Chapter 16-B Quiz Flashcards
A real estate transaction closed on January 31. On the closing statement, the buyer will be credited with:
13 months of tax payments
A broker who offers a guaranteed purchase plan must:
Provide the seller with a written proposal, including the broker’s financial resources;
John Jones, a Licensee with Fargo Realty, has a listing on a house. The Licensee finds a ready, willing and able buyer and submits an offer to purchase. Meanwhile, the seller decides not to sell the house and asks to be released from the listing agreement with the broker. The broker agrees to release the seller from the listing contract agreement. What recourse does the Licensee have?
Sue Fargo Realty
The Director of the Real Estate Division must meet which of the following requirements:
Be a licensed Illinois real estate broker
Be a resident of Illinois
Reside in Springfield
Both a and b
Both a and b
The commissions that a real estate broker may charge are regulated by:
The local board of realtors
Be a retired broker
The National Association of Realtors
None of the above
None of the above
If a managing broker of a branch office dies, the sponsoring broker must:
Within 15 days request a
temporary permit from IDFPR
Assume responsibility for the office
Do nothing
Both a and b above
Both a and b above
All of the following must be licensed by IDFPR, except:
A manager of an apartment building in which he resides
A dealer who handles options on behalf of real estate brokers
A person who sells or offers for sale a property owned by another and who receives
compensation for such efforts
A leasing agent who has no more than five commercial, buildings
A manager of an apartment building in which he resides
The sales price of a parcel of property is $150,000. The sales commission is 6% of the sales price. If the commission were split 50/50 between the broker and the Licensee, less a 10% commission to the listing broker in another office, what would be the amount of commission payable to the licensee?
$4,050
If a seller has an open listing contract with a broker, and the broker immediately erects a “for sale” sign on the seller’s property without the seller’s permission:
He is in violation of the Real Estate License Act of 2000
If a parcel of property is forfeited or sold because of unpaid taxes, that property could be acquired by submitting a bid under a (n):
Assessor’s sale
A broker put his own property on the market, and is advertising that property for sale by owner. On the yard sign he only includes the statement “agent owned”. He does not indicate who his sponsoring broker is. Is this proper?
Yes, because Illinois licensees are allowed to advertise their property “by owner” so long as they do not use the brokerage services of any broker and they disclose “agent owned property”
An exclusive right-to-sell listing contract contains which of the following?
Description of the property
Listing price
An automatic renewal clause
Both a and b above
Both a and b above
Broker “A” kept his escrow account in ABC Bank, but for various reasons decided to switch banks. The new bank is the XYZ Bank. How much notice must be given to IDFPR?
Immediately
Joe Bums dies Without a Will. After all debts are cleared, his estate amounts to $120,000. Bums is survived by his Wife and three daughters. How much money will each of the daughters receive?
$20,000
Which of the following statements is true about a branch office manager?
The branch office manager is responsible for all Licensees at that branch;
If the branch office manager is an officer of the corporation; he does not have any
responsibilities over the Licensees
If the branch office manager resigns, the most senior Licensee can manage the branch office on an interim basis
The branch manager may be an experienced Licensee
The branch office manager is responsible for all Licensees at that branch;
Mary Smith, who is the wife of John Smith, is the beneficiary of property held in trust by the Illinois Land Trust. If this property is conveyed to Helen and George Jones, which of the following must occur?
The trustee’s deed must be signed by Mary Smith
The trustee’s deed must be signed by the trustee
A warranty deed must be signed by Mary Smith
A warranty deed must be signed by Mary Smith and her husband John Smith
The trustee’s deed must be signed by the trustee
Broker Harry listed a piece of property for a friend. The property was difficult to market because of an unusually high sales price demanded by the seller. Therefore, the listing contract was written up with no expiration date. This listing contract is:
Void
A buyer and seller enter into a purchase contract, but the improvements burn down before the closing. Who is responsible for the loss?
The seller
Ms. Mars has two rooms in her home that she wishes to rent to women only. Under the Illinois Human Rights Act, may she do so?
Yes, if she owns the property and she is not a real estate broker
On a piece of property that was owned as of January 2010, counties that do not participate in the accelerated tax payment system would have the first payment due:
June 2011
In Illinois, according to law, mobile homes are taxed as:
Personal property
Who is not required to have a real estate license?
Real estate appraiser
Concerning government owned property, which of the following statements is most correct?
Only government property can be acquired by adverse possession
Any property may be acquired by adverse possession
Only privately owned real property can be acquired by adverse possession
None of the above
Only privately owned real property can be acquired by adverse possession
The Illinois (state) transfer tax on a real property sale of $250,000 with a $25,000 assumable loan is:
$225.00
