ILLINOIS REAL ESTATE LICENCE AND PROPERTY LAW EXAM PRACTICE
QUESTIONS WITH CORRECT ANSWERS (VERIFIED ANSWERS) PLUS
RATIONALES 2026 Q&A PDF
\.How many sections are in a township? - ANSWERS-36 sections.
\.What are essential elements of a listing agreement? - ANSWERS-Names of parties, legal
description, list price, commission rate, start/end date, signatures
\.What are the four unities required for Joint Tenancy? - ANSWERS-Time, Title, Interest,
Possession (TTIP)
\.What are the seven protected classes under the Fair Housing Act? - ANSWERS-Race, Color,
Religion, National Origin, Sex, Familial Status, Disability.
\.What are the two categories of liens? - ANSWERS-Voluntary (created by the owner) and
Involuntary (created by law without consent).
\.What are the two components of the Metes & Bounds method? - ANSWERS-Metes =
distances; Bounds = directions and boundaries.
\.What defines a 'Ready, Willing & Able' buyer? - ANSWERS-A buyer who is prepared, wants to
buy, and has financial ability
\.What distinguishes a corporation/LLC in real estate brokerage? - ANSWERS-A business entity
owns the brokerage and must designate a managing broker officer.
, \.What does IDFPR stand for? - ANSWERS-Illinois Department of Financial and Professional
Regulation.
\.What does MLS stand for in real estate? - ANSWERS-Multiple Listing Service
\.What does OLD CAR stand for in fiduciary duties? - ANSWERS-Obedience, Loyalty, Disclosure,
Confidentiality, Accounting, Reasonable Care.
\.What does the acronym DEEPC represent in the bundle of rights? - ANSWERS-Disposition,
Enjoyment, Exclusion, Possession, Control.
\.What does the acronym DEEPC stand for in real property rights? - ANSWERS-Disposition,
Enjoyment, Exclusion, Possession, Control.
\.What does the acronym MARIA represent in the fixture test? - ANSWERS-Method,
Adaptability, Relationship, Intent, Agreement.
\.What does the acronym PETE stand for in government powers? - ANSWERS-Police power,
Eminent domain, Taxation, Escheat.
\.What does the Rectangular Survey method use? - ANSWERS-A grid of townships and ranges;
Illinois uses the Third Principal Meridian.
\.What does the term 'Lis Pendens' mean? - ANSWERS-A notice of a pending lawsuit; it is NOT a
lien but clouds the title.
\.What form must be provided for agency disclosure in Illinois? - ANSWERS-Disclosure of
Designated Agency form
QUESTIONS WITH CORRECT ANSWERS (VERIFIED ANSWERS) PLUS
RATIONALES 2026 Q&A PDF
\.How many sections are in a township? - ANSWERS-36 sections.
\.What are essential elements of a listing agreement? - ANSWERS-Names of parties, legal
description, list price, commission rate, start/end date, signatures
\.What are the four unities required for Joint Tenancy? - ANSWERS-Time, Title, Interest,
Possession (TTIP)
\.What are the seven protected classes under the Fair Housing Act? - ANSWERS-Race, Color,
Religion, National Origin, Sex, Familial Status, Disability.
\.What are the two categories of liens? - ANSWERS-Voluntary (created by the owner) and
Involuntary (created by law without consent).
\.What are the two components of the Metes & Bounds method? - ANSWERS-Metes =
distances; Bounds = directions and boundaries.
\.What defines a 'Ready, Willing & Able' buyer? - ANSWERS-A buyer who is prepared, wants to
buy, and has financial ability
\.What distinguishes a corporation/LLC in real estate brokerage? - ANSWERS-A business entity
owns the brokerage and must designate a managing broker officer.
, \.What does IDFPR stand for? - ANSWERS-Illinois Department of Financial and Professional
Regulation.
\.What does MLS stand for in real estate? - ANSWERS-Multiple Listing Service
\.What does OLD CAR stand for in fiduciary duties? - ANSWERS-Obedience, Loyalty, Disclosure,
Confidentiality, Accounting, Reasonable Care.
\.What does the acronym DEEPC represent in the bundle of rights? - ANSWERS-Disposition,
Enjoyment, Exclusion, Possession, Control.
\.What does the acronym DEEPC stand for in real property rights? - ANSWERS-Disposition,
Enjoyment, Exclusion, Possession, Control.
\.What does the acronym MARIA represent in the fixture test? - ANSWERS-Method,
Adaptability, Relationship, Intent, Agreement.
\.What does the acronym PETE stand for in government powers? - ANSWERS-Police power,
Eminent domain, Taxation, Escheat.
\.What does the Rectangular Survey method use? - ANSWERS-A grid of townships and ranges;
Illinois uses the Third Principal Meridian.
\.What does the term 'Lis Pendens' mean? - ANSWERS-A notice of a pending lawsuit; it is NOT a
lien but clouds the title.
\.What form must be provided for agency disclosure in Illinois? - ANSWERS-Disclosure of
Designated Agency form
