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examples:
1) Home inspections may be performed by
2) If the buyer’s agent is representing his or her parent, sibling, other close relative or close friend, why shouldn't the broker be a dual agent?
3) Even when a property is sold “as is,” buyers may request an inspection
4) A ____________ clause is the period of time the buyer has after the seller receives another offer to either remove the “subject to sale” contingency, or terminate the contract.
5) "Kimberly Apartments – Two-bedroom apartments for rent. Children welcome, no more than 2 per apartment. Wheelchair ramp. Covered parking." Which terms are considered violations in this ad?
6) Who may withdraw funds from the trust account?
7) In Illinois, who prepares the Closing Disclosure form?
8) A broker may share confidential information of his/her client after the listing expires
9) The three major types of listings are open, exclusive right to sell, and
10) In an exclusive buyer agency agreement, if the broker does not collect the commission from the listing broker or the owner, who will owe the commission?
11) A prorated expense at closing is
12) Nancy is asked by a buyer to take a promissory note as an earnest deposit. What should she do?
13) A listing agent has been hired by the seller who signed a listing agreement. What is true regarding this situation when a buyer is shown the property by the listing agent without being a dual agent?
14) A dual agent may disclose
15) If foreclosure proceedings have begun, how should the seller be notified?
16) Taxes paid in arrears appear on the TRID Closing Disclosure Form as Adjustments for Items Unpaid by ___________.
17) For a short sale to be accepted by the lender, a number of documents must be on file. These documents are commonly known as ___________.
18) If any change is made to the escrow account, the sponsoring broker must notify ____________ with ten days.
19) The Act defines "minimum services" required for
20) The sellers should be aware that the buyers will be conducting a _________________ within a day or two of closing.
21) An open listing is often considered to be what type of contract?
22) Which of the following is a good property showing tip?
23) Under most exclusive buyer brokerage agreements, the buyer may have to pay the buyer agent's commission
24) A _____________________ is a good risk management tool to affect non-discrimination, and it assists the licensee in obtaining answers needed to serve the buyer’s needs.
25) How is the seller’s loan interest computed?
26) If the buyer agency agreement is for four months, how long is the agent is obligated to work with the buyer?
27) In a CMA, ______________ properties have limited value because the sale price is still unknown.
28) When is a licensee prohibited from acting as a dual agent in a transaction?
29) Which Illinois act includes the following protected classes: marital status, order of protection, military status, military discharge, ancestry, sexual orientation or preference, and age?
30) Which offers is a listing agent is required to present?
31) Some brokers charge the buyer a fee prior to the buyer viewing properties. This fee is a
32) The best reason for the buyer to have representation is
33) Illinois counties impose an additional tax of $.25 per $500 or portion thereof of taxable consideration, making the combined total transfer tax __________ or portion thereof.
34) A minority buyer asked to see homes in a certain price range, and the agent limited the showings to areas where other minorities live. This is an example of
35) Information about a property that has a significant bearing on a buyer's decision to purchase that property is referred to as a
36) Rent is prorated for the current month and is due from __________ at Closing on the TRID Closing Disclosure Form for the portion of the month the buyer will own the property.
37) The 1996 lead-based paint regulation requires sellers or lessors of almost all residential properties built before _________ to disclose known lead-based paint hazards and provide any relevant records available.
38) The day before closing, the buyer did the final walk-through and found that the seller had taken the dining room chandelier that was to remain. What should the buyer's broker do?
39) A buyer made an offer on a property and included $5,000 earnest money. A few hours later, she decided that she did not want the property and wanted the money back. How can she accomplish this?
40) Which of the following activities is NOT a "Non-Agency" act?
41) A ______________ is a sale in which the title has transferred, but the selling price is not enough to pay all the liens and costs of sale.
42) Federal fair housing laws do NOT include which of the following protected classes?
43) Who should determine the listing price?
44) Which of the following is a true statement?
45) If the buyer assumes the seller’s loan, the buyer will make the payment
46) Which statement is true regarding the seller’s disclosure of property condition form?
47) Sponsoring brokers are prohibited from mixing their own funds with funds in special accounts. This is known as _____________.
48) Records of escrow account transactions must be kept on file for _____ years at managing broker’s place of business.
49) Four months after buyer Gail bought a home, the roof leaked during a storm. When the home was listed, seller Gary told broker Jim that the roof leaked, but they had agreed not to tell any prospective buyers. Jim’s defense is this – the buyer did not ask about the roof. Under these circumstances, what can Gail do?
50) If a buyer’s agency agreement provides for the agent to get a commission regardless of whether the buyer buys a for sale by owner or listed property, it is
51) A mold disclosure is required for which of the following properties?
52) If Buyer Jim's parents wrote the earnest money check for Jim to write an offer, and Jim cannot obtain financing, to whom is the earnest money check returned?
53) If the buyer is borrowing more than ________, the lender will require PMI insurance, which will add to closing costs and monthly payment.
54) What can a seller do to alleviate some of the buyers' worries over potential problems after closing?
55) Anyone in IL who performs lead abatement without a license is guilty of
56) John's lender agreed to accept a payoff less than the principal balance of John’s mortgage so that John could sell his home for the actual market value. What was this called?
57) When starting a listing presentation, what is one of the first questions that should be asked?
58) The state and county transfer taxes are paid by ______________.
59) A broker recently listed a four-plex occupied by the owner that has 2-bedroom units. Which of these ads would be a legal ad?
60) The statutory method of prorating is best described as
61) Which type of status is viewed as a stronger buying position?
62) According to the Illinois Real Estate License Act of 2000, sponsoring brokers who are responsible for earnest money deposits for property sales (and security deposits for leases)
63) Who benefits from a deed in lieu of foreclosure?
64) If escrow money is deemed abandoned, it is transferred to the ______________ to be handled as unclaimed property.
65) The state’s portion of the transfer tax is ___________.
66) _________________ is equal to the sale price minus the value of any conveyed personal property and any mortgage amount that survives the conveyance.
67) Does the MLS determine the rates that member brokers can charge for their services?
68) If escrow records are lost, stolen or destroyed, the broker must report the loss to the Division's ________________ within 48 hours.
69) A non-refundable retainer fee belongs to the __________________.
70) If serious problems are found during an inspection, what should a listing agent do?
71) Most one- to four-unit residential properties in IL require which disclosure(s)?
72) The most widely used agreement is the _____________ listing agreement.
73) Disclosure of agency should occur
74) When working with a short sale property, what should the licensee do first?
75) Two brokers working for the same company meet over coffee and decide to charge the same set commission rate on all listings. Is this illegal?