1|Page
Illinois Leasing Agent Exam Practice , Most Recent
Exam 2026 Actual Complete Real Exam Questions And
Correct Answers ||Verified Exam!! (Verified Answers)
Already Graded A+!!! Newest Exam!!!
What is the general purpose for cities to require building
permits?
a. Permit fees are income for the city
b. Control the amount of building allowed
c. To supersede deed restrictions
d. To require a minimum level of construction standards -
Answers-d. To require a minimum level of construction
standards
What is a true statement regarding the recording of a
deed?
a. Recording a deed establishes ownership rights
b. Recording a deed is optional
c. Recording a deed transfers mortgage responsibility
d. Recording a deed protects against property taxes -
Answers-a. Recording a deed establishes ownership
rights
,2|Page
The city of Brownwood plans to build a new water
treatment facility but the land that is required is privately
owned. Eminent domain allows the city to:
a. Take possession of the land with no compensation to
the property owner
b. Do nothing. The city does not own the land and they
cannot take it
c. Ask the property owner to donate the land
d. Take possession of the land against the owner's wishes,
yet the owner must be compensated - Answers-d. Take
possession of the land against the owner's wishes, yet the
owner must be compensated
When the appraised value of a property is given, it is
based on:
a. Comparable sales
b. A lower purchase price
c. None of these
d. An exact determination of market value - Answers-a.
Comparable sales
,3|Page
Agent Brook is preparing for a listing appointment and has
gathered info to prepare a report of recent market data for
the seller to review. The report agents reconcile to obtain a
reasonable list price for a property based on current
listings, recent sales, and expired would be called:
a. Comparable Marketing Analytics (CMA)
b. Broker Price Opinion (BPO)
c. Comparative Market Analysis (CMA)
d. Agent Market Analysis (AMA) - Answers-c. Comparative
Market Analysis (CMA)
What does the term "merchantable title" (or "marketable
title") refer to?
a. A title free from defects and legal encumbrances
b. A title with high market value
c. A title related to commercial properties
d. A title granted to merchants - Answers-a. A title free
from defects and legal encumbrances
Jon's Tire Store is being built across the street from Big
Bob's Tires. What appraisal principle describes this
situation?
, 4|Page
a. Substitution
b. Plottage
c. Competition
d. Progression - Answers-c. Competition
If a landlord receives rent at the start of the month and
sells the property ten days later, how should the rent be
prorated at settlement?
a. No proration is needed
b. The entire month's rent is credited to the seller
c. The entire month's rent is credited to the buyer
d. The rent is divided based on the number of days owned
by the seller and the buyer - Answers-d. The rent is
divided based on the number of days owned by the seller
and the buyer
Which statement indicates that any verbal discussions
made prior to a written contract are invalidated and cannot
be considered?
a. Statue of Frauds
b. Parol of Evidence Rule
c. Doctrine of Laches
Illinois Leasing Agent Exam Practice , Most Recent
Exam 2026 Actual Complete Real Exam Questions And
Correct Answers ||Verified Exam!! (Verified Answers)
Already Graded A+!!! Newest Exam!!!
What is the general purpose for cities to require building
permits?
a. Permit fees are income for the city
b. Control the amount of building allowed
c. To supersede deed restrictions
d. To require a minimum level of construction standards -
Answers-d. To require a minimum level of construction
standards
What is a true statement regarding the recording of a
deed?
a. Recording a deed establishes ownership rights
b. Recording a deed is optional
c. Recording a deed transfers mortgage responsibility
d. Recording a deed protects against property taxes -
Answers-a. Recording a deed establishes ownership
rights
,2|Page
The city of Brownwood plans to build a new water
treatment facility but the land that is required is privately
owned. Eminent domain allows the city to:
a. Take possession of the land with no compensation to
the property owner
b. Do nothing. The city does not own the land and they
cannot take it
c. Ask the property owner to donate the land
d. Take possession of the land against the owner's wishes,
yet the owner must be compensated - Answers-d. Take
possession of the land against the owner's wishes, yet the
owner must be compensated
When the appraised value of a property is given, it is
based on:
a. Comparable sales
b. A lower purchase price
c. None of these
d. An exact determination of market value - Answers-a.
Comparable sales
,3|Page
Agent Brook is preparing for a listing appointment and has
gathered info to prepare a report of recent market data for
the seller to review. The report agents reconcile to obtain a
reasonable list price for a property based on current
listings, recent sales, and expired would be called:
a. Comparable Marketing Analytics (CMA)
b. Broker Price Opinion (BPO)
c. Comparative Market Analysis (CMA)
d. Agent Market Analysis (AMA) - Answers-c. Comparative
Market Analysis (CMA)
What does the term "merchantable title" (or "marketable
title") refer to?
a. A title free from defects and legal encumbrances
b. A title with high market value
c. A title related to commercial properties
d. A title granted to merchants - Answers-a. A title free
from defects and legal encumbrances
Jon's Tire Store is being built across the street from Big
Bob's Tires. What appraisal principle describes this
situation?
, 4|Page
a. Substitution
b. Plottage
c. Competition
d. Progression - Answers-c. Competition
If a landlord receives rent at the start of the month and
sells the property ten days later, how should the rent be
prorated at settlement?
a. No proration is needed
b. The entire month's rent is credited to the seller
c. The entire month's rent is credited to the buyer
d. The rent is divided based on the number of days owned
by the seller and the buyer - Answers-d. The rent is
divided based on the number of days owned by the seller
and the buyer
Which statement indicates that any verbal discussions
made prior to a written contract are invalidated and cannot
be considered?
a. Statue of Frauds
b. Parol of Evidence Rule
c. Doctrine of Laches
