Illinois Leasing Agent License Exam with accurate detailed || || || || || || || ||
solutions
What is the name given to the Illinois license laws under which real estate brokers practice? -
|| || || || || || || || || || || || || || || || ||
✔✔Real Estate License Act of 2000 || || || || ||
Practicing real estate without a license, and could result in being fined up to what? - ✔✔$25,000
|| || || || || || || || || || || || || || || || ||
per event. ||
How long must real estate brokers keep records in Illinois? - ✔✔5 Years.
|| || || || || || || || || || || ||
The ruling of Chicago Bar Association, et al. v. Quinlan and Tyson, Inc has to deal with what? -
|| || || || || || || || || || || || || || || || || || ||
✔✔Placing certain limitations on real estate licensees in drafting a contract of sale. || || || || || || || || || || || ||
What is the minimum age to become a real estate broker in Illinois? - ✔✔18 Years.
|| || || || || || || || || || || || || || ||
In terms of financing involved for a real estate purchase, which custom is practiced in Illinois? -
|| || || || || || || || || || || || || || || || ||
✔✔Lien Theory. ||
Cassidy is selling a home in Springfield. She found out the homeowner named Peter has AIDS. Is
|| || || || || || || || || || || || || || || || ||
she required to disclose the fact Peter has aids to the public? - ✔✔No.
|| || || || || || || || || || || || ||
What year was the ruling of Chicago Bar Association, et al. v. Quinlan and Tyson, Inc? -
|| || || || || || || || || || || || || || || || ||
✔✔1966.
A real estate broker named Matt is filling in the blanks on a real estate sales contract. He writes on
|| || || || || || || || || || || || || || || || || || ||
the contract that his client, the buyer, would like 2% of the sales price at closing to cover closing
|| || || || || || || || || || || || || || || || || || || ||
costs and assorted fees. In this instance, Matt is doing what? - ✔✔Violating Chicago Bar
|| || || || || || || || || || || || || || ||
Association, et al. v. Quinlan and Tyson, Inc. || || || || || || ||
, In Illinois, the relationship in which the agent is held in a position of special trust and confidence
|| || || || || || || || || || || || || || || || || ||
by the principal is called a: - ✔✔Fiduciary relationship.
|| || || || || || || ||
The Illinois Human Rights Act recognizes and protects age for persons above the age of what? -
|| || || || || || || || || || || || || || || || ||
✔✔40 years or older. || || ||
According to Illinois law, licensees must give disclosure of their status to who? - ✔✔Clients and
|| || || || || || || || || || || || || || || ||
Customers
What is the minimum age to obtain a managing broker's license in Illinois? - ✔✔20.
|| || || || || || || || || || || || || ||
Illinois has a real estate license reciprocity agreement with: - ✔✔Some States; Colorado,
|| || || || || || || || || || || || ||
Connecticut, Florida, Georgia, Indiana, Iowa, Nebraska, Wisconsin || || || || || ||
An unlicensed employee may NOT do the following? - ✔✔Negotiate or agree to any
|| || || || || || || || || || || || || ||
commission, commission split, management fee, or referral fee on behalf of a licensee. || || || || || || || || || || || ||
If an Illinois real license agent places an ad on the Internet offering his services as a real estate
|| || || || || || || || || || || || || || || || || || ||
agent. Under state law, at a minimum, what are Illinois real licensees required to include? -
|| || || || || || || || || || || || || || || ||
✔✔The name of their brokerage and franchise (if applicable). || || || || || || || ||
Under agency law in Illinois disclosed dual agency is? - ✔✔Legal with the consent of all parties.
|| || || || || || || || || || || || || || || ||
How many days must an aggrieved person give written notice to the Department within 30 days
|| || || || || || || || || || || || || || || ||
of the entry of any judgment that may result in collection from the Real Estate Recovery Fund? -
|| || || || || || || || || || || || || || || || || ||
✔✔30 Days ||
Per section 15-75 of the Illinois Real Estate License Act, there are minimum services required
|| || || || || || || || || || || || || || ||
when there is an exclusive brokerage agreement in place. Which of the following of these
|| || || || || || || || || || || || || || ||
examples is NOT required? - ✔✔Concealing adverse facts pertaining to the physical condition of
|| || || || || || || || || || || || || ||
solutions
What is the name given to the Illinois license laws under which real estate brokers practice? -
|| || || || || || || || || || || || || || || || ||
✔✔Real Estate License Act of 2000 || || || || ||
Practicing real estate without a license, and could result in being fined up to what? - ✔✔$25,000
|| || || || || || || || || || || || || || || || ||
per event. ||
How long must real estate brokers keep records in Illinois? - ✔✔5 Years.
|| || || || || || || || || || || ||
The ruling of Chicago Bar Association, et al. v. Quinlan and Tyson, Inc has to deal with what? -
|| || || || || || || || || || || || || || || || || || ||
✔✔Placing certain limitations on real estate licensees in drafting a contract of sale. || || || || || || || || || || || ||
What is the minimum age to become a real estate broker in Illinois? - ✔✔18 Years.
|| || || || || || || || || || || || || || ||
In terms of financing involved for a real estate purchase, which custom is practiced in Illinois? -
|| || || || || || || || || || || || || || || || ||
✔✔Lien Theory. ||
Cassidy is selling a home in Springfield. She found out the homeowner named Peter has AIDS. Is
|| || || || || || || || || || || || || || || || ||
she required to disclose the fact Peter has aids to the public? - ✔✔No.
|| || || || || || || || || || || || ||
What year was the ruling of Chicago Bar Association, et al. v. Quinlan and Tyson, Inc? -
|| || || || || || || || || || || || || || || || ||
✔✔1966.
A real estate broker named Matt is filling in the blanks on a real estate sales contract. He writes on
|| || || || || || || || || || || || || || || || || || ||
the contract that his client, the buyer, would like 2% of the sales price at closing to cover closing
|| || || || || || || || || || || || || || || || || || || ||
costs and assorted fees. In this instance, Matt is doing what? - ✔✔Violating Chicago Bar
|| || || || || || || || || || || || || || ||
Association, et al. v. Quinlan and Tyson, Inc. || || || || || || ||
, In Illinois, the relationship in which the agent is held in a position of special trust and confidence
|| || || || || || || || || || || || || || || || || ||
by the principal is called a: - ✔✔Fiduciary relationship.
|| || || || || || || ||
The Illinois Human Rights Act recognizes and protects age for persons above the age of what? -
|| || || || || || || || || || || || || || || || ||
✔✔40 years or older. || || ||
According to Illinois law, licensees must give disclosure of their status to who? - ✔✔Clients and
|| || || || || || || || || || || || || || || ||
Customers
What is the minimum age to obtain a managing broker's license in Illinois? - ✔✔20.
|| || || || || || || || || || || || || ||
Illinois has a real estate license reciprocity agreement with: - ✔✔Some States; Colorado,
|| || || || || || || || || || || || ||
Connecticut, Florida, Georgia, Indiana, Iowa, Nebraska, Wisconsin || || || || || ||
An unlicensed employee may NOT do the following? - ✔✔Negotiate or agree to any
|| || || || || || || || || || || || || ||
commission, commission split, management fee, or referral fee on behalf of a licensee. || || || || || || || || || || || ||
If an Illinois real license agent places an ad on the Internet offering his services as a real estate
|| || || || || || || || || || || || || || || || || || ||
agent. Under state law, at a minimum, what are Illinois real licensees required to include? -
|| || || || || || || || || || || || || || || ||
✔✔The name of their brokerage and franchise (if applicable). || || || || || || || ||
Under agency law in Illinois disclosed dual agency is? - ✔✔Legal with the consent of all parties.
|| || || || || || || || || || || || || || || ||
How many days must an aggrieved person give written notice to the Department within 30 days
|| || || || || || || || || || || || || || || ||
of the entry of any judgment that may result in collection from the Real Estate Recovery Fund? -
|| || || || || || || || || || || || || || || || || ||
✔✔30 Days ||
Per section 15-75 of the Illinois Real Estate License Act, there are minimum services required
|| || || || || || || || || || || || || || ||
when there is an exclusive brokerage agreement in place. Which of the following of these
|| || || || || || || || || || || || || || ||
examples is NOT required? - ✔✔Concealing adverse facts pertaining to the physical condition of
|| || || || || || || || || || || || || ||
