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ILLINOIS LEASING AGENT LICENSE EXAM LATEST 2025 ACTUAL
EXAM WITH COMPLETE QUESTIONS AND CORRECT DETAILED
ANSWERS (100% VERIFIED ANSWERS) |ALREADY GRADED A+| ||
PROFESSOR VERIFIED|| ||BRANDNEW!!!||
Justin takes out a mortgage loan that requires monthly payments
of $650.50 for 25 years and a final payment of $30,000. What
type of loan is this? - ANSWER-Balloon loan.
A salesperson working for Trinity Real Estate LLC has moved to
Lotus Realty. What happens to the listings the salesperson took at
Trinity Real Estate LLC? - ANSWER-The listings belong to Trinity
Real Estate LLC.
Local zoning ordinances often regulate all of the following except?
- ANSWER-Market value of property.
Is replacement cost and reproduction cost the same thing and if it
is different, what is the difference? - ANSWER-No, the
reproduction cost process looks at the cost of creating an exact
replica, while with the replacement cost process, it looks at the
cost of replacing an insured property with one of similar
functionality.
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What is it called when parties have fully performed the terms of a
contract? - ANSWER-Executed
Market value is? - ANSWER-The price the property is sold for or
an estimate of the present property plus future potential.
Which of the following best describes the prepayment penalty
clause? - ANSWER-The statement that a lender can penalize a
borrower if the borrower pays off the mortgage much sooner than
usual.
Fees that the buyer pays to close the deal are called: - ANSWER-
Closing costs.
The deed that offers the grantee the most protection. With this
type of deed, the grantor makes a series of legally binding
promises (called covenants) and warranties to the grantee
agreeing to protect the grantee against any prior claims and
demands of all persons whomsoever in regards to the conveyed
land. - ANSWER-General Warranty Deed
,3|Page
In real estate, a deed is best defined as: - ANSWER-A written
legal document by which ownership of real estate is conveyed
from one party to another.
A contract for the sale of real estate that does not state the
consideration to be paid for the property and is not signed by the
parties is considered what? - ANSWER-Void
A bilateral contract is one in which - ANSWER-the promise of one
party is given in exchange for the promise of the other party.
Under the terms in a mortgage, the lender must be paid in full if
the property is sold to another person. This is known as the? -
ANSWER-Alienation Clause
Which act amended the comprehensive environmental response,
compensation, and liability act (also known as CERCLA)? -
ANSWER-SARA
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What is a one-of-a-kind contract that is solely between the seller
and the buyer. In this arrangement, the seller gives the buyer the
option to purchase property at a given price for a set period? -
ANSWER-An option contract.
What is the difference between a lease option contract and lease
purchase contract? - ANSWER-The difference between a lease
option and a lease purchase agreement is that the lease option
only obligates the seller to sell.
The real estate contract clause that almost always begins with the
words "to have and to hold." - ANSWER-Habendum Clause
Government power is the constitutional authority and inherent
power of a state to adopt and enforce laws and regulations to
promote and support the public health, safety, morals, and
general welfare. Escheat is - ANSWER-when a property owner
dies and leaves no proper documented inheritance plan, the
property ownership reverts to the government.
ILLINOIS LEASING AGENT LICENSE EXAM LATEST 2025 ACTUAL
EXAM WITH COMPLETE QUESTIONS AND CORRECT DETAILED
ANSWERS (100% VERIFIED ANSWERS) |ALREADY GRADED A+| ||
PROFESSOR VERIFIED|| ||BRANDNEW!!!||
Justin takes out a mortgage loan that requires monthly payments
of $650.50 for 25 years and a final payment of $30,000. What
type of loan is this? - ANSWER-Balloon loan.
A salesperson working for Trinity Real Estate LLC has moved to
Lotus Realty. What happens to the listings the salesperson took at
Trinity Real Estate LLC? - ANSWER-The listings belong to Trinity
Real Estate LLC.
Local zoning ordinances often regulate all of the following except?
- ANSWER-Market value of property.
Is replacement cost and reproduction cost the same thing and if it
is different, what is the difference? - ANSWER-No, the
reproduction cost process looks at the cost of creating an exact
replica, while with the replacement cost process, it looks at the
cost of replacing an insured property with one of similar
functionality.
,2|Page
What is it called when parties have fully performed the terms of a
contract? - ANSWER-Executed
Market value is? - ANSWER-The price the property is sold for or
an estimate of the present property plus future potential.
Which of the following best describes the prepayment penalty
clause? - ANSWER-The statement that a lender can penalize a
borrower if the borrower pays off the mortgage much sooner than
usual.
Fees that the buyer pays to close the deal are called: - ANSWER-
Closing costs.
The deed that offers the grantee the most protection. With this
type of deed, the grantor makes a series of legally binding
promises (called covenants) and warranties to the grantee
agreeing to protect the grantee against any prior claims and
demands of all persons whomsoever in regards to the conveyed
land. - ANSWER-General Warranty Deed
,3|Page
In real estate, a deed is best defined as: - ANSWER-A written
legal document by which ownership of real estate is conveyed
from one party to another.
A contract for the sale of real estate that does not state the
consideration to be paid for the property and is not signed by the
parties is considered what? - ANSWER-Void
A bilateral contract is one in which - ANSWER-the promise of one
party is given in exchange for the promise of the other party.
Under the terms in a mortgage, the lender must be paid in full if
the property is sold to another person. This is known as the? -
ANSWER-Alienation Clause
Which act amended the comprehensive environmental response,
compensation, and liability act (also known as CERCLA)? -
ANSWER-SARA
, 4|Page
What is a one-of-a-kind contract that is solely between the seller
and the buyer. In this arrangement, the seller gives the buyer the
option to purchase property at a given price for a set period? -
ANSWER-An option contract.
What is the difference between a lease option contract and lease
purchase contract? - ANSWER-The difference between a lease
option and a lease purchase agreement is that the lease option
only obligates the seller to sell.
The real estate contract clause that almost always begins with the
words "to have and to hold." - ANSWER-Habendum Clause
Government power is the constitutional authority and inherent
power of a state to adopt and enforce laws and regulations to
promote and support the public health, safety, morals, and
general welfare. Escheat is - ANSWER-when a property owner
dies and leaves no proper documented inheritance plan, the
property ownership reverts to the government.
