Yha - Unit 03 Quiz (Chapters 7, 8, 9, 12 & 13)

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Yha - Unit 03 Quiz (Chapters 7, 8, 9, 12 & 13)

90-Hour Broker Pre-License Course Quizzes


Questions and Answers
  • 1. 
    A statutory life estate that a family has in its residence is called
    • A. 

      Entirety.

    • B. 

      Survivorship.

    • C. 

      Curtesy.

    • D. 

      Homestead.

  • 2. 
    A portion of an owner's building was inadvertently built on her neighbor's land. This is called an
    • A. 

      Accretion.

    • B. 

      Avulsion.

    • C. 

      Encroachment.

    • D. 

      Easement.

  • 3. 
    The most all-inclusive type of real property ownership is a
    • A. 

      Fee simple estate.

    • B. 

      Life estate.

    • C. 

      Conditional fee estate.

    • D. 

      Reversionary interest.

  • 4. 
    A property owner tells her neighbor that he can store his bulldozer in her yard for a few weeks. The property owner did not charge her neighbor rent for the use of her yard. The property owner has given her neighbor
    • A. 

      An easement appurtenant.

    • B. 

      An easement by necessity.

    • C. 

      An estate in land.

    • D. 

      A license.

  • 5. 
    A property owner of two acres of land sold one acre to a neighbor and reserved an appurtenant easement over the neighbor's land for ingress and egress. The neighbor's land
    • A. 

      Is the dominant tenement.

    • B. 

      Is the servient tenement.

    • C. 

      Can be cleared of the easement when the property owner of the remaining acre sells it to a third party.

    • D. 

      Is subject to an easement in gross.

  • 6. 
    A homestead exemption protects against judgments
    • A. 

      Of unsecured creditors.

    • B. 

      That result from unpaid taxes.

    • C. 

      That result from foreclosure of a mortgage.

    • D. 

      That result from the costs of improvements.

  • 7. 
    The major intent of zoning regulations is to
    • A. 

      Demonstrate the police power of the state.

    • B. 

      Ensure the health, safety, and welfare of the community.

    • C. 

      Set limits on the amount and kinds of businesses in a given area.

    • D. 

      Protect residential neighborhoods from encroachment by business and industry.

  • 8. 
    The following legal description contains how many acres: the South 1/2 of the SE 1/4 of the NW 1/4 of the NE 1/4 of Section 7?
    • A. 

      2.5

    • B. 

      5

    • C. 

      10.5

    • D. 

      20

  • 9. 
    A son conveys the ownership of his house to his mother and stipulates that upon her death he will recapture the ownership. The interest the son has in the ownership is a
    • A. 

      Remainder interest.

    • B. 

      Curtesy estate.

    • C. 

      Legal life estate.

    • D. 

      Reversionary interest.

  • 10. 
    The developer grants to the gas company the right to install transmission lines. This right is called
    • A. 

      A license.

    • B. 

      An easement in gross.

    • C. 

      As easement by prescription.

    • D. 

      A conditional use pemrit.

  • 11. 
    The owner divides a parcel into two lots, one of which is surrounded by other lots and has no street access. Which of the following is TRUE?
    • A. 

      The municipality must contruct a street to create access.

    • B. 

      The owner must create an easement by condemnation to provide access.

    • C. 

      An easement by prescription should be granted.

    • D. 

      An easement by necesity must be created for the land-locked parcel.

  • 12. 
    A person wants to ensure that the ownership of real property can be willed to her children. Which of the following forms of ownership would the person want?
    • A. 

      A conventional life estate

    • B. 

      A fee simple estate

    • C. 

      A joint tenancy

    • D. 

      A license

  • 13. 
    In Illinois, real property escheats to the
    • A. 

      County in which its owner resides.

    • B. 

      State.

    • C. 

      County in which it is located.

    • D. 

      Owner's legal heirs.

  • 14. 
    How much of an estate of homestead is an individual homeowner entitled to in an Illinois residence?
    • A. 

      $5,000

    • B. 

      $7,500

    • C. 

      $15,000

    • D. 

      $18,000

  • 15. 
    How long is the period required to establish an easement by prescription in Illinois?
    • A. 

      7 years

    • B. 

      15 years

    • C. 

      20 years

    • D. 

      21 years

  • 16. 
    Two people bought a store building and took title as joint tenants. One died testate. The other now owns the store
    • A. 

      As a joint tenant with the right of survivorship.

    • B. 

      In severalty.

    • C. 

      As a tenant in common with the deceased owner's heirs.

    • D. 

      In trust.

  • 17. 
    A parcel of land described as "the NW 1/4 and the SW 1/4 of Section 6, T4N, R8W of the Third Principal Meridian" was sold for $875 per acre. The listing broker will receive 5 percent commission on the total sales price. How much will the broker receive?
    • A. 

      $1,750

    • B. 

      $5,040

    • C. 

      $15,040

    • D. 

      $14,000

  • 18. 
    A trust is a legal arrangement in which the title to property is held for the benefit of a third party by
    • A. 

      A beneficiary.

    • B. 

      A trustor.

    • C. 

      A trustee.

    • D. 

      An attorney in fact.

  • 19. 
    A woman lives in a multi-unit building. The land and structures are owned by a corporation, with one mortgage loan covering the entire property. Like the other residents, the woman owns stock in the corporation and has a lease to her apartment. This type of ownership is called a
    • A. 

      Condominium.

    • B. 

      Planned unit development.

    • C. 

      Time-share.

    • D. 

      Cooperative.

  • 20. 
    A man and woman are co-owners of a fee simple interest in a small office building. The man dies intestate and leaves no estate to be distributed to his heirs. The woman is neither related to the man nor a creditor of him. Which of the following would explain why the woman acquired his interest in the property?
    • A. 

      Adverse possession

    • B. 

      Reversionary rights

    • C. 

      Joint tenancy

    • D. 

      Foreclosure

  • 21. 
    An ownership interest that is based on annual occupancy intervals is the
    • A. 

      Leasehold.

    • B. 

      Time-share.

    • C. 

      Condominium.

    • D. 

      Cooperative.

  • 22. 
    In a gift of a parcel of real estate, one of the two owners was given an undivided 60 percent interest and the other received an undivideed 40 percent interest. The two owners hold their interests as
    • A. 

      Cooperative owners.

    • B. 

      Joint tenants.

    • C. 

      Community property owners.

    • D. 

      Tenants in common.

  • 23. 
    To create a joint tenancy relationship in the ownership of real estate, there must be unities of
    • A. 

      Grantees, ownership, claim of right, and possession.

    • B. 

      Title, interest, encumbrance, and survivorship.

    • C. 

      Possession, time, interest, and title.

    • D. 

      Ownership, possession, heirs, and title.

  • 24. 
    A property held as tenancy by the entirety requires which of the folowing?
    • A. 

      The co-tenants must be husband and wife.

    • B. 

      The property in question must be community property.

    • C. 

      Upon the death of a co-tenant, the decedent's interest passes to heirs.

    • D. 

      In the event of a dispute the property must be partitioned.

  • 25. 
    In a limited partnership
    • A. 

      The number of investors is limited to 10.

    • B. 

      All the partners participate in running the business.

    • C. 

      The general partners run the business.

    • D. 

      Investors may participate with only a small amount of capital but with unlimited liability.

  • 26. 
    A woman no longer needs a large house, and she decides to sell her house and move into a cooperative apartment building. In a cooperative she will
    • A. 

      Become a stockholder in a corporation.

    • B. 

      Own her individual apartment.

    • C. 

      Own the common elements.

    • D. 

      Receive a 20-year lease.

  • 27. 
    A township contains
    • A. 

      6 square miles.

    • B. 

      36 sections.

    • C. 

      23,040 square feet.

    • D. 

      640 acres.

  • 28. 
    The section of land reserved for school purposes in the rectangular survey system is section
    • A. 

      12.

    • B. 

      16.

    • C. 

      20.

    • D. 

      36.

  • 29. 
    Acquisition of real estate by a group that includes one or more sponsors (promoters) and several investors is called a
    • A. 

      Subdivision.

    • B. 

      Time share.

    • C. 

      Syndication .

    • D. 

      Group investment.

  • 30. 
    Illinois law makes which of the following presumptions about how multiple grantees hold title to a property?
    • A. 

      They hold title as joint tenants.

    • B. 

      They hold title as tenants in common.

    • C. 

      There is a right of survivorship between the owners.

    • D. 

      The property is held in the entirety.

  • 31. 
    The title to real estate passes when a valid deed is
    • A. 

      Signed and recorded.

    • B. 

      Delivered and accepted.

    • C. 

      Filed and microfilmed.

    • D. 

      Executed and mailed.

  • 32. 
    The primary purpose of a deed is to
    • A. 

      Prove ownership.

    • B. 

      Transfer title rights.

    • C. 

      Give constructive notice.

    • D. 

      Prevent adverse possession.

  • 33. 
    The law that requires transfers of real property ownership to be in writing is the
    • A. 

      Parol evidence rule.

    • B. 

      Statute of limitations.

    • C. 

      Rule of civil procedure.

    • D. 

      Statute of frauds.

  • 34. 
    In a real estate transaction, who is usually responsible for paying transfer taxes that are due?
    • A. 

      Buyer

    • B. 

      Seller

    • C. 

      Escrow agent

    • D. 

      Listing agent

  • 35. 
    Which type of deed contains no expressed or implied warranties?
    • A. 

      A bargain and sale deed

    • B. 

      A quitclaim deed

    • C. 

      A warranty deed

    • D. 

      A grant deed

  • 36. 
    A deed must be signed by the
    • A. 

      Grantor.

    • B. 

      Grantee.

    • C. 

      Grantor and grantee.

    • D. 

      Grantee and two witnesses.

  • 37. 
    Normally a deed will be considered valid even if
    • A. 

      It is signed by an attorney-in-fact rather than the seller.

    • B. 

      The grantor is not a legal entity.

    • C. 

      The grantor is a minor.

    • D. 

      The grantor did not deliver the deed.

  • 38. 
    The primary survey line running north and south in the rectangular survey system is the
    • A. 

      Township line.

    • B. 

      Principal meridian.

    • C. 

      Range line.

    • D. 

      Base line.

  • 39. 
    Which of the following is an involuntary alienation of property?
    • A. 

      Quitclaim

    • B. 

      Inheritance

    • C. 

      Eminent domain

    • D. 

      Gift

  • 40. 
    How is the real estate transfer tax liability in Illinois computed?
    • A. 

      In units of $1,000 at a rate of $1.00 for each unit or fraction of a unit

    • B. 

      In units of $500, at the rate of seventy-five cents for each unit or fraction of a unit

    • C. 

      In units of $100, at the rate of thirty-five cents for each unit or fraction of a unit

    • D. 

      There is no Real Estate Transfer Tax in Illinois.

  • 41. 
    How many acres are in a description reading, "The NW 1/4 of the SE 1/4 and the S 1/2 of the SW 1/4 of the NE 1/4 of Section 4"?
    • A. 

      40 acres

    • B. 

      50 acres

    • C. 

      60 acres

    • D. 

      80 acres

  • 42. 
    Which of the following is acceptable as the evidence of marketable title?
    • A. 

      A trust deed

    • B. 

      A warranty deed

    • C. 

      A title insurance policy

    • D. 

      An affidavit

  • 43. 
    Which of the following would be used to clear a defect from the title records?
    • A. 

      A lis pendens

    • B. 

      An estoppel certificate

    • C. 

      A suit to quiet title

    • D. 

      A writ of attachment

  • 44. 
    A bill of sale is used to transfer the ownership of
    • A. 

      Real property.

    • B. 

      Fixtures.

    • C. 

      Personal property.

    • D. 

      Appurtenances.

  • 45. 
    A written summary of the history of all conveyances and legal proceedings affecting a specific parcel of real estate is called
    • A. 

      An affidavit of title.

    • B. 

      A certificate of title.

    • C. 

      An abstract of title.

    • D. 

      A title insurance policy.

  • 46. 
    The legal presumption that information can be obtained through diligent inquiry is known as
    • A. 

      Actual notice.

    • B. 

      Constructive notice.

    • C. 

      Priority notice.

    • D. 

      Subrogation notice.

  • 47. 
    The buyer purchases a title insurance policy on the property she is pledging as security for the mortgage loan. Which of the following is true?
    • A. 

      The policy is issued for the benefit of the buyer.

    • B. 

      The policy guarantees that the buyer's equity will be protected.

    • C. 

      The amount of coverage is commensurate with the loan amount.

    • D. 

      The amount of coverage increases as the borrower's equity increases.

  • 48. 
    The primary reason a buyer receives title insurance is
    • A. 

      Because the mortgage lender requires it.

    • B. 

      To ensure that the buyer has marketable title.

    • C. 

      To ensure that the abstractor has prepared a complete summary of title.

    • D. 

      To pay future liens that may be filed.

  • 49. 
    Which BEST describes a chain of title?
    • A. 

      A condensed history of title ownership

    • B. 

      Evidence of title

    • C. 

      A list of successive owners of the property up to the present

    • D. 

      A marketable title

  • 50. 
    How far back does a typical title search in Illinois go?
    • A. 

      10 years

    • B. 

      20 years

    • C. 

      30 years

    • D. 

      40 years