ILLINOIS SUPPLEMENTAL EXAM SCRIPT 2026
COMPLETE RESPONSES APPROVED
◉ A broker wants to list a property but is getting a lot of competition
from other brokers who would also like to list it. The broker offers
the seller the following inducement to sign his listing agreement:
"I'll buy your property if it doesn't sell in 90 days." With this
inducement, the broker must do all of the following EXCEPT:
Answer: Buy the property at the agreed figure at any time during the
90 days.
◉ A broker works for weeks to put a transaction together as a dual
agent. After depositing the earnest money in her escrow account, the
broker learns that the buyer has been in a car wreck and cannot
close. The broker hopes to be reimbursed for her time, so she asks
the buyer for half the earnest money before releasing the rest to her.
Is this legal in Illinois? Answer: No, holding earnest money hostage
is illegal.
◉ Which of the following, if any, brokerage agreements must be in
writing? Answer: Any exclusive brokerage agreement
◉ What is required in an exclusive listing agreement? Answer:
Defined date of termination with no condition for automatic
extension.
,◉ What is required in an exclusive buyer brokerage agreement?
Answer: Anti-discrimination clause.
◉ Listings based on a net price are: Answer: Legal in Illinois but not
recommended.
◉ The sponsoring broker is worried that some of her newer
sponsored licensees may make mistakes. She added an exculpatory
clause to her brokerage agreements to limit her liability. Is this a
good solution? Answer: No, exculpatory clauses are forbidden.
◉ A broker did a superior job for his seller. The contract he is going
to present is for $25,000 over list price. The broker is going to
demand an additional 1% commission before he presents the
contract to the seller. Is this appropriate? Answer: No, it is violating
the law.
◉ In Illinois, a consumer working with a real estate licensee can:
Answer: Generally assume that the consumer is being represented
by the real estate licensee.
◉ Upon obtaining a listing, a listing broker is obligated by Illinois
law to: Answer: Give the person or persons signing the listing a copy
within 24 hours.
,◉ Which of the following actions is legal and NOT a violation of
Illinois license law? Answer: Placing a For Sale sign in front of a
house after asking the seller's permission and receiving written
permission to do so.
◉ A real estate broker made an agreement with the seller to keep
any amount received over the listed price as compensation. In
Illinois, this is viewed as: Answer: A net listing, which is legal in
Illinois but not recommended.
◉ In Illinois, all of the following must appear in a written listing
agreement EXCEPT: Answer: The complete legal description of the
property being sold.
◉ A broker signs a listing agreement with a seller. The agreement
contains this clause: "If the property has not been sold after three
months from date of this signing, this agreement will automatically
continue for additional three-month periods until the property
sells." Such an agreement: Answer: Is illegal in Illinois.
◉ All of the following agreements must be in writing EXCEPT:
Answer: An open listing.
, ◉ The listing agreement with a seller has expired and the seller lists
with a different firm. The original listing agent now has a buyer
interested in the seller's property. The original listing agent: Answer:
Cannot disclose to the buyer offers received on the seller's property
when it was listed with him.
◉ Buyer brokerage contracts in Illinois: Answer: Must be in writing
to be enforceable.
◉ If a minor enters into a contract in Illinois, what is the statutory
period within which she may legally void the contract after reaching
the age of majority? Answer: There is no statutory period.
◉ Who is responsible for drafting a company's listing agreement?
Answer: An attorney working with a broker.
◉ What needs to be in letters larger than those used in the rest of
the listing agreement? Answer: Earnest Money and Purchaser's
Default.
◉ Which of the following duties must a licensee observe even when
the transaction is completed? Answer: Confidentiality
◉ A licensee represents the seller. The seller has confided certain
information to the listing agent. Which of the following should NOT
COMPLETE RESPONSES APPROVED
◉ A broker wants to list a property but is getting a lot of competition
from other brokers who would also like to list it. The broker offers
the seller the following inducement to sign his listing agreement:
"I'll buy your property if it doesn't sell in 90 days." With this
inducement, the broker must do all of the following EXCEPT:
Answer: Buy the property at the agreed figure at any time during the
90 days.
◉ A broker works for weeks to put a transaction together as a dual
agent. After depositing the earnest money in her escrow account, the
broker learns that the buyer has been in a car wreck and cannot
close. The broker hopes to be reimbursed for her time, so she asks
the buyer for half the earnest money before releasing the rest to her.
Is this legal in Illinois? Answer: No, holding earnest money hostage
is illegal.
◉ Which of the following, if any, brokerage agreements must be in
writing? Answer: Any exclusive brokerage agreement
◉ What is required in an exclusive listing agreement? Answer:
Defined date of termination with no condition for automatic
extension.
,◉ What is required in an exclusive buyer brokerage agreement?
Answer: Anti-discrimination clause.
◉ Listings based on a net price are: Answer: Legal in Illinois but not
recommended.
◉ The sponsoring broker is worried that some of her newer
sponsored licensees may make mistakes. She added an exculpatory
clause to her brokerage agreements to limit her liability. Is this a
good solution? Answer: No, exculpatory clauses are forbidden.
◉ A broker did a superior job for his seller. The contract he is going
to present is for $25,000 over list price. The broker is going to
demand an additional 1% commission before he presents the
contract to the seller. Is this appropriate? Answer: No, it is violating
the law.
◉ In Illinois, a consumer working with a real estate licensee can:
Answer: Generally assume that the consumer is being represented
by the real estate licensee.
◉ Upon obtaining a listing, a listing broker is obligated by Illinois
law to: Answer: Give the person or persons signing the listing a copy
within 24 hours.
,◉ Which of the following actions is legal and NOT a violation of
Illinois license law? Answer: Placing a For Sale sign in front of a
house after asking the seller's permission and receiving written
permission to do so.
◉ A real estate broker made an agreement with the seller to keep
any amount received over the listed price as compensation. In
Illinois, this is viewed as: Answer: A net listing, which is legal in
Illinois but not recommended.
◉ In Illinois, all of the following must appear in a written listing
agreement EXCEPT: Answer: The complete legal description of the
property being sold.
◉ A broker signs a listing agreement with a seller. The agreement
contains this clause: "If the property has not been sold after three
months from date of this signing, this agreement will automatically
continue for additional three-month periods until the property
sells." Such an agreement: Answer: Is illegal in Illinois.
◉ All of the following agreements must be in writing EXCEPT:
Answer: An open listing.
, ◉ The listing agreement with a seller has expired and the seller lists
with a different firm. The original listing agent now has a buyer
interested in the seller's property. The original listing agent: Answer:
Cannot disclose to the buyer offers received on the seller's property
when it was listed with him.
◉ Buyer brokerage contracts in Illinois: Answer: Must be in writing
to be enforceable.
◉ If a minor enters into a contract in Illinois, what is the statutory
period within which she may legally void the contract after reaching
the age of majority? Answer: There is no statutory period.
◉ Who is responsible for drafting a company's listing agreement?
Answer: An attorney working with a broker.
◉ What needs to be in letters larger than those used in the rest of
the listing agreement? Answer: Earnest Money and Purchaser's
Default.
◉ Which of the following duties must a licensee observe even when
the transaction is completed? Answer: Confidentiality
◉ A licensee represents the seller. The seller has confided certain
information to the listing agent. Which of the following should NOT
