Real estate quiz 14- final review

5.0 (4 reviews)

Get a hint

Personal property is transferred by:

A. Bill of sale
B. Chattel mortgage
C. Deed
D. Torrens certificate

Click the card to flip 👆

1 / 125

The Schaefer's have been living in their condominium at the shore for the past 5 years and leasing their home in the city to a tenant. When they sell the home in the city, how much of their capital gain will be taxable?
A. 0 percent
B. 40 percent
C. 100 percent
D. They are exempt from paying capital gains tax up to $500,000 profit

C. 100 percent

Sales broker Pam has written an offer that was accepted by the seller and the buyer has $2,000 in cash that he wishes to use as earnest money. Pam advised the buyer that the company does not accept cash for deposits. Pam suggests that the buyer give her the cash and she will deposit in her personal account and write a check on his behalf to be put on deposit by the sponsoring broker. Pam is:
A. An outstanding agent watching out for the best interest of her client
B. Doing the right thing to keep the transaction moving forward
C. Guilty of commingling funds
D. Performing the terms of her buyer's agreement

C. Guilty of commingling funds

Jeff and Jim are co- listers of a home along the banks of a river. Esther has been working with Jennifer for over a year looking for the perfect home. Upon viewing the home Jennifer decides to make an offer on the home. in this circumstance:
A. Esther can contact the seller and advise them of Jennifer's offer
B. Esther must turn Jennifer over to Jeff and Jim to draft the contract and present the offer
C. Jeff and Jim represent the seller and Esther represents the buyer
D. Jennifer needs to tell Jeff and Jim everything about her motivation to buy the home

C. Jeff and Jim represent the seller and Esther represents the buyer

An article of personal property that has been affixed to the land or building becoming part of the real estate is:
A. A trade fixture
B. A fixture
C. A chattel
D. A personalty

B. A fixture

A wealthy business woman wishes to hire someone as a full-time employee to buy and sell all her Illinois properties. Will this person need an Illinois real estate license?

A. Yes, this activity will require a license
B. Yes, but only if the property is residential
C. No, as long as the business woman is licensed
D. No, as long as the person just buys and sells for the owner

D. No, as long as the person just buys and sells for the owner

Commercial real estate professionals should always be sure to:

A. Give sound legal and tax advice to their commercial clients
B. Wait for investors to pick their preferred property
C. Never analyze the cash flow data or prepare pro formas for clients because it is practicing
accounting
D. Stay current and up to date on the local marketplace, available properties and the law.

D. Stay current and up to date on the local marketplace, available properties and the law.

The lot-and-block method of describing land in Illinois is required if the parcel is smaller than
A. the whole subdivision.
B. five acres.
C. one township.
D. a section

B. five acres.

During the listing presentation, agent Susan is filling out the listing contract and Residential Real Property Disclosure Report. In this situation:
A. Susan is not allowed to complete the Residential Real Property Disclosure Report
B. Susan is following company guidelines of obtaining up to date and accurate information
C. Is making certain the seller completes all information necessary for the listing to go into effect
D. Susan must have the seller fill in all the blanks in their credit report

A. Susan is not allowed to complete the Residential Real Property Disclosure Report

Allison has lived in her apartment for 10 years. She has constantly complained to the landlord about the conditions of the property and issues of safety. Allison finally contacted the city about possible building code violations. The landlord, upon finding out that Allison complained immediately cancelled her lease and ordered her out of the building. The landlord can:

A. Be within his rights to do so because tenants should not complain to the city
B. Be committing a crime under the Retaliatory Eviction Act
C. Tell Allison that he will not renew her lease next month
D. Ignore the complaint to the city and claim a nuisance by the tenant

B. Be committing a crime under the Retaliatory Eviction Act

Unless stated to the contrary in a deed, ownership of land by a married couple is assumed to be by
A. severalty.
B. joint tenancy.
C. tenancy in common.
D. tenancy by the entirety.

C. tenancy in common.

During an interview, Zohan tells the agent that he has been looking for a home since he transferred into town a month ago and really likes the subdivision that the home is in. He tells that agent that he has seen 4 other homes in the neighborhood with broker A. He then tells the agent that he is qualified for a $200,000 mortgage and has $50,000 to put on deposit. What must the agent do?

A. Advise Zohan that they have now created an agency relationship and ask if he has signed a representation agreement with broker A
B. Tell the listing agent that he has a buyer with $50,000 down
C. Tell Zohan that he cannot show him that home because he is Russian
D. Thank Zohan for the call and tell his manager that Zohan already has an agent

A. Advise Zohan that they have now created an agency relationship and ask if he has signed a representation agreement with broker A

Josephine calls ABC Real Estate and talks to the agent on floor duty. She wants to know the price of the house and lot size to which the agent responds with the information. During the conversation, Josephine asks how much money is needed to be put down, the type of financing that is available and when the property is available to be seen. The agent is:
A. Violating company policy by giving out information
B. Performing ministerial acts for Josephine
C. Now a dual agent
D. Representing the best interests of the seller

B. Performing ministerial acts for Josephine

Real estate quiz 14- final review

Students also viewed