Real estate Questions and Answers with correct
answers
The concerns of the federal government in regulating real property right's include -
Answ Discrimination
Which of the following is included in the bundle of rights inherent in ownership - Answ
To transfer
What are three unique physical characteristics of land? - Answ Immobile,
indestructible, heterogeneous
The concept that the state controls all bodies of water is called - Answ The doctrine of
prior appropriation
Which government entity is the primary regulator of the real estate business? - Answ
The state
The level of government that focuses on land-use regulations and taxation is the -
Answ County and local
A property abutting a static body of water has ____________ rights - Answ Littoral
Which may an item attached to a structure be considered personal property rather than
real property - Answ When the owner originally intended to remove it before conveying
the property
Which is the "best" description of "land" - Answ Everything above, on, and below the
surface of the Earth
What part of the non-navigable waterway does the owner of an abutting property own -
Answ To the middle of the waterway
Surface rights include which of the following - Answ Water rights
What guarantees the right of private ownership of real estate in the United States -
Answ The constitution
Which of these is the best definition for personal property - Answ Any property that is
not classified as real property
What do we call the conversion of real property to personal property by detaching it
from the real estate - Answ Affixing
,The primary distinction between the legal concepts of land and real estate is that -
Answ land does not include man-made structures
Uncle Jake wrote his will out on a notepad. This type of will is called - Answ
Holographic
Of the principle forms of title of evidence in Illinois, the one that provides the best
evidence is - Answ A title insurance policy
A deed is not valid unless it is - Answ Accompanied by a consideration
A hermit lives secretly in a cave on a large property. After 20 years, the hermit makes a
claim of ownership. This claim will most likely be - Answ Declined because possession
was secretive
A lender forecloses on a property. The type of deed that will convey ownership after a
public auction is reconfirmed by the court is a - Answ Sheriffs deed
The only required clause in a deed of conveyance is one that - Answ Names the
parties, describes the property, and indicates a consideration
A person claims ownership of a parcel of real estate to a prospective buyer, stating that
she has lived on the property for five years and nobody has ever bothered her. The
claimant also shows the buyer a copy of the deed. The legal basis of this claim is
referred to as - Answ Actual notice
A break in the chain of title to a property results in - Answ A cloud on title
For a deed to convey title, it is necessary for the deed to be - Answ accepted by the
grantee
The amount of the transfer tax is based on - Answ The actual sales price of the
property conveyed *note, in Illinois the tax can be reduced if a buyer has assumed the
sellers mortgage "subject to"
The type of deed that gives the highest assurance of good title is the - Answ General
warranty deed
Which of the following best describes the concept of "legal title" to real estate - Answ
Ownership of the bundle of rights to real estate
Which document contains a summary of the title search? - Answ Title certificate
Constructive notice of ownership of a parcel of real estate is primarily demonstrated
through - Answ Title records
,An owner transfers title to a property to buy an exchange for a consideration. This is an
example of. - Answ Voluntary alienation
Title records do all of the following - Answ Establish lien priority, reveal condition of
title, give public notice of ownership
Aunt Molly, who had no legal heirs, died without leaving a will. What will happen to her
estate - Answ It will escheat to the state or county after all claims have been settled
Which authority regulates involuntary title transfers - Answ State law
regulated environmental conditions - Answ Electromagnetic fields, airport traffic noise,
construction in earthquake zones
The Illinois residential real property disclosure act requires a seller to give a buyer
written property condition disclosure - Answ Before the buyer signs an offer to
purchase
Which of the following can terminate a private deed restriction - Answ A quietclaim
deed
Which of the following statements about federal and state environmental laws is true -
Answ They must be incorporated into local land use plans
Countries and municipalities have the legal right to control land use due to - Answ
Delegation of authority by state-level enabling acts
When was led first banned in the manufacture of paint used in residential properties -
Answ 1978
When a property is taken by eminent domain, what does the owner have? - Answ To
receive "just compensation"
If a property owner demonstrates a need, a zoning board may grant a - Answ Variance
The Illinois residential disclosure act requires that material defects related to which of
the following must be disclosed by the seller - Answ Asbestos, mold,
methamphetamine production
Who is responsible for insuring that a buyer receives the protect your family from lead
pamphlet? - Answ Agents for buyers and sellers
Which environmental legislation created the requirement for environmental impact
surveys on large development projects? - Answ The national environmental policy act
, A central goal of public land use planning is to - Answ Balance individual property
rights with the community's welfare
The authority that allows the government to control land use is called - Answ Police
power
A buyer may terminate a purchase contract without liability within _________ business
days, if a disclosure report indicating a material defect is received after a binding real
estate contract has been entered into by all parties - Answ Three
If a municipality exerts its power of eminent domain against a certain property owner,
what happens - Answ The owner must sell the property or grant an easement to the
municipality for just compensation
Dioxins, mercury, and methyl tertiary butyl ether (MTBE) are examples of - Answ Soil
and water pollutants
A property is exempt from lead disclosure requirements if - Answ It has no separate
bedrooms
With regard to environmental issues, which of the following is true - Answ Licensees
must disclose potential hazards if known
Unlike a deed restriction, a decoration restriction - Answ Cannot be extinguished by a
quitclaim deed
Licensees are required to disclose to a buyer that - Answ The licensee knows of a
latent structural defect
Referral fees and bonuses for licensees are known as - Answ Compensation
Seller Joe has told his agent sam that if he sells his house within three weeks, he will
give sam a $500 bonus. What are the acceptable means by which Sam can be paid the
bonus - Answ The bonus is to be given to Sam's sponsoring broker and then passed
on to sam
Which of the following statements is true regarding compensation?
-The sponsoring broker is the only one allowed to compensate his/her licensee
-Compensation must be disclosed to clients
-Compensation must always go from the seller or the buyer through the sponsoring
broker to the licensee
-All of the above are true regarding compensation - Answ All of the above are true
regarding compensation
Which of the following describes a person who is not represented by a licensee but is
receiving clerical acts from the licensee - Answ Customer
answers
The concerns of the federal government in regulating real property right's include -
Answ Discrimination
Which of the following is included in the bundle of rights inherent in ownership - Answ
To transfer
What are three unique physical characteristics of land? - Answ Immobile,
indestructible, heterogeneous
The concept that the state controls all bodies of water is called - Answ The doctrine of
prior appropriation
Which government entity is the primary regulator of the real estate business? - Answ
The state
The level of government that focuses on land-use regulations and taxation is the -
Answ County and local
A property abutting a static body of water has ____________ rights - Answ Littoral
Which may an item attached to a structure be considered personal property rather than
real property - Answ When the owner originally intended to remove it before conveying
the property
Which is the "best" description of "land" - Answ Everything above, on, and below the
surface of the Earth
What part of the non-navigable waterway does the owner of an abutting property own -
Answ To the middle of the waterway
Surface rights include which of the following - Answ Water rights
What guarantees the right of private ownership of real estate in the United States -
Answ The constitution
Which of these is the best definition for personal property - Answ Any property that is
not classified as real property
What do we call the conversion of real property to personal property by detaching it
from the real estate - Answ Affixing
,The primary distinction between the legal concepts of land and real estate is that -
Answ land does not include man-made structures
Uncle Jake wrote his will out on a notepad. This type of will is called - Answ
Holographic
Of the principle forms of title of evidence in Illinois, the one that provides the best
evidence is - Answ A title insurance policy
A deed is not valid unless it is - Answ Accompanied by a consideration
A hermit lives secretly in a cave on a large property. After 20 years, the hermit makes a
claim of ownership. This claim will most likely be - Answ Declined because possession
was secretive
A lender forecloses on a property. The type of deed that will convey ownership after a
public auction is reconfirmed by the court is a - Answ Sheriffs deed
The only required clause in a deed of conveyance is one that - Answ Names the
parties, describes the property, and indicates a consideration
A person claims ownership of a parcel of real estate to a prospective buyer, stating that
she has lived on the property for five years and nobody has ever bothered her. The
claimant also shows the buyer a copy of the deed. The legal basis of this claim is
referred to as - Answ Actual notice
A break in the chain of title to a property results in - Answ A cloud on title
For a deed to convey title, it is necessary for the deed to be - Answ accepted by the
grantee
The amount of the transfer tax is based on - Answ The actual sales price of the
property conveyed *note, in Illinois the tax can be reduced if a buyer has assumed the
sellers mortgage "subject to"
The type of deed that gives the highest assurance of good title is the - Answ General
warranty deed
Which of the following best describes the concept of "legal title" to real estate - Answ
Ownership of the bundle of rights to real estate
Which document contains a summary of the title search? - Answ Title certificate
Constructive notice of ownership of a parcel of real estate is primarily demonstrated
through - Answ Title records
,An owner transfers title to a property to buy an exchange for a consideration. This is an
example of. - Answ Voluntary alienation
Title records do all of the following - Answ Establish lien priority, reveal condition of
title, give public notice of ownership
Aunt Molly, who had no legal heirs, died without leaving a will. What will happen to her
estate - Answ It will escheat to the state or county after all claims have been settled
Which authority regulates involuntary title transfers - Answ State law
regulated environmental conditions - Answ Electromagnetic fields, airport traffic noise,
construction in earthquake zones
The Illinois residential real property disclosure act requires a seller to give a buyer
written property condition disclosure - Answ Before the buyer signs an offer to
purchase
Which of the following can terminate a private deed restriction - Answ A quietclaim
deed
Which of the following statements about federal and state environmental laws is true -
Answ They must be incorporated into local land use plans
Countries and municipalities have the legal right to control land use due to - Answ
Delegation of authority by state-level enabling acts
When was led first banned in the manufacture of paint used in residential properties -
Answ 1978
When a property is taken by eminent domain, what does the owner have? - Answ To
receive "just compensation"
If a property owner demonstrates a need, a zoning board may grant a - Answ Variance
The Illinois residential disclosure act requires that material defects related to which of
the following must be disclosed by the seller - Answ Asbestos, mold,
methamphetamine production
Who is responsible for insuring that a buyer receives the protect your family from lead
pamphlet? - Answ Agents for buyers and sellers
Which environmental legislation created the requirement for environmental impact
surveys on large development projects? - Answ The national environmental policy act
, A central goal of public land use planning is to - Answ Balance individual property
rights with the community's welfare
The authority that allows the government to control land use is called - Answ Police
power
A buyer may terminate a purchase contract without liability within _________ business
days, if a disclosure report indicating a material defect is received after a binding real
estate contract has been entered into by all parties - Answ Three
If a municipality exerts its power of eminent domain against a certain property owner,
what happens - Answ The owner must sell the property or grant an easement to the
municipality for just compensation
Dioxins, mercury, and methyl tertiary butyl ether (MTBE) are examples of - Answ Soil
and water pollutants
A property is exempt from lead disclosure requirements if - Answ It has no separate
bedrooms
With regard to environmental issues, which of the following is true - Answ Licensees
must disclose potential hazards if known
Unlike a deed restriction, a decoration restriction - Answ Cannot be extinguished by a
quitclaim deed
Licensees are required to disclose to a buyer that - Answ The licensee knows of a
latent structural defect
Referral fees and bonuses for licensees are known as - Answ Compensation
Seller Joe has told his agent sam that if he sells his house within three weeks, he will
give sam a $500 bonus. What are the acceptable means by which Sam can be paid the
bonus - Answ The bonus is to be given to Sam's sponsoring broker and then passed
on to sam
Which of the following statements is true regarding compensation?
-The sponsoring broker is the only one allowed to compensate his/her licensee
-Compensation must be disclosed to clients
-Compensation must always go from the seller or the buyer through the sponsoring
broker to the licensee
-All of the above are true regarding compensation - Answ All of the above are true
regarding compensation
Which of the following describes a person who is not represented by a licensee but is
receiving clerical acts from the licensee - Answ Customer
