Illinois Real Estate Exam Prep Quiz: Trivia!

10 Questions | By AdewumiKoju | Last updated: Mar 21, 2022 | Total Attempts: 175

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Illinois Real Estate Exam Prep Quiz: Trivia! - Quiz

The Illinois Real Estate Exam is administered by the State of Illinois Department of Financial and Professional Regulation Bureau of Real Estate Professions for aspiring real estate brokers, Managing brokers, Leasing Agents, Real Estate firms, Real Estate Appraisers, Auctioneers, Auction firms, and Home Inspectors. This practice test will help you in your preparation for the exam.

Questions and Answers

1.

Which is a type of real estate loan?
- A.
  
  Fixed-rate mortgage loan
- B.
  
  Unconventional loan
- C.
  
  Adjustable-rate mortgage loan
- D.
  
  A & C
2.

What are C & I loans?
- A.
  
  Short-term loans secured with collateral owned by the business requesting the loan.
- B.
  
  Loans to businesses.
- C.
  
  Loans to individuals.
- D.
  
  A & B
3.

A Deed of Trust is an agreement between a lender and a borrower. During the repayment, the borrower retains the legal title. How true is this?
- A.
  
  Completely true
- B.
  
  Occasionally true
- C.
  
  Depends on the agreement
- D.
  
  Not true
4.

What must the Trustee in a Deed of Trust be?
- A.
  
  Kind
- B.
  
  Honest
- C.
  
  Impartial
- D.
  
  Interested in the property
5.

How can a Notice of Default be removed? If...
- A.
  
  You're not guilty.
- B.
  
  You never received the notice.
- C.
  
  You were on a vacation so you couldn't respond.
- D.
  
  You politely ask the creditors to remove it.
6.

When can the mortgagee file for deficiency judgement?
- A.
  
  If the promissory note was made with a recourse clause.
- B.
  
  If the sale does not bring enough to pay existing balance of principal and fees.
- C.
  
  A & B
- D.
  
  None of the above.
7.

To improve a company's financial stability by establishing a safety measure that the firm can use to fill emergency needs, which of these must be present?
- A.
  
  Access to loans on ground
- B.
  
  Miscellaneous fund
- C.
  
  Contingency fund
- D.
  
  B & C
8.

What is a two-to-four family property?
- A.
  
  A structure that ensures living space for two to four families and ownership is held in more than one deed.
- B.
  
  A residential property that provides dwelling units for two to four families while ownership is held in a single deed.
- C.
  
  A residential property that provides two to four dwelling units for members of the family.
- D.
  
  None of the above.
9.

What is the purpose of Regulation Z?
- A.
  
  It helps to know the true cost of obtaining credit.
- B.
  
  Discloses cost of commercial loans only.
- C.
  
  Helps to control the interest rates.
- D.
  
  A & C
10.

Through which of these do insurance companies usually make loans?
- A.
  
  Mortgage companies.
- B.
  
  Loan associations.
- C.
  
  VA
- D.
  
  FHA