person claims ownership of a parcel of real estate to a prospective buyer, stating that she has lived on the property for five years and nobody has ever bothered her. The claimant also shows the buyer a copy of the deed. The legal basis of this claim is referred to as

A cloud on title

A break in the chain of title to a property results in

accepted by the grantee

For a deed to convey title, it is necessary for the deed to be

The actual sales price of the property conveyed *note, in Illinois the tax can be reduced if a buyer has assumed the sellers mortgage "subject to"

The amount of the transfer tax is based on

General warranty deed

The type of deed that gives the highest assurance of good title is the

Ownership of the bundle of rights to real estate

Which of the following best describes the concept of "legal title" to real estate

Title certificate

Which document contains a summary of the title search?

Title records

Constructive notice of ownership of a parcel of real estate is primarily demonstrated through

Voluntary alienation

An owner transfers title to a property to buy an exchange for a consideration. This is an example of.

Establish lien priority, reveal condition of title, give public notice of ownership

Title records do all of the following

It will escheat to the state or county after all claims have been settled

Aunt Molly, who had no legal heirs, died without leaving a will. What will happen to her estate

State law

Which authority regulates involuntary title transfers

Electromagnetic fields, airport traffic noise, construction in earthquake zones

regulated environmental conditions

Before the buyer signs an offer to purchase

The Illinois residential real property disclosure act requires a seller to give a buyer written property condition disclosure

A quietclaim deed

Which of the following can terminate a private deed restriction

They must be incorporated into local land use plans

Which of the following statements about federal and state environmental laws is true

Delegation of authority by state-level enabling acts

Countries and municipalities have the legal right to control land use due to

1978

When was led first banned in the manufacture of paint used in residential properties

To receive "just compensation"

When a property is taken by eminent domain, what does the owner have?

Variance

If a property owner demonstrates a need, a zoning board may grant a

Asbestos, mold, methamphetamine production

The Illinois residential disclosure act requires that material defects related to which of the following must be disclosed by the seller

Agents for buyers and sellers

Who is responsible for insuring that a buyer receives the protect your family from lead pamphlet?

The national environmental policy act

Which environmental legislation created the requirement for environmental impact surveys on large development projects?

Balance individual property rights with the community's welfare

A central goal of public land use planning is to

Police power

The authority that allows the government to control land use is called

Three

A buyer may terminate a purchase contract without liability within \_________ business days, if a disclosure report indicating a material defect is received after a binding real estate contract has been entered into by all parties

The owner must sell the property or grant an easement to the municipality for just compensation

If a municipality exerts its power of eminent domain against a certain property owner, what happens

Soil and water pollutants

Dioxins, mercury, and methyl tertiary butyl ether (MTBE) are examples of

It has no separate bedrooms

A property is exempt from lead disclosure requirements if

Licensees must disclose potential hazards if known

With regard to environmental issues, which of the following is true

Cannot be extinguished by a quitclaim deed

Unlike a deed restriction, a decoration restriction

The licensee knows of a latent structural defect

Licensees are required to disclose to a buyer that

Compensation

Referral fees and bonuses for licensees are known as

The bonus is to be given to Sam's sponsoring broker and then passed on to sam

Seller Joe has told his agent sam that if he sells his house within three weeks, he will give sam a $500 bonus. What are the acceptable means by which Sam can be paid the bonus

All of the above are true regarding compensation

Which of the following statements is true regarding compensation?
-The sponsoring broker is the only one allowed to compensate his/her licensee
-Compensation must be disclosed to clients
-Compensation must always go from the seller or the buyer through the sponsoring broker to the licensee
-All of the above are true regarding compensation

Customer

Which of the following describes a person who is not represented by a licensee but is receiving clerical acts from the licensee

If required by the law

In which of the following cases might confidential information be disclosed

Commission is the excess of the sale price over an agreed-upon (net) price

Which of the following forms of commission agreements is not recommended due to potential ethical issues

Chicago bar association vs quinlan & tyson, inc.

The name of a case wherein it was determined that a real estate licensee can only fill in the blanks in a form provided by legal counsel is

Client

The person who is being represented by a licensee is known as the

The licensee's firm may be entitled to the commission

What is the result when a licensee produces a ready willing and able buyer but the seller refused to complete the transaction

As soon as non-third-party compensation must be disclosed

When is a licensee required to disclose third-party sources of compensation to client

The broker violated the agency relationship

Seller Joe needy lists his home for $40,000 and the listing agent tells the prospective buyer to submit a low offer because the seller is desperate. The buyer offers $38,000 and the seller excepts. In this situation:

The real estate license act of 2000 as amended 12/31/2009

What is commonly referred to as " the act" in Illinois real estate is actually:

Universal agency

What type of agency exists when the agent can perform any and all actions that may be legally delegated to an agency representative

Agency

The relationship between the licensee and a principal, during which the licensee is authorized to represent the principle in certain transactions is known as

Agency coupled with an interest

What is the type of agency created when a licensee holds a stake in the transaction

True

True or false compensation does not create agency

Brokerage agreement

A written or oral agreement between a sponsoring broker and a consumer for license activities to be provided to a consumer in return for compensation or the right to receive compensation from another, is called

Common and statutory

Agency is governed by \___________ law and \____________ law.

5

According to the act, legal proceedings, against a license for a violation of the act, must commence no later than \_________ years from the occurrence

Until the interest ends

How long is an agency coupled with an interest enforced?

It remains in force

When a licensee leaves a brokerage, what becomes of the agency coupled with an interest agreement?

Agency coupled with an interest is allowed

In Illinois, which statement is correct regarding agency coupled with an interest?

The principal cannot terminate the agency

What actions can the principal take to abolish the agency?

Expiration

Which of the following actions terminate terms of the agency?

Material or latent defects

Which of the following can a dual agent disclose

Munjal v. Baird & Warner, inc. et al.

Which laws holds harmless a licensee to discover latent defects

Active fraud

Seller Jim provides a buyer with a forged home warranty. This is a form of

All clients and customers

Who should receive an agency disclosure

Single agent

What do we call an agent who represents only one party in a real estate transaction

Designated agency

The situation that allows the broker to appoint more than one agent for the client within the same firm, is called

Dan needs to get the informed, written consent of both Mandy and the seller to act as a dual agent

Broker Dan is representing Mandy as a buyer's agent. He wants to show Mandy one of his listed properties. Which statement is true

At the time of the first substantive dialogue

When should a seller agency disclosure take place

The owner of the property is HIV positive

Licensee Paul is bound to inform his client of all facts that might affect the clients interest- both what call nose and what he" should have known" which of these situations would not be something, Paul " should know"

Colleen must disclose her intention to be a dual agent, and have written permission from both clients before acting as a dual agent

Colleen plans to be a dual agent and a real estate transaction. At what point, if any, should she receive her clients permission to act as a dual agent

The property has the best view in the subdivision

Which of the following statements would be defined as "puffing?"

Undisclosed dual agency

Which of the following types of agency is not allowed in Illinois?

Yes. A buyer representative should advise the client on matters of which he/she has knowledge. It is important to advise the client to obtain expert advice on areas in which the licensee is not an expert.

Is it permissible, as a buyer representative, to dispense advice to your purchaser client?

A potential buyer or seller begins to disclose his or her needs

When does the first substantive contact take place?

Designated agency

What is the standard for agency representation in Illinois?

Dual agency

Broker Jim signs a listing agreement with seller, Grace, and a buyer agency agreement with buyer, Pat. Broker Jim shows buyer Pat the property owned by seller Grace. Both Grace and Pat signed written disclosure statements agreeing to this arrangement. What is this relationship called?

Express agency

A property seller signs, a listing agreement with a licensee. What is this an example of

The sellers are selling because they are getting a divorce.
The buyer will pay more than what's being offered.
The seller will take less than the current offer.

Confidential information

One who represents and acts for another

Agency most nearly means:

Refer your client to public records

What is the best course of action in dealing with questions regarding the level of crime in a neighborhood

Client

When a licensee represents a seller, what type of relationship is established?

The buyer is the customer and the seller is the client

Al Dobbs, a licensee, has been hired by the seller who signed a listing agreement without permission to act as a dual agent. What is true regarding this situation when a buyer is shown the property by Al Dobbs as a clerical act?

Consumer

When a licensee responds to an inquiry from a person seeking general information, what type of working relationship is established?