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Illinois Real Estate Regulation: Issues of Ownership

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

What is not a benefit of using a land trust in Illinois?

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1. In Illinois the homestead law allows an individual to claim as much as _____ worth of property as a homestead?

2. In Illinois, the land sales registration act states that any interests in out-of-state subdivision with more than _____ lots have to be registered with the Commissioner of Bands and Real Estate.

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About This Quiz & Worksheet

These study materials will assess what you know about real estate ownership issues in Illinois. For the quiz you'll be answering questions on the benefits of a land trust and the homestead law, among other topics.

Quiz & Worksheet Goals

See how much you know about these topics:

  • The land sales registration act
  • Buyer's responsibility with regard to revoking contracts
  • When it is okay to cancel the contract of a timeshare

Skills Practiced

  • Reading comprehension - ensure that you draw the most important information from the related lesson on Illinois real estate ownership issues
  • Information recall - access the knowledge you've gained regarding the homestead law
  • Knowledge application - use your knowledge to answer questions about the land sales registration act and timeshare contracts

Additional Learning

For more information about real estate in Illinois, consider the accompanying lesson called Illinois Real Estate Regulation: Issues of Ownership. These areas of study will be covered for your benefit:

  • What issues of ownership involve
  • What a land trust is
  • Why homestead protection laws were invented
  • The purpose of the Interstate Land Sales Act
  • Details of the real estate timeshare act
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