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examples:

23 If an owner of real property dies without leaving a will and with no legal heirs, what will generally happen to the property?
A. It will transfer to the decedent’s executor.
B. It will become a public easement.
C. It will be divided among adjoining property owners.
D. It will revert to the state or county by escheat.
24 Which of the following is not a national estate trade organization?
A. NAR
B. NRA
C. NAREB
D. NAHREP
25 Which organization has the authority to investigate anyone regulated by Illinois’ license act?
A. Illinois Realtor Board
B. Council of the IDFPR
C. Real Estate Administration and Disciplinary Board of IDFPR
D. IFRC
26 Which of the following is a difference between an appraisal and a CMA?
A. The CMA does not consider current listings.
B. The appraisal must follow professional appraisal standards.
C. The appraisal does not consider comparable properties.
D. The CMA is impartial, while the appraisal allows for bias.
27 What is the reaction when a buyer is faced with too many options?
A. They become paralyzed
B. They make quick decisions.
C. They make bad decisions.
D. They welcome the challenge.
28 A property manager is charged with protecting the principal’s asset. Which of his required duties would that be?
A. Honesty
B. Reasonable care and skill
C. Confidentiality
D. Loyalty
29 What term is used to denote everything that a person owes?
A. Due Bills
B. Arrears Payments
C. Accounts Payable
D. Liabilities
30 or 125 Which of the following would not be found in a management agreement?
A. Tax abatements
B. Property description
C. Extent of authority
D. Management fee information

31 RESPA applies to all of the following EXCEPT which?
A. Primary residence purchase
B. Cash Sale
C. Loan invoicing a first mortgage
D. Federally-insured loan
32 What is the required downpayment for a VA-guaranteed loan?
A. None.
B. 3% of the first $25,000, %5 of the remainder.
C. Depends on the loan amount.
D. Depends on the Certificate of Eligibility.
33 The property manager is responsible for giving the owner a copy an executed agreement ____.
A. At the time the owner’s signature is obtained.
B. Within one business day of execution
C. Within 3 business days following execution.
D. Within a reasonable time
34 Which of these situations is not a typical reason to renegotiate a sales contract?
A. Seller needs to change the closing date.
B. Buyer loses financing.
C. Seller changes jobs.
D. Appraisal comes in low.
35 A letter of intent is also called what?
A. Declaration of purchase
B. List of questions
C. Term sheet
D. Statement of facts
36 If a municipality has declared a moratorium on new construction and demand is increasing, what would be the likely effect on real estate prices?
A. Prices would level off
B. Prices would rise.
C. Prices would fall.
D. Prices would continue to follow the trend that preceded the moratorium.
37 Which duty requires the agent to get the client the best transaction possible?
A. Care
B. Obedience
C. Disclosure
D. Confidentiality
38 If any dispute between the parties arises regarding the deposited escrow, money what action should the sponsoring broker take?
A. Always refund the money to the first party who formally request the return of the funds.
B. Split the monies in thirds, one third to the buyers, one third to the buyers, one third to the sponsoring broker.
C. Place the monies in an escrow account titled “Contested Escrow Funds Fiduciary Account” (CEFFA) which must be non-interest bearing.
D. Not release the money without a written release from both parties or both parties’ duly authorized agents (power of attorney or attorney at law).
39 The appraisal approach that is used in making a Comparative Market Analysis is ____.
A. The income capitalization approach.
B. The sales comparison approach.
C. The cost approach.
D. The summation approach.
40 What accounting tools are used to determine a buyer’s ability to pay off a loan?
A. Income Statement and Expense Vouchers
B. Credit car interest and Outstanding loans
C. Income to Payment ratio
D. Income ratio and Dept ratio

41 Beginning after the 2013 renewal, individuals renewing or obtaining a managing broker’s license must complete how many CE credit hours, in addition to the Broker Management Course?
A. 3
B. 6
C. 9
D. 12
42 ____________ includes but is not limited to referral fees, commission, and bonuses.
A. Rebates
B. Compensation
C. Flat fees
D. Finder fees
43 Errors and Omissions insurance ________.
A. is required by law.
B. must be registered with the State of Illinois.
C. is not recommended.
D. is a form of liability insurance.
44 Which of the following charges does the buyer usually pay?
A. Utility Tax
B. Existing liens
C. Broker’s commission
D. Lender fees
45 Which of these defects is specifically addressed in the Residential Real Property Disclosure Report?
A. Mold
B. Urea Formaldehyde
C. Illegal drug manufacturing
D. Carbon monoxide
46 Regulation Z applies to which of these situations?
A. $85,000 condominium loan
B. $250,000 restaurant loan
C. $485,000 shopping mall loan
D. $96,000 inventory & supply loan
47 Information about a property that has a significant bearing on a buyer’s decision to purchase that property is called what?
A. Latent fact.
B. Material fact.
C. Latent misalignment.
D. Defect.
48 John is doing a CMA for his potential sellers. He has collected the data on the seller’s property and collected data on a number of comparables. Now he’s ready to make his price adjustments. Which statement is true?
A. If a comparable has a feature that the subject property lacks, he will add the value of that feature to the subject property.
B. If a comparable lacks a feature the subject property has, he will subtract the value of that feature from the comparable.
C. He should eliminate any comparable for which he would need to make more than two adjustments.
D. If a comparable lacks a feature the subject property has, he will add the value of that feature to the comparable.

49 One of the strengths of the sales comparison approach is that it:
A. takes into account the subject property’s investment value.
B. reveals the profit margin of the builder or developer of the subject property.
C. discovers the underlying value of the subject property apart from the influence of competing properties.
D. takes into account the subject property’s specific amenities in relation to competing properties.
50 What is the purpose of the license laws?
A. To protect investors
B. To protect the public
C. To protect agents
D. To protect mortgage lenders
51 Which of the following would be considered as preventive maintenance?
A. Replacing a furnace
B. Adding additional parking spaces
C. Painting wood trim
D. Replacing a defective water heater
52 In what section of the listing agreement would you find property tax exemptions?
A. Provisions
B. Dual Representation
C. Additional Terms and Property Information
D. General Provisions
53 The owners of income property, who are real estate licensees, are not required to use their sponsoring broker’s escrow account for their tenants’ security deposits:
A. Unless the owner has a salesperson license.
B. If they are the sole owner of the property.
C. Unless the property is located in the city limits of Chicago.
D. Unless property owner has his primary residence within the city of Chicago.

54 –
55 Broker Jack accepted a listing for a home. A week later the owner told him that he was not willing to sell to an Asian person or family. Which of the following is TRUE?
A. Jack should explain to the owner that the request is in violation of Fair Housing Law and cannot abide by it.
B. He should have the owner document the request in writing and file it with the listing agreement.
C. Jack should abide by the owner’s wishes.
D. He should restrict his advertising to venues that do not cater to Asian community.
56 What is the relationship called when a principal allows a licensee to represent him or her?
A. Dual agency
B. Special appointment
C. Time-share agreement
D. Agency
57 If a tenant occupies a leased property without the consent of the landlord after a lease expires, the type of estate that results is called ____.
A. an estate at sufferance.
B. a holdover estate.
C. an adverse leasehold
D. a hostile leasehold.
58 According to the Illinois Human Rights Act, religious organizations may limit those renting or buying to those persons of the same religion:
A. under no circumstances
B. only if the religious membership is not restricted based on race, color or national origin
C. only if the membership is approved by the Act
D. without limitation
59 “Real estate” includes such things as:
A. fences, sidewalks, and piers on a parcel of land.
B. mobile homes temporarily parked on a parcel of land.
C. timber that has been cut and is lying on a parcel of land.
D. business equipment an owner or tenant has placed on a parcel of land.
60 Don a sales associate for ABC Reality is on 50/50 commission split with his broker. Don was the listing agent for a property and earned $2,500 for the transaction. If the commission rate was 5% and ABC Realty earned one half of the commission, what was the sales price of the property?
A. $200,000
B. $75,000
C. $10,000
D. $166,700
61 Which association is designed to support minority real estate professionals, the members are known as Realtists?
A. NARFP
B. NAREB
C. NAR
D. IRC
62 A MLS Board sets the commission rate for all members. What does this violate?
A. Clayton Trust Act
B. Fair Housing Act
C. Civil Rights Act of 1968
D. Sherman Antitrust
63 What is the difference between market value and market price, if any?
A. They are the same.
B. Market value is an estimate; market price is the price at which property is offered.
C. Market value is an average price derived from comparable sales; market price is a price based on a cost of creating the property.
D. Market value is what might be expected, market price is the actual sold price.
64 Dave inherited an acre of land with a depth of 165 feet that went down to the seasonal creek. What is the width of the land?
A. 264 feet
B. 260 feet
C. 156 feet
D. 275 feet

65 of 126 Which agency has responsibility for licensing real estate training schools?
A. Department of Licensing
B. Division of School Oversight
C. Standards Section of the Division of Real Estate
D. Department of financial and Professional Regulation
66 All parties in real estate transaction have a right to know:
A. Whom the Agent represents.
B. The source of the down payment.
C. The reason for the property sale.
D. Who is Buying the property.
67 Which of the following comparables is probably the best indicator of market value for the subject of a CMA?
A. One that has sold but has not yet closed.
B. One that sold in the three months before the CMA.
C. One that is currently listed.
D. One that was taken off the market after three months.
68 What is a voluntary agreement between legally competent parties, and supported by legal consideration, to perform or refrain from performing some legal act?
A. Brokerage agreement
B. Listing
C. Contract
D. Redemption
69 Which of the following acts can be performed by an unlicensed assistant:
A. Setting appointments for property viewing
B. Showing properties to buyers
C. Conducting an open house for buyers
D. Negotiating compensation issues
70 If a property is being sold that is in poor condition, the buyer may be asked to do what?
A. Pay a higher price
B. Waive his rights to sue
C. Skip the home inspection
D. Ignore the survey
71 The acronym COD stands for?
A. Connect, Order, Displace
B. Care, Obedience, Disclosure
C. Compliance, Obey, Discover
D. Conditional, Order, Disclose
72 Why would a property owner file a quiet title suit?
A. To force the grantor to defend the title against a third party claim.
B. To terminate a co-ownership estate when one co-owner is unwilling.
C. To keep the owner’s name out of the records.
D. To have an encumbrance removed if the lienholder cannot prove its validity.
73 Betty made a 20% profit on a residential lot she sold for $30,000. What did she pay for the property?
A. $25,000
B. $20,000
C. $26,000
D. $27,000
74 What kind of a contract exists when a promise is exchanged for a promise?
A. Executed
B. Bilateral
C. Unilateral
D. Option
75 In a strict foreclosure, ____.
A. a lender takes title to the liened property directly.
B. a lender receives the proceeds from the forced sale of the liened property.
C. the defaulting owner does not have the opportunity to prevent the foreclosure by paying the amounts owned.
D. a foreclosure suit is optional.

76 The income approach to value is based on the economic principles of:
A. anticipation and contribution.
B. anticipation and substitution.
C. assemblage and plottage.
D. highest and best use and substitution.

77 Which of the following transaction is covered by RESPA?
A. A seller takes back a purchase-money mortgage.
B. The VA guarantees a first-mortgage loan on a duplex apartment house.
C. An FDIC-insured lender finances the purchases of a 6-unit apartment building.
D. A home is purchased under an installment contract.
78 Seller Jane is offering an $800 bonus to any agent who sells her home within three weeks. How would an agent be paid the bonus?
A. Seller Jane is not allowed to pay a bonus.
B. The bonus must go to the agent’s sponsoring broker and then be passed on to the agent.
C. The bonus can be given directly to the licensee.
D. The bonus money must be put into Seller Jane’s escrow account, prior to release to the licensee.
79 A creditor is generally required to provide a Loan Estimate within:
A. two business days of the receipt of the consumer’s loan application.
B. three business days of the receipt of the consumer’s loan application.
C. four business days of the receipt of the consumer’s loan application.
D. five days of the receipt of the consumer’s loan application.
80 To comply with Illinois Radon Awareness Act the seller is required to fill out the Illinois Disclosure of Information on Radon Hazards form by initialing, explaining, and providing which of the following?
A. All available records and reports pertaining to elevated radon concentrations within the dwelling.
B. A metering device to determine radon concentrations.
C. An estimate of costs to mitigate the radon gas.
D. The plan for the seller to conduct radon testing and mitigation activities prior to entering into a contract with purchasers.
81 A buyer wants to take the offer to an attorney to review it. What should Broker Bob do?
A. Tell the buyer the contract is a standard form, and it’s a waste of money to take it to the attorney.
B. Encourage the buyer to get the attorney to review it quickly.
C. Tell the buyer to submit the offer first and then take a copy to the attorney to review.
D. Bob should not say anything.
82 Ed wants to build a small 800 square foot cabin on a lot that is 80 feet deep. If the building sideyard setbacks are 20 feet and the cabin is 20 feet wide, what is the square footage of the lot?
A. 4,800 square feet
B. 3,600 square feet
C. 2,000 square feet
D. 1,600 square feet
83 What is the secondary mortgage market?
A. A group of financial institutions that lend money to people who are refused by primary lenders.
B. A group of public and private institutions that lend money to banks to enable them to issue mortgage loans.
C. A group of loan warehousing agencies that buy mortgage loans from originators and package them for resale to investors.
D. A group of government-sponsored agencies that buy mortgage-backed securities from the primary market.
84 What is the purpose of risk management?
A. Accepting risk.
B. Adding to the level of risk.
C. Reducing the level of risk.
D. Seeking risk to increase expenses.
85 Any license who violates any of the provisions regarding escrow accounts may be judged to have endangered the public interest and may be subject to ___.
A. License revocation.
B. A temporary license suspension.
C. A fine of not more than $5,000 per violation.
D. A fine and possible imprisonment for felonious commingling.
86 If Donna borrowed $5,000 for one year and paid $150 interest, what was her interest rate?
A. 1%
B. 2%
C. 3%
D. 4%
87 Which statement about the Junk Fax Prevention Act is FALSE?
A. Licensees must provide an opt-out provision.
B. Licensees can only send faxes to existing clients.
C. This act applies only to managing brokers, not their employees.
D. Licensees must stop faxes upon request.
88 In practice, property management compensation is established by ______.
A. The client
B. The property management company
C. The size of the property to be managed
D. None of the above
89 What technique is used to elicit “yes” responses from a client?
A. Stay quiet as you go through the property.
B. Keep up a running commentary – for example, this is the living room.
C. Point out all of the faults in the property.
D. Encourage comparisons with other properties they have seen.
90 If a landlord rejects a prospective tenant based on a and credit report, according to the Fair Credit Reporting Act, the prospective tenant:
A. may require the landlord to obtain a second report.
B. may dispute the report and receive a free report from the credit-reporting agency.
C. may require the landlord to submit all of his reasons for rejection in writing.
D. may appeal the landlord’s decision with the FCRA Board.
91 A lease that continues from month to month is known as a/an:
A. Tenancy by the month
B. Estate from period to period
C. Lease at will
D. Lease at sufferance
92 Under the Equal Credit Opportunity Act, a lender, or a real estate agent who assists a seller in qualifying a potential buyer, may not:
A. tell a rejected loan applicant the reasons for the rejection.
B. ask the buyer/borrower about his/her religion or national origin.
C. ask the buyer/borrower to explain gasps in his/her employment history.
D. use a credit report if the loan applicant disputes any information in the report.
93 Which duty an agent has to his/her client never stops?
A. Obedience
B. Disclosure
C. Confidentiality
D. Loyalty
94 The cost approach attempts to estimate either the property’s:
A. replacement or reproduction cost.
B. land or acreage cost.
C. building or annex cost.
D. rehabilitation or remodeling cost.
95 A property owner acquired a property by means of a deed that included a deed restriction against building any kind of unattached office/art studio in a separate structure. What can the owner do to overcome the restriction?
A. Apply to the Zoning Board of Appeals is for a special permit.
B. Have the necessary parties execute a quitclaim deed.
C. Sue in court to have the deed declared invalid.
D. Obtain written permission to violate the restriction from the original grantor.
96 Any contracts for the sale of the land must be in writing to be enforcement in court, according to which law?
A. Statute of Frauds
B. Illinois Human Rights Act
C. Illinois Fair Housing Act
D. The Federal Fair Housing Act
97 In which of these places is asbestos not likely to be found?
A. Oil furnace
B. Vinyl floor tiles
C. Home built in 1935
D. Sheet rock or Sheetrock
98 Which of the following statements about the RESPA/TRID Loan Estimate is TRUE?
A. The settlement agent presents the Loan Estimate to the seller and buyer at closing.
B. It is an estimate of settlement charges that are expected to be expected to be significantly higher at closing.
C. It must be provided to the borrower no later than 48 hours before closing
D. It must reflect the actual charges that occur at settlement, with a few exceptions.
99 Which of the following is true of a joint tenancy?
A. The tenants can determine the size of the share owned by each tenant.
B. The size of the tenant’s shares is determined by the amount of equity each has invested in the property.
C. The tenants have an equal and indivisible ownership interest.
D. There can be no more than two co-owners, and each has a fifty percent interest.
100 Licensees may be disciplined under Illinois real estate license law for many actions. Under this law, the IDFPR has the authority to:
A. Impose civil penalty fines within its disciplinary guidelines
B. Impose criminal fines within its disciplinary guidelines
C. Impose jail time violations
D. Investigate activity and turn all violations over to the state attorney
101 Sam paid $500,000 for a five-unit apartment building. The gross income is $1,000 per month per unit, with annual expenses of $15,000 annually. What was the capitalization rate for this investment?
A. 9%
B. 10%
C. 11%
D. 12%
102 Sandra, a real estate sales associate, found a buyer for a $200,000 house. The seller agreed too pay a 6% commission to the listing broker, half of which will be paid to Sandra’s broker. Sandra is on a 50-50 split with her broker. What is the amount of her commission?