FREE IL Bar Real Property Questions and Answers

Question 1

What is the doctrine of adverse possession in Illinois?

Accepted Answer

Possession of another's land for 20 years under certain conditions can result in legal ownership

Answer

A person can take possession of land by simply claiming it

Answer

Land can be possessed only if a title is obtained from the state

Answer

Possession of property is impossible without deed

Question 2

Which type of deed provides the highest level of protection for the buyer in Illinois?

Accepted Answer

General warranty deed

Answer

Quitclaim deed

Answer

Special warranty deed

Answer

Bargain and sale deed

Question 3

What is required for a valid real estate contract in Illinois?

Accepted Answer

Written contract with offer, acceptance, consideration, and legal capacity

Answer

Verbal agreement

Answer

Written contract without consideration

Answer

Verbal agreement witnessed by a notary

Question 4

How are property taxes assessed in Illinois?

Accepted Answer

Based on the property's fair market value

Answer

Based on the property's income potential

Answer

Based on the last sale price

Answer

Based on the original purchase price

Question 5

What is the homestead exemption in Illinois?

Accepted Answer

A law protecting a portion of primary residence's equity from creditors

Answer

A tax reduction for primary residences

Answer

An automatic tax exemption for all properties

Answer

A provision that only applies to rental properties