Exam (elaborations) illinois state law

illinois state law 100% VERIFIED SOLUTIONS Mr. Smith sells his Illinois home for $151,050. He will be required to pay how much in Illinois transfer taxes? A » $ 227.25 B » $ 226.58 C » $ 454.50 D » $ 453.16 - ANSWER A Illinois transfer tax is $.75 per $500 of sales price, or portion thereof and is paid by the seller. $.50 goes to the state and $.25 is retained by the county where the property is located. $151,050 divided by $500 = 302.10. In this case, the .10 indicates we have a portion of the next $500 of sales price in addition to the 302 number. As the tax is $.75 per $500 of price, 303 times $.75 = $227.25 for transfer taxes. Sandy wishes to start a new real estate company, although she has never had a real estate license of any type. Which of the following statements is true? A » She can receive her managing broker's license and start a company immediately B » She must be licensed for at least two years before she can manage an office C » She cannot own a real estate company without being licensed D » She can get licensed, start a company, but not hire any agents for two years - ANSWER B To manage a real estate office, a managing broker must have had a real estate license two of the last three years. In Illinois, in a typical multiple listing service arrangement, the agent who shows a property without any pre-arrangements regarding agency relationships is presumed to be the agent of the: A » buyer B » seller C » listing broker D » buyer and the seller - ANSWER A Illinois Law dictates that you are assumed to be the designated agent of the party you are working with, unless you somehow alter that assumption in advance. *MLS is a blanket offer of buyer agency*. Dual agency would not be allowed without prior consent of both buyer and seller. According to the Uniform Vendor and Risk Act, during the period between the signing of a purchase contract and the date of the closing or possession by the buyer, the risk of any loss to the property is born by the: A » buyer B » agent C » seller D » buyer and seller equally - ANSWER C The seller bears the risk until closing. At closing, the risk shifts to the new owner. An Illinois homeowner dies without a will and without any traceable heirs. The real property in the estate will: A » pass to the state by eminent domain B » escheat to the state C » pass to the county by eminent domain D » escheat to the county - ANSWER D