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.

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