Re Exam

Front 1

1 Mile

Back 1

5280 feet

Front 2

1 acre

Back 2

43560 sq ft

Front 3

1 township

Back 3

36 sections

Front 4

1 section (acres)

Back 4

640 acres

Front 5

1 section (not acres)

Back 5

1 mile x 1 mile

Front 6

1 point

Back 6

1% of the sale price

Front 7

1 disc pt

Back 7

1/8 on the rate

Front 8

What is feduciary responsibilty

Back 8

= cold ac

.confidentiality, obedience, loyalty, disclosure, accountability and care

Front 9

bundle of legal rights

Back 9

possession, control, enjoyment, exclusion, disposition

(PCEED)

Front 10

leasehold estates -

Back 10

estate for years,

estate at will,

at sufference,

from period to period

Front 11

RESPA

Back 11

real estate settlement procedures act

Front 12

estate of years - tennancy for years

Back 12

leasehold estate that continues for a definite period of time

ie. years, months, weeks

it always has a specific beginning and ending date

Front 13

estate at will - tenancy at will

Back 13

tenancy of indefinite duration -

automatically terminated by either the death of the landlord or the tenant

Front 14

estate at sufferance - tenancy at sufferance

Back 14

a tenant who lawfully possessed property - continues in possession of the property without the landlords consent after the rights expire

Front 15

estate from period to period - periodic tenancy

Back 15

created when the landlord and tenant enter into an agreement for an indefinite amount of time

lease does not contain a specific tenant date

indefinite term - automatically renewing

Front 16

gross lease

Back 16

leasee pays basic rent

landlord pays all taxes, assessments, insurance and operating expenses

typical rent structure

Front 17

net lease

Back 17

the leasee pays basic rent plus all, or some, property charges

commercial, or industrial, are usually net leases

Front 18

percentage lease

Back 18

leasee pays basic rent plus a percent of gross sales

usually retail, businesses or restaurants

Front 19

fair housing act

Back 19

based on title VIII (8) of the civil rights act of 1968

federal fair housing act includes national or origin, color, disability, familial status, race, religion, sex

Front 20

state illinois human rights act

Back 20

age, ancestry, origin, color, disability, familial status, marital status, military status, order of protection status, race, religion, sex and sexual orientation

Front 21

Real Estate agent is what kind of agent?

Back 21

Special agent

Front 22

Latent Defect

Back 22

Hidden or not visable

Front 23

Patent Defect

Back 23

visable in an inspection

Front 24

Ministerial Acts

Back 24

answering spec questions with spec answers

Front 25

Customer

Back 25

A consumer who is not being represented, but as a licensee you may perform ministerial acts.

Front 26

Property manager is what kind of agency?

Back 26

General agency

Front 27

Agents duty of ___________ lasts forever?

Back 27

confidentiality

Front 28

Agents duty of _____________ means that the agent must put the interests of the client above his own.

Back 28

Loyalty

Front 29

An agent is not required to disclose ___________ defects about the property?

Back 29

Patent (visable)

Front 30

An agency relationship with a seller is usually created with a _________ agreement?

Back 30

Listing

Front 31

A RE agents relationship to a seller or buyer client is said to be that of a __________ agent?

Back 31

Special

Front 32

An agency relationship created with a written agreement is said to be an_____________ agency agreement?

Back 32

Expressed

Front 33

A property manager is said to have what level of agency authority?

Back 33

General

Front 34

A lender refuses to make mortgage loans in a neighborhood because of its ethnic or racial composition. What is this called?

Back 34

Redlining

Front 35

Channeling buyers or tenants to particular neighborhoods based on their race.

Back 35

Steering

Front 36

Illegal practice of inducing owners to sell their homes by suggesting the ethnic or racial composition is changing is called?

Back 36

Blockbusting

Front 37

The Fair Housing Act exempts owner-occupied residences of 1 to ____ units?

Back 37

4

Front 38

Advertising an available apartment only in a specific foreign language could be considered_________.

Back 38

Steering

Front 39

Someone leasing housing for older persons is exempt from familial status if all occupants are at least ______ or at least 80% of them are _____ or older.

Back 39

62, 55

Front 40

Unilateral

Back 40

When only one party makes a legally binding promise.

Front 41

Bilateral

Back 41

When both parties enter into a legally binding contract.

Front 42

Executory

Back 42

one or both parties have not yet completed contractual obligations

Front 43

Executed

Back 43

Both parties have fully performed contractual obligations.

Front 44

Novation

Back 44

The substitution of an original contract with a new contract.

Front 45

Exclusive right to sell agreement

Back 45

Provides for commission to the broker when a ready, willing and able buyer is found no matter who procures the buyer.

Front 46

Exclusive agency agreement

Back 46

Provides for commission to the broker when a ready, willing and able buyer is found, unless its the seller who procures the buyer.

Front 47

Open listing agreement

Back 47

Non-exclusive, commission is earned only by the broker who is procuring the cause of the sale.

Front 48

Net Listings

Back 48

Are Illegal in Illinois.