ILLINOIS REAL ESTATE BROKER EXAM NEWEST 2024
COMPLETE EXAM AND PRACTICE QUESTIONS 300
QUESTIONS AND CORRECT ANSWERS (VERIFIED
ANSWERS) |ALREADY GRADED A+
Fee simple - ANSWER: Also called fee simple absolute or indefeasible fee, this fee
estate is the most complete form of ownership without limitations or conditions
Life estate - ANSWER: Grants possession and limited ownership of the property to a
person for the duration of the recipients life or the life of another person
Fee simple qualified estate - ANSWER: Also called fee simple defeasible estate. 3
different types
Few simple precedent - ANSWER: Ownership (title) won't pass from one person to
another until a particular condition is met.
Feesimple condition subsequent - ANSWER: The grantor (the original owner) can
reclaim property if some condition isn't met after title has passed to the next owner.
It's an actual transfer of ownership with a condition.
The right to reclaim the property is known as the right of entry, and a specific action
to reclaim the property must be taken.
Fee simple determinable - ANSWER: Title remains with the new owner as long as any
conditions of ownership are being met. Ownership reverts back to original owner
without having to take any action.
Life estate - ANSWER: Grants possession and limited ownership of the property to a
person for the direction of the recipients life or the life of another person. Has a time
limit.
Ordinary life estate - ANSWER: A state in which the length of time of the
estate interest is the lifetime of the person receiving the life estate
Remainderman - ANSWER: Someone entitled to the remainder interest in an estate
Life estate pur Autre vie - ANSWER: French for another life, the length of this life
estate is for the lifetime of a third-party rather than the person actually receiving the
life estate.
Homestead - ANSWER: Grants the family home a certain level of protection from
creditors during the homeowners lifetime
,Dower - ANSWER: Right of a wife to a portion of real property that is owned by her
husband, after he dies and even if he leaves it to someone else in his will
Curtsey - ANSWER: Right of a husband to a portion of real property that is owned by
his wife after she dies and even if she leaves it to someone else in her will
Community property - ANSWER: Right of a spouse, and titling them to one half
interest in real property that was acquired during a marriage
Leasehold interest or estate - ANSWER: The tenants interest in the real property
Leased fee interest or a state - ANSWER: The owner or landlord's interest in the real
property. Landlord holds title to the property.
Littoral rights - ANSWER: The rights commonly granted to owners of property the
border a bay, a large lake, the ocean, or a sea. Water is not navigable so you own to
the centerline
Riparian Rights - ANSWER: The rights of property owners who only and abutting
rivers and streams. Means you live on navigable rivers and streams so you have
rights to the waters edge and the use of the water.
Doctrine of prior appropriation - ANSWER: places the right to control water
resources in the hands of the state rather than the individual property owners
Surface rights - ANSWER: Rights to do whatever is legally permitted on the surface of
the property
Real property - ANSWER: Land, improvements, and all the rights of ownership
Bundle of rights - ANSWER: Overall theory of the rights property owners have
Reversion - ANSWER: When a property interest automatically returns to you, comes
back,
Remainder Interest - ANSWER: Conveys the rights to a third-party, if thestate and
after you die.
Tenancy - ANSWER: Having an interest in a piece of real estate...also having an
ownership interest in a property.
Tenancy in severalty - ANSWER: Also sole ownership, no one has an ownership
interest in the property except the one owner.
Tenancy in common - ANSWER: Ownership in which two or more people on a
property together. The land itself is not physically divided. The percentage of
ownership does not need to be equal. One owner can sell his share without
, permission of the other owners. If one owner dies her share goes to her heirs, not to
the other owners.
Joint tenancy - ANSWER: Ownership for two or more people with for unities; 1. unity
of interest (equal shares), 2. Unity of possession, 3. Unity of time (all owners take
possession at the same time...if one joint tenant sells their interest then new partner
is a tenant in common. Also, joint tenant can sell without permission of other joint
tenants.
4.unity of title-all the joint tenants name are on the title.
Right of survivorship - ANSWER: In joint tenancy, if one of the joint tenants dies, the
other tenants automatically take title to the deceased tenants interest in the
property.
In tenancy in common, the owner can leave their share to heirs...the other owners
don't have any rights to her share of the property.
Tenancy by the entirety - ANSWER: Form of coownership specifically geared towards
protecting the interests of married couples by providing a right of survivorship. Each
spouse has an undivided and equal interest in the property. Upon death of one
spouse,
Trustor - ANSWER: The person who owns the property and creates the trust and
conveys it to the trustee
Trustee - ANSWER: The person who receives the property or who manages the trust
and administers it on behalf of the beneficiary
Beneficiary - ANSWER: The person who receives the benefits of the property/trust
Syndicate - ANSWER: Two or more people or companies joining for a real estate
investment, usually does multiple real estate investments or projects or a series of
individual projects over a period of time.
General partnership - ANSWER: All the partners share in the management and
operational decisions over the business of the partnership. Also share in the liability.
Limited partnership - ANSWER: One general partner usually manages the operations
of the business, and a number of other limited partners have no management
responsibilities. The liabilities of the limited partners is limited to their investment in
the company.
Joint ventures - ANSWER: Joining of two or more people or companies to do a single
project. Usually includes an ending date, not designed to be ongoing business
relationships.
COMPLETE EXAM AND PRACTICE QUESTIONS 300
QUESTIONS AND CORRECT ANSWERS (VERIFIED
ANSWERS) |ALREADY GRADED A+
Fee simple - ANSWER: Also called fee simple absolute or indefeasible fee, this fee
estate is the most complete form of ownership without limitations or conditions
Life estate - ANSWER: Grants possession and limited ownership of the property to a
person for the duration of the recipients life or the life of another person
Fee simple qualified estate - ANSWER: Also called fee simple defeasible estate. 3
different types
Few simple precedent - ANSWER: Ownership (title) won't pass from one person to
another until a particular condition is met.
Feesimple condition subsequent - ANSWER: The grantor (the original owner) can
reclaim property if some condition isn't met after title has passed to the next owner.
It's an actual transfer of ownership with a condition.
The right to reclaim the property is known as the right of entry, and a specific action
to reclaim the property must be taken.
Fee simple determinable - ANSWER: Title remains with the new owner as long as any
conditions of ownership are being met. Ownership reverts back to original owner
without having to take any action.
Life estate - ANSWER: Grants possession and limited ownership of the property to a
person for the direction of the recipients life or the life of another person. Has a time
limit.
Ordinary life estate - ANSWER: A state in which the length of time of the
estate interest is the lifetime of the person receiving the life estate
Remainderman - ANSWER: Someone entitled to the remainder interest in an estate
Life estate pur Autre vie - ANSWER: French for another life, the length of this life
estate is for the lifetime of a third-party rather than the person actually receiving the
life estate.
Homestead - ANSWER: Grants the family home a certain level of protection from
creditors during the homeowners lifetime
,Dower - ANSWER: Right of a wife to a portion of real property that is owned by her
husband, after he dies and even if he leaves it to someone else in his will
Curtsey - ANSWER: Right of a husband to a portion of real property that is owned by
his wife after she dies and even if she leaves it to someone else in her will
Community property - ANSWER: Right of a spouse, and titling them to one half
interest in real property that was acquired during a marriage
Leasehold interest or estate - ANSWER: The tenants interest in the real property
Leased fee interest or a state - ANSWER: The owner or landlord's interest in the real
property. Landlord holds title to the property.
Littoral rights - ANSWER: The rights commonly granted to owners of property the
border a bay, a large lake, the ocean, or a sea. Water is not navigable so you own to
the centerline
Riparian Rights - ANSWER: The rights of property owners who only and abutting
rivers and streams. Means you live on navigable rivers and streams so you have
rights to the waters edge and the use of the water.
Doctrine of prior appropriation - ANSWER: places the right to control water
resources in the hands of the state rather than the individual property owners
Surface rights - ANSWER: Rights to do whatever is legally permitted on the surface of
the property
Real property - ANSWER: Land, improvements, and all the rights of ownership
Bundle of rights - ANSWER: Overall theory of the rights property owners have
Reversion - ANSWER: When a property interest automatically returns to you, comes
back,
Remainder Interest - ANSWER: Conveys the rights to a third-party, if thestate and
after you die.
Tenancy - ANSWER: Having an interest in a piece of real estate...also having an
ownership interest in a property.
Tenancy in severalty - ANSWER: Also sole ownership, no one has an ownership
interest in the property except the one owner.
Tenancy in common - ANSWER: Ownership in which two or more people on a
property together. The land itself is not physically divided. The percentage of
ownership does not need to be equal. One owner can sell his share without
, permission of the other owners. If one owner dies her share goes to her heirs, not to
the other owners.
Joint tenancy - ANSWER: Ownership for two or more people with for unities; 1. unity
of interest (equal shares), 2. Unity of possession, 3. Unity of time (all owners take
possession at the same time...if one joint tenant sells their interest then new partner
is a tenant in common. Also, joint tenant can sell without permission of other joint
tenants.
4.unity of title-all the joint tenants name are on the title.
Right of survivorship - ANSWER: In joint tenancy, if one of the joint tenants dies, the
other tenants automatically take title to the deceased tenants interest in the
property.
In tenancy in common, the owner can leave their share to heirs...the other owners
don't have any rights to her share of the property.
Tenancy by the entirety - ANSWER: Form of coownership specifically geared towards
protecting the interests of married couples by providing a right of survivorship. Each
spouse has an undivided and equal interest in the property. Upon death of one
spouse,
Trustor - ANSWER: The person who owns the property and creates the trust and
conveys it to the trustee
Trustee - ANSWER: The person who receives the property or who manages the trust
and administers it on behalf of the beneficiary
Beneficiary - ANSWER: The person who receives the benefits of the property/trust
Syndicate - ANSWER: Two or more people or companies joining for a real estate
investment, usually does multiple real estate investments or projects or a series of
individual projects over a period of time.
General partnership - ANSWER: All the partners share in the management and
operational decisions over the business of the partnership. Also share in the liability.
Limited partnership - ANSWER: One general partner usually manages the operations
of the business, and a number of other limited partners have no management
responsibilities. The liabilities of the limited partners is limited to their investment in
the company.
Joint ventures - ANSWER: Joining of two or more people or companies to do a single
project. Usually includes an ending date, not designed to be ongoing business
relationships.
