ILLINOIS REAL ESTATE EXAMS TEST PAPER 2026
QUESTIONS AND ANSWERS SURE A+
✔✔Truth in Lending Act (TILA) - ✔✔known as Regulation Z, is a United States federal
law which protects consumers in credit transactions- clear disclosure of the lending
arrangement and all costs must be given to the borrower. (APR)
FTC (Fed Trade Commission) enforces TILA.
✔✔Buyer-Clients - ✔✔the Party that must receive a disclosure about the existence of
contemporaneous offers
✔✔Affiliated business relationships - ✔✔Are allowed by RESPA if disclosed to
consumers
✔✔30 days written notice - ✔✔In ILLINOIS periodic tenancy ( month to month ) leases
requires ___ days written notice to make changes
✔✔must fulfill the license requirements all over again - ✔✔Licensees have up to the
next renewal (2 years) to renew or they:
✔✔Illinois Radon Awareness Act - ✔✔Which law requires the disclosure of hazardous
radioactive gas in a residential property below the third floor?
✔✔10-day notice - ✔✔in Illinois, tenants who are about to be evicted for reasons other
than non-payment of rent must be given which of the following disclosures?
✔✔5 day notice - ✔✔In Illinois a tenant being evicted for non-payment of rent is given a
✔✔Marsha should suggest improvements and is required by law to make the
disclosures - ✔✔Marsha is a broker at Johnson Realty and has listed a rundown
property. The owner has not made any effort to fix it up over the years and has ignored
Marsha's suggestions. Ron, one of Marsha's brokers, wants to buy the property. Which
statement is TRUE?
✔✔When the property is listed for sale - ✔✔When is the Residential Real Property
Disclosure Report form usually completed?
✔✔being a dual agent in your own transaction in Illinois: - ✔✔A licensee selling their
own real estate is not allowed to be a dual agent under Illinois law even with disclosure.
✔✔30 days suspension & have a hearing during this time. - ✔✔The secretary of IDFPR
has broad emergency powers to protect the public, including suspending a real estate
licensee's license for --- days. Within this time the licensee must have a hearing.
, ✔✔18 months - ✔✔In Illinois consumers may be contacted for up to ___ months after a
business dealing with that consumer even on the DO NOT CALL list
✔✔advertising through email MUST have an OPT OUT option for all emails - ✔✔The
Can spam act says what?
✔✔a municipality to enact zoning - ✔✔Enabling acts in Illinois give:
✔✔5 years - ✔✔Illinois license law says a Broker must keep all Real estate transactions
for a period of
✔✔A licensee advertising "Free Appraisal Of Your Home!" - ✔✔this is ILLEGAL.
Under Illinois law, a broker cannot claim a CMA is the same as an appraisal. Performing
an appraisal without an appraisal license is a violation of appraisal law.
✔✔licensee for a consumer - ✔✔A non-agency act is performed by a
✔✔The Illinois Coordinator of Real Estate - ✔✔The Coordinator is a real estate licensee
(except for a residential leasing agent) who surrenders his or her license to the IDFPR
during the term as Coordinator.
✔✔30 - ✔✔In order to be eligible for a pay out from the Real Estate Recovery Funds, a
wronged individual should notify the Illinois Department of Financial and Professional
Regulation (IDFPR) in writing within _____ days after the entry of the judgment.
✔✔has the right to cancel the contract within three (3) business days if a defect is
shown. - ✔✔If the buyer receives the Illinois Residential Real Property Disclosure
Report AFTER entering into a contract, the buyer
✔✔Dual Agent - ✔✔In Illinois, if a sponsoring broker designates different agents to
represent both clients in a single real estate transaction, no one is considered a
✔✔so they are readily available for inspection - ✔✔Licenses of sponsored licensees
must be maintained
✔✔Affidavit of Non-Participation - ✔✔Unlicensed individuals may own real estate
companies, but they may NOT manage or control them. They must sign an
✔✔inoperative status - ✔✔When a licensee holds a current license but is prohibited
from engaging in licensed activities because the license of the licensee's sponsoring
broker is expired, revoked, suspended, or otherwise invalid,
QUESTIONS AND ANSWERS SURE A+
✔✔Truth in Lending Act (TILA) - ✔✔known as Regulation Z, is a United States federal
law which protects consumers in credit transactions- clear disclosure of the lending
arrangement and all costs must be given to the borrower. (APR)
FTC (Fed Trade Commission) enforces TILA.
✔✔Buyer-Clients - ✔✔the Party that must receive a disclosure about the existence of
contemporaneous offers
✔✔Affiliated business relationships - ✔✔Are allowed by RESPA if disclosed to
consumers
✔✔30 days written notice - ✔✔In ILLINOIS periodic tenancy ( month to month ) leases
requires ___ days written notice to make changes
✔✔must fulfill the license requirements all over again - ✔✔Licensees have up to the
next renewal (2 years) to renew or they:
✔✔Illinois Radon Awareness Act - ✔✔Which law requires the disclosure of hazardous
radioactive gas in a residential property below the third floor?
✔✔10-day notice - ✔✔in Illinois, tenants who are about to be evicted for reasons other
than non-payment of rent must be given which of the following disclosures?
✔✔5 day notice - ✔✔In Illinois a tenant being evicted for non-payment of rent is given a
✔✔Marsha should suggest improvements and is required by law to make the
disclosures - ✔✔Marsha is a broker at Johnson Realty and has listed a rundown
property. The owner has not made any effort to fix it up over the years and has ignored
Marsha's suggestions. Ron, one of Marsha's brokers, wants to buy the property. Which
statement is TRUE?
✔✔When the property is listed for sale - ✔✔When is the Residential Real Property
Disclosure Report form usually completed?
✔✔being a dual agent in your own transaction in Illinois: - ✔✔A licensee selling their
own real estate is not allowed to be a dual agent under Illinois law even with disclosure.
✔✔30 days suspension & have a hearing during this time. - ✔✔The secretary of IDFPR
has broad emergency powers to protect the public, including suspending a real estate
licensee's license for --- days. Within this time the licensee must have a hearing.
, ✔✔18 months - ✔✔In Illinois consumers may be contacted for up to ___ months after a
business dealing with that consumer even on the DO NOT CALL list
✔✔advertising through email MUST have an OPT OUT option for all emails - ✔✔The
Can spam act says what?
✔✔a municipality to enact zoning - ✔✔Enabling acts in Illinois give:
✔✔5 years - ✔✔Illinois license law says a Broker must keep all Real estate transactions
for a period of
✔✔A licensee advertising "Free Appraisal Of Your Home!" - ✔✔this is ILLEGAL.
Under Illinois law, a broker cannot claim a CMA is the same as an appraisal. Performing
an appraisal without an appraisal license is a violation of appraisal law.
✔✔licensee for a consumer - ✔✔A non-agency act is performed by a
✔✔The Illinois Coordinator of Real Estate - ✔✔The Coordinator is a real estate licensee
(except for a residential leasing agent) who surrenders his or her license to the IDFPR
during the term as Coordinator.
✔✔30 - ✔✔In order to be eligible for a pay out from the Real Estate Recovery Funds, a
wronged individual should notify the Illinois Department of Financial and Professional
Regulation (IDFPR) in writing within _____ days after the entry of the judgment.
✔✔has the right to cancel the contract within three (3) business days if a defect is
shown. - ✔✔If the buyer receives the Illinois Residential Real Property Disclosure
Report AFTER entering into a contract, the buyer
✔✔Dual Agent - ✔✔In Illinois, if a sponsoring broker designates different agents to
represent both clients in a single real estate transaction, no one is considered a
✔✔so they are readily available for inspection - ✔✔Licenses of sponsored licensees
must be maintained
✔✔Affidavit of Non-Participation - ✔✔Unlicensed individuals may own real estate
companies, but they may NOT manage or control them. They must sign an
✔✔inoperative status - ✔✔When a licensee holds a current license but is prohibited
from engaging in licensed activities because the license of the licensee's sponsoring
broker is expired, revoked, suspended, or otherwise invalid,
