IL Real Estate Broker PSI Practice Exam

A licensee was showing property in an eight-unit complex to a prospective tenant using a motorized wheelchair. The tenant wanted to rent a unit, install grab bars in the bathroom, and lower all the door handles. The landlord... - Answer- Must allow the tenant to make the modifications at the tenants expense, but can require, by the terms of the lease, restoration of the property Which of the following is the best description of a fee simple estate? - Answer- The most complete ownership in property that one can obtain A licensee plans to send out an email offering his services. According to the CAN-SPAM Act, the licensee must - Answer- Tell recipients how to opt out of receiving future emails The owner of an apartment building has just signed an agreement with a real estate firm. Has an agency been formed? - Answer- Yes, because an agency is formed whenever one party delegates to another the right to act on his behalf in certain business transactions The most typical purpose of a deed restriction is to - Answer- control future uses of the property A managing broker requires his licensees to mention a particular lender to buyers. The broker has a financial interest in this particular mortgage lender. Which of the following should the licensee recommend to buyers? - Answer- Consider this lender, disclosing the broker's interest, and other lenders. A couple leased a waterfront bungalow. The Lease began on June 15, 2012, and continued through July 31, 2010. The couple had - Answer- An estate for years A licensee anxious to make a sale violates his duties toward his principal if he volunteers which of the following pieces of information to a prospective buyer? - Answer- You should make an offer for less than the listing price because the owner is anxious to sell An owner obtains a new mortgage on her house because the house has appreciated in value and she wants money for an investment. The new mortgage rate is 1% lower than the old rate. What is this process called? - Answer- refinancing An enforceable purchase agreement is formed when - Answer- the buyer knows of the seller's written acceptance of the offer Which of the following is generally income tax deductible in home ownership? - Answer- points paid to obtain the loan Which of