Illinois Aceable Agent Exam Questions and
Answers
Question 1
In Illinois, if an owner defaults on a mortgage loan and the property is ordered sold at
a foreclosure sale, the owner may redeem the property
a. after the sale, under the statutory right of redemption.
b. before the sale, under the statutory right of redemption.
c. after the sale, under the statutory right of reinstatement.
d. before the sale, under the equitable right of redemption.
Correct Answer
d. before the sale, under the equitable right of redemption.
Question 2
In Illinois, which of these must be disclosed?
a. Stigmatized property
b. Dual agency
c. Registered sex offenders
d. Single agency
Correct Answer
b. Dual agency
Question 3
Arthur, a listing agent, is holding an open house for his client. Ivonne, enters the open
house and likes it. She begins to ask questions about how much she should offer and
what her best negotiation tactics would be. Arthur is happy to answer all of her
questions. In this situation, which of the following is TRUE?
a. Arthur should do what's necessary to make the deal happen.
b. Since Ivonne verbally said she'd like help, Arthur should answer all her questions.
c. As long as Arthur has given Ivonne a Disclosure of No Agency, he should be fine.
d. Arthur is acting as an undisclosed dual agent.
Correct Answer
d. Arthur is acting as an undisclosed dual agent.
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,Question 4
Residential structures constructed prior to which year require lead-based paint
disclosure?
a. 1958
b. 1978
c. 1948
d. 1968
Correct Answer
b. 1978
Question 5
In Illinois, when a tenant is in default only for the failure to pay rent on time, how
much written notice is a landlord required to give before terminating the lease?
a. 0 days
b. 3 days
c. 5 days
d. 10 days
Correct Answer
c. 5 days
Question 6
Under what circumstances, according to the Illinois Human Rights Act, may a religious
organization only rent or sell to those of the same religion?
a. Only if such religious membership is not restricted by race, color or national origin.
b. Only when the membership is approved by the Act.
c. Only when given written permission by the IDFPR.
d. Under no circumstances.
Correct Answer
a. Only if such religious membership is not restricted by race, color or national
origin.
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, Question 7
At what age is a person considered elderly under the Illinois Human Rights Act?
a. Over 62
b. Over 55
c. Over 40
d. Over 45
Correct Answer
c. Over 40
Question 8
When a broker passes the license examination, the first proof of the eligibility to
engage in real estate activities in Illinois is a
a. pass card.
b. sponsor card.
c. pocket card.
d. license.
Correct Answer
b. sponsor card.
Question 9
An Illinois real estate broker is also a part owner of a title insurance company. The
broker has registered with the appropriate state agency and has disclosed the
relationship to the owner of a farm. In this situation, can the broker recommend that
this title insurance company produce the title insurance policy when the farm sells?
a. Yes; the broker has fully complied with the requirements of the Illinois Title
Insurance Act.
b. Yes; because the broker is only a part owner of the title insurance company, the
provisions of the Illinois Title Insurance Act do not apply.
c. Yes; the broker can recommend the company if the broker also discloses her
ownership interest to both her clients.
d. No; the broker must also obtain the written permission of her client.
Correct Answer
c. Yes; the broker can recommend the company if the broker also discloses her
ownership interest to both her clients.
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Answers
Question 1
In Illinois, if an owner defaults on a mortgage loan and the property is ordered sold at
a foreclosure sale, the owner may redeem the property
a. after the sale, under the statutory right of redemption.
b. before the sale, under the statutory right of redemption.
c. after the sale, under the statutory right of reinstatement.
d. before the sale, under the equitable right of redemption.
Correct Answer
d. before the sale, under the equitable right of redemption.
Question 2
In Illinois, which of these must be disclosed?
a. Stigmatized property
b. Dual agency
c. Registered sex offenders
d. Single agency
Correct Answer
b. Dual agency
Question 3
Arthur, a listing agent, is holding an open house for his client. Ivonne, enters the open
house and likes it. She begins to ask questions about how much she should offer and
what her best negotiation tactics would be. Arthur is happy to answer all of her
questions. In this situation, which of the following is TRUE?
a. Arthur should do what's necessary to make the deal happen.
b. Since Ivonne verbally said she'd like help, Arthur should answer all her questions.
c. As long as Arthur has given Ivonne a Disclosure of No Agency, he should be fine.
d. Arthur is acting as an undisclosed dual agent.
Correct Answer
d. Arthur is acting as an undisclosed dual agent.
Page 1 of 18
,Question 4
Residential structures constructed prior to which year require lead-based paint
disclosure?
a. 1958
b. 1978
c. 1948
d. 1968
Correct Answer
b. 1978
Question 5
In Illinois, when a tenant is in default only for the failure to pay rent on time, how
much written notice is a landlord required to give before terminating the lease?
a. 0 days
b. 3 days
c. 5 days
d. 10 days
Correct Answer
c. 5 days
Question 6
Under what circumstances, according to the Illinois Human Rights Act, may a religious
organization only rent or sell to those of the same religion?
a. Only if such religious membership is not restricted by race, color or national origin.
b. Only when the membership is approved by the Act.
c. Only when given written permission by the IDFPR.
d. Under no circumstances.
Correct Answer
a. Only if such religious membership is not restricted by race, color or national
origin.
Page 2 of 18
, Question 7
At what age is a person considered elderly under the Illinois Human Rights Act?
a. Over 62
b. Over 55
c. Over 40
d. Over 45
Correct Answer
c. Over 40
Question 8
When a broker passes the license examination, the first proof of the eligibility to
engage in real estate activities in Illinois is a
a. pass card.
b. sponsor card.
c. pocket card.
d. license.
Correct Answer
b. sponsor card.
Question 9
An Illinois real estate broker is also a part owner of a title insurance company. The
broker has registered with the appropriate state agency and has disclosed the
relationship to the owner of a farm. In this situation, can the broker recommend that
this title insurance company produce the title insurance policy when the farm sells?
a. Yes; the broker has fully complied with the requirements of the Illinois Title
Insurance Act.
b. Yes; because the broker is only a part owner of the title insurance company, the
provisions of the Illinois Title Insurance Act do not apply.
c. Yes; the broker can recommend the company if the broker also discloses her
ownership interest to both her clients.
d. No; the broker must also obtain the written permission of her client.
Correct Answer
c. Yes; the broker can recommend the company if the broker also discloses her
ownership interest to both her clients.
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