ILLINOIS REAL ESTATE 2026 ACTUAL UPDATED
QUESTIONS AND ANSWERS SURE A+
✔✔CFPB (Consumer Financial Protection Bureau) - ✔✔Oversees & administers
RESPA guidelines
✔✔Title VII - ✔✔Refers to the federal fair housing laws
✔✔RESIDENT Property Managers - ✔✔Are exempt from having a real estate license
✔✔90 days - ✔✔An applicant for a managing brokers license may act as an office
manager for how many days without obtaining the managing brokers license?
✔✔immediately! - ✔✔After a Sponsoring broker sponsors a licensee, and notifys the
IDFPR-How long before sponsorships become valid?
✔✔Licensed. - ✔✔Under Illinois Real Estate License law, the activity of showing
residential dwelling units to prospective lessees requires the person to be:
✔✔Errors and omissions insurance policy - ✔✔Sponsoring brokers are NOT
REQUIRED to have:
✔✔commissions or commission splits - ✔✔Unlicensed employees MAY NOT receive:
✔✔engage in the practice of real estate - ✔✔Licensees who are sponsored but don't
have they're license YET can still:
✔✔18 - ✔✔in ILLINOIS: the minimum age to become a residential leasing agent
✔✔Licensed - ✔✔A property manager who COLLECTS RENT must be:
(the resident managers do not require one)
✔✔Inoperative; Active - ✔✔- The status of your license when you AREN'T sponsored
yet:
- The status of your license when you are:
✔✔Inoperative - ✔✔The status of your license once the Sponsoring broker ceases it so
you can leave the brokerage
✔✔Collect rent for the property - ✔✔Property managers in Illinois must be licensed real
estate brokers if they
✔✔The Illinois Real Estate Recovery Fund - ✔✔compensates individuals who have
been harmed by a licensees negligence
, ✔✔Inactive - ✔✔The license status when a broker FAILS to renew there license
✔✔Licensed - ✔✔Anyone who even offers to negotiate the sale of real estate for
another in exchange for compensation is required to be
✔✔24 hours - ✔✔The acknowledgment to sponsor a licensee must be submitted to the
IDFPR within
✔✔Terminated until the money is repaid - ✔✔When payment is made from the Fund,
the licensees license is:
✔✔One - ✔✔How many sponsoring brokers can a licensee work for at the same time
✔✔April 30 - ✔✔I licensee must complete and pass continuing education requirements
and then renew their license before:
✔✔License law and fair housing - ✔✔Courses must be on the APPROVED real estate
topics such as:
✔✔12 hours - ✔✔For brokers to renew their license how much CE do they need?
✔✔15 members appointed by governor - ✔✔The Illinois Administration and Disciplinary
Board consist of how many members and appointed by who?
✔✔20 - ✔✔The minimum age to obtain a managing brokers license in Illinois:
✔✔165 hours - ✔✔To become a managing broker in Illinois how many hours of
education must they complete?
✔✔2/12 - ✔✔Illinois Broker licensees must renew their license every _____ years and
take _____ hours of CE
✔✔Illinois Human Rights Act - ✔✔Covers the same as the federal act, and includes:
age, 40 (in Illinois is elderly) ancestry, marital status, military status, sexual orientation
or preference and order of protection.
✔✔Real Estate Sales Contract - ✔✔An agreement in which a seller promises to convey
title to real property to buyer in exchange for the purchase price
✔✔Illinois Land Sales Registration Act - ✔✔Regulates the offering, sale, lease or
assignment for unimproved or improved lots divided into 25 or more lots and offered as
part of a common promotional plan
QUESTIONS AND ANSWERS SURE A+
✔✔CFPB (Consumer Financial Protection Bureau) - ✔✔Oversees & administers
RESPA guidelines
✔✔Title VII - ✔✔Refers to the federal fair housing laws
✔✔RESIDENT Property Managers - ✔✔Are exempt from having a real estate license
✔✔90 days - ✔✔An applicant for a managing brokers license may act as an office
manager for how many days without obtaining the managing brokers license?
✔✔immediately! - ✔✔After a Sponsoring broker sponsors a licensee, and notifys the
IDFPR-How long before sponsorships become valid?
✔✔Licensed. - ✔✔Under Illinois Real Estate License law, the activity of showing
residential dwelling units to prospective lessees requires the person to be:
✔✔Errors and omissions insurance policy - ✔✔Sponsoring brokers are NOT
REQUIRED to have:
✔✔commissions or commission splits - ✔✔Unlicensed employees MAY NOT receive:
✔✔engage in the practice of real estate - ✔✔Licensees who are sponsored but don't
have they're license YET can still:
✔✔18 - ✔✔in ILLINOIS: the minimum age to become a residential leasing agent
✔✔Licensed - ✔✔A property manager who COLLECTS RENT must be:
(the resident managers do not require one)
✔✔Inoperative; Active - ✔✔- The status of your license when you AREN'T sponsored
yet:
- The status of your license when you are:
✔✔Inoperative - ✔✔The status of your license once the Sponsoring broker ceases it so
you can leave the brokerage
✔✔Collect rent for the property - ✔✔Property managers in Illinois must be licensed real
estate brokers if they
✔✔The Illinois Real Estate Recovery Fund - ✔✔compensates individuals who have
been harmed by a licensees negligence
, ✔✔Inactive - ✔✔The license status when a broker FAILS to renew there license
✔✔Licensed - ✔✔Anyone who even offers to negotiate the sale of real estate for
another in exchange for compensation is required to be
✔✔24 hours - ✔✔The acknowledgment to sponsor a licensee must be submitted to the
IDFPR within
✔✔Terminated until the money is repaid - ✔✔When payment is made from the Fund,
the licensees license is:
✔✔One - ✔✔How many sponsoring brokers can a licensee work for at the same time
✔✔April 30 - ✔✔I licensee must complete and pass continuing education requirements
and then renew their license before:
✔✔License law and fair housing - ✔✔Courses must be on the APPROVED real estate
topics such as:
✔✔12 hours - ✔✔For brokers to renew their license how much CE do they need?
✔✔15 members appointed by governor - ✔✔The Illinois Administration and Disciplinary
Board consist of how many members and appointed by who?
✔✔20 - ✔✔The minimum age to obtain a managing brokers license in Illinois:
✔✔165 hours - ✔✔To become a managing broker in Illinois how many hours of
education must they complete?
✔✔2/12 - ✔✔Illinois Broker licensees must renew their license every _____ years and
take _____ hours of CE
✔✔Illinois Human Rights Act - ✔✔Covers the same as the federal act, and includes:
age, 40 (in Illinois is elderly) ancestry, marital status, military status, sexual orientation
or preference and order of protection.
✔✔Real Estate Sales Contract - ✔✔An agreement in which a seller promises to convey
title to real property to buyer in exchange for the purchase price
✔✔Illinois Land Sales Registration Act - ✔✔Regulates the offering, sale, lease or
assignment for unimproved or improved lots divided into 25 or more lots and offered as
part of a common promotional plan
