Test Questions & Verified Answers |
Quiz_________________?
$10,000 -
ANSWER✅
What is the maximum civil penalty may be ordered against a person who violates the Illinois
Human Rights Act for the first time?
Quiz_________________?
$15,000 -
ANSWER✅
How much of a homestead estate is an individual entitled to in his Illinois residence?
Quiz_________________?
$2,000 plus 1.5 percent of the $2,000 as a penalty -
ANSWER✅
In Lake County, the first installment of a tax bill came out on May 1. If the taxes are $4,000
a year, and the owner pays the first installment on June 3, what will his liability be?
1
, Quiz_________________?
$3,603.75 ($150,000/3 = $50,000 - $3,500 = $46,500/100 = $465*7.750 = $3,603.75) -
ANSWER✅
In Illinois, the market value of a home is $150,000. Of this amount, $25,000 is the value
given to the land and $125,000 is the considered improvements. The owners have filed for
their $3,500 homeowner's exemption, and it has been granted. If the total tax levy on the
property will be 7.750 per $100, how much will their real estate taxes be?
Quiz_________________?
120-day leasing agent permit. -
ANSWER✅
A broker has hired an unlicensed person as a leasing agent. What, if anything, allows an
unlicensed person to function as a leasing agent?
Quiz_________________?
15 days. -
ANSWER✅
How soon must any changes in managing brokers, branch, or principal offices be reported
to the Division?
Quiz_________________?
15 hours -
ANSWER✅
A leasing agent license requires how many hours of classroom time?
Quiz_________________?
2
, 18 -
ANSWER✅
In Illinois, the age an individual may enter legally enforceable contracts (with no exceptions)
and is of legal competence is:
Quiz_________________?
20 years -
ANSWER✅
In Illinois, the prescriptive period to acquire an easement or adverse possession is:
Quiz_________________?
20 years -
ANSWER✅
Unless extended, trusts in Illinois can continue for
Quiz_________________?
24 hours -
ANSWER✅
Within what time frame must a managing broker notify the Division of any change of
business address of the offices they manage?
Quiz_________________?
25 or more lots with a 48-hour cancellation period. -
ANSWER✅
3
, According to the Illinois Land Sales Registration Act, how many lots must there be for the
act to apply and what would be the contract cancellation period if the buyers do NOT
receive the property report.
Quiz_________________?
30 days -
ANSWER✅
If the Secretary immediately suspends a person's license, the Division must convene a
hearing within:
Quiz_________________?
30 hours of post-licensure education, as defined by administrative rule. -
ANSWER✅
After April 30, 2012, as an alternative to passing the proficiency exam given by AMP, what
are the requirements for converting a salesperson's license to a broker license?
Quiz_________________?
33.33% of fair market value. -
ANSWER✅
Outside Cook County, real estate in Illinois is assessed at
Quiz_________________?
40 -
ANSWER✅
Under the Illinois Human Rights Act, an elderly person is defined as any person over the age
of
4
Quiz_________________?
$10,000 -
ANSWER✅
What is the maximum civil penalty may be ordered against a person who violates the Illinois
Human Rights Act for the first time?
Quiz_________________?
$15,000 -
ANSWER✅
How much of a homestead estate is an individual entitled to in his Illinois residence?
Quiz_________________?
$2,000 plus 1.5 percent of the $2,000 as a penalty -
ANSWER✅
In Lake County, the first installment of a tax bill came out on May 1. If the taxes are $4,000
a year, and the owner pays the first installment on June 3, what will his liability be?
1
, Quiz_________________?
$3,603.75 ($150,000/3 = $50,000 - $3,500 = $46,500/100 = $465*7.750 = $3,603.75) -
ANSWER✅
In Illinois, the market value of a home is $150,000. Of this amount, $25,000 is the value
given to the land and $125,000 is the considered improvements. The owners have filed for
their $3,500 homeowner's exemption, and it has been granted. If the total tax levy on the
property will be 7.750 per $100, how much will their real estate taxes be?
Quiz_________________?
120-day leasing agent permit. -
ANSWER✅
A broker has hired an unlicensed person as a leasing agent. What, if anything, allows an
unlicensed person to function as a leasing agent?
Quiz_________________?
15 days. -
ANSWER✅
How soon must any changes in managing brokers, branch, or principal offices be reported
to the Division?
Quiz_________________?
15 hours -
ANSWER✅
A leasing agent license requires how many hours of classroom time?
Quiz_________________?
2
, 18 -
ANSWER✅
In Illinois, the age an individual may enter legally enforceable contracts (with no exceptions)
and is of legal competence is:
Quiz_________________?
20 years -
ANSWER✅
In Illinois, the prescriptive period to acquire an easement or adverse possession is:
Quiz_________________?
20 years -
ANSWER✅
Unless extended, trusts in Illinois can continue for
Quiz_________________?
24 hours -
ANSWER✅
Within what time frame must a managing broker notify the Division of any change of
business address of the offices they manage?
Quiz_________________?
25 or more lots with a 48-hour cancellation period. -
ANSWER✅
3
, According to the Illinois Land Sales Registration Act, how many lots must there be for the
act to apply and what would be the contract cancellation period if the buyers do NOT
receive the property report.
Quiz_________________?
30 days -
ANSWER✅
If the Secretary immediately suspends a person's license, the Division must convene a
hearing within:
Quiz_________________?
30 hours of post-licensure education, as defined by administrative rule. -
ANSWER✅
After April 30, 2012, as an alternative to passing the proficiency exam given by AMP, what
are the requirements for converting a salesperson's license to a broker license?
Quiz_________________?
33.33% of fair market value. -
ANSWER✅
Outside Cook County, real estate in Illinois is assessed at
Quiz_________________?
40 -
ANSWER✅
Under the Illinois Human Rights Act, an elderly person is defined as any person over the age
of
4
