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examples: 

151 The basic intent of zoning ordinances is to:

establish the basis for public ownership of land for the common good.

establish subdivision rules and regulations.

specify usage for every parcel within the zoning authority's jurisdiction.

restrict development in unincorporated areas.








 

152 Real estate agents must be able to convert measurements. Of the following, which conversion is INCORRECT?

Convert feet to inches: multiply the number of feet by 12

Convert inches to feet: divide the number of inches by 12

Convert feet to yards: divide the number of feet by 9

Convert yards to feet: multiply the number of yards by 3








 

153 When two adjacent pieces of property are joined together, the value of the one larger parcel may be greater than the value of the two separately. Which principle of value is this?

Progression.

Highest and best use.

Assemblage.

Contribution.








 

154 Which does NOT represent a way to describe real property?

A metes and bounds system

The Public Land Survey System

The unrecorded plat system

The recorded plat system








 

155 Broker licensees are exempt from continuing education requirements if they serve in the United States armed forces, serve as an elected state or federal official, or ____________________.

serve as an appointed member of federal government.

serve as a full-time employee of IDFPR.

serve as an appointed member of state government.

serve as an elected official at the local county or city level.








 

156 If a property has riparian rights, the owner has the right to _________.

pollute the water for a legitimate business purpose.

build a dam.

require downstream property owners to pay a fee for use of the water.

use the water in a way that does not infringe on another's riparian rights.








 

157 What steps can a broker take when the buyer raises an objection about the color of a house?

Suggest that the buyer look at a different house.

Suggest that the buyer make an offer reflecting the cost of a new paint job.

Tell the buyer to make a full price offer and add an allowance for the paint job.

Not waste any more time on this house. The buyer will never make an offer








 

158 If any dispute between the parties arises regarding the deposited escrow money, what action should the sponsoring broker take?

Always refund the money to the first party who formally request the return of the funds.

Split the monies in thirds, one third to the buyers, one third to the sellers, and one third to the sponsoring broker.

Place the monies in an escrow account titled "Contested Escrow Funds Fiduciary Account" (CEFFA) which must be non-interest bearing.

Not release the money without a written release from both parties or both parties’ duly authorized agents (power of attorney or attorney at law).








 

159 The usual first step in the short sale transaction is

The lender releases the lien.

The seller signs the listing agreement.

The buyer makes an offer.

The seller gets an inspection.








 

160 A contract in which both parties promise to do something is known as what kind of contract?

Executory

Unilateral

Bilateral

Executed








 

161 All of the following are prorated, EXCEPT:

interest on a new loan.

property taxes.

interest on assumed loans.

rents.








 

162 In the case of a month-to-month tenancy, the landlord may terminate it at any time by giving how much notice?

No notice is necessary with month-to-month tenancy.

7 days

30 days

45 days








 

163 A legal description is necessary because it:

is used for mail and package delivery.

is used for social gatherings and interaction.

is used to determine the property’s location.

is required for voter registration.








 

164 Two brokers working for the same firm decide to specialize in commercial properties and charge a flat-fee commission rate. Is this an illegal action?

Yes. It's a violation of antitrust laws.

No. Antitrust does not apply to listing agreements.

Yes. A broker's commission must be related to the costs involved in each transaction.

No. The brokers do not represent competing firms.








 

165 A loan applicant has an annual gross income of $36,000. How much will a lender allow the applicant to pay for monthly housing expense to qualify for a loan if the lender uses an income ratio of 28%?

$2,160

$840

$1,008

$720








 

166 Ted paid $480,000 for a duplex with a 10% capitalization rate. If both units in the duplex rented for the same amount, what is the net operating income (NOI) for the property?

$48,000

$36,000

$24,000

$4,000








 

167 The broker is required to keep:

A list of available properties

Confidential information about his client

A file on sex offenders

A picture of his agents








 

168 Seller Jane listed a problem on her property disclosure report. What happens now?

The buyer is required to have an inspector verify the problem.

The home must sell as is.

The buyer could ask for a price break because of the problem.

Jane must repair it before the home transfers.








 

169 If net income on a property is $20,000 and the cap rate is 5%, the value of the property using the income capitalization method is:

$100,000

$400,000

$1,000,000

$4,000,000








 

170 Home inspectors in Illinois:

must be registered with the Illinois Attorney General's Office.

must be licensed by the Illinois Department of Financial and Professional Regulation.

are not licensed or registered.

must be licensed with the Illinois Secretary of State.








 

171 How do you stay in control of a call from a prospect?

Asking questions

Taking notes

Explaining broker's services

Providing facts








 

172 Which of the following is an example of "shotgunning?"

Without mentioning it in the contract or settlement statement, a borrower agrees to give the seller cash at closing for some repairs

A listing agent agrees to raise the asking price of a