ILLINOIS REAL ESTATE LATEST EVALUATION EXAM
QUESTIONS AND ANSWERS SURE A+
✔✔Listing agreements must include: - ✔✔- Designated Agency Disclosure
- Commission Clause
- Disclosure of sharing commission
✔✔Advertising - ✔✔- advertising in any media she'll be under the direct supervision of
the sponsoring or designated managing broker
- MUST have the sponsoring brokers name or else it's a BLIND AD
- on Web pages, MUST have the geographical area/city the property is in.
- Must get consent and written permission to advertise from the client
✔✔DESIGNATED MANAGING BROKERS: - ✔✔-responsible for the supervision of all
licensees
-Should supervise a special accounts of the company
-Handle all earnest money/escrow contract negotiations for all the transactions
✔✔Confidential information shared by the Licensee - ✔✔IF: the client permits the
disclosure
The disclosure is required by law
The information becomes public from the source other than the licensee
✔✔Bureau - ✔✔Responsible to license and regulate brokers, leasing agents, real
estate firms, appraisers auctioneers etc.
✔✔License laws - ✔✔Regulate the industry in Illinois for the intention of protecting the
public
✔✔Blind advertisement - ✔✔Does not include the sponsoring broker's name
✔✔Compensation - ✔✔Given by one person or entity to another person in exchange for
the performance of some activity or service.
✔✔Personal checks, cashiers checks, money orders, cash: - ✔✔earnest money deposit
forms
✔✔Sponsoring brokers dispersing funds after termination: - ✔✔- No earlier than the day
the transaction is terminated and not later than the next business day, UNLESS written
consent from all parties
✔✔Non-interest bearing & at federally insured depository - ✔✔What type of account
must an escrow account be and where must it be maintained?
, ✔✔Sponsoring brokers - ✔✔All licensees should immediately give earnest money
checks to:
✔✔The next business day - ✔✔Earnest money must be deposited by
✔✔Sponsoring broker or authorized agent - ✔✔Who can withdraw funds from the
escrow account?
✔✔5 years have passed / 6 months have elapsed - ✔✔Escrow funds become
unclaimed IF
✔✔Bookkeeping system - ✔✔Each sponsoring broker who accepts earnest money
must maintain a
✔✔Journal / Ledger - ✔✔Sponsoring broker must keep a _______ for each escrow
account & maintain a _____ for each transaction
✔✔30 days - ✔✔If escrow records are lost the sponsoring broker must report the loss to
the division within:
✔✔Be in bold print - ✔✔A property manager must maintain security deposits in escrow
account for the duration of the lease unless the tenant waves requirement in writing, it
MUST
✔✔Changes to escrow account - ✔✔If a sponsoring broker makes a change to an
escrow account, The Broker must submit a new form to the Division within 10 days of
the change
✔✔They must be in writing - ✔✔What does the Illinois Administrative code say about all
the exclusive brokerage agreements?
✔✔Only fill in blanks and make the appropriate deletions on already printed form
contracts. - ✔✔What are licensees authorized to do when writing sales contracts?
✔✔Statutory Duties - ✔✔List three statutory duties a licensee has towards a client
according to Illinois law:
1) Acting in accordance with the brokerage agreement
2) promoting the best interest of the client
3) Exercising skill & care in performing all duties
There are other correct answers
✔✔When it is associated with her or his own transaction - ✔✔When may a licensee
legally receive a rebate or incentive for giving a referral?
QUESTIONS AND ANSWERS SURE A+
✔✔Listing agreements must include: - ✔✔- Designated Agency Disclosure
- Commission Clause
- Disclosure of sharing commission
✔✔Advertising - ✔✔- advertising in any media she'll be under the direct supervision of
the sponsoring or designated managing broker
- MUST have the sponsoring brokers name or else it's a BLIND AD
- on Web pages, MUST have the geographical area/city the property is in.
- Must get consent and written permission to advertise from the client
✔✔DESIGNATED MANAGING BROKERS: - ✔✔-responsible for the supervision of all
licensees
-Should supervise a special accounts of the company
-Handle all earnest money/escrow contract negotiations for all the transactions
✔✔Confidential information shared by the Licensee - ✔✔IF: the client permits the
disclosure
The disclosure is required by law
The information becomes public from the source other than the licensee
✔✔Bureau - ✔✔Responsible to license and regulate brokers, leasing agents, real
estate firms, appraisers auctioneers etc.
✔✔License laws - ✔✔Regulate the industry in Illinois for the intention of protecting the
public
✔✔Blind advertisement - ✔✔Does not include the sponsoring broker's name
✔✔Compensation - ✔✔Given by one person or entity to another person in exchange for
the performance of some activity or service.
✔✔Personal checks, cashiers checks, money orders, cash: - ✔✔earnest money deposit
forms
✔✔Sponsoring brokers dispersing funds after termination: - ✔✔- No earlier than the day
the transaction is terminated and not later than the next business day, UNLESS written
consent from all parties
✔✔Non-interest bearing & at federally insured depository - ✔✔What type of account
must an escrow account be and where must it be maintained?
, ✔✔Sponsoring brokers - ✔✔All licensees should immediately give earnest money
checks to:
✔✔The next business day - ✔✔Earnest money must be deposited by
✔✔Sponsoring broker or authorized agent - ✔✔Who can withdraw funds from the
escrow account?
✔✔5 years have passed / 6 months have elapsed - ✔✔Escrow funds become
unclaimed IF
✔✔Bookkeeping system - ✔✔Each sponsoring broker who accepts earnest money
must maintain a
✔✔Journal / Ledger - ✔✔Sponsoring broker must keep a _______ for each escrow
account & maintain a _____ for each transaction
✔✔30 days - ✔✔If escrow records are lost the sponsoring broker must report the loss to
the division within:
✔✔Be in bold print - ✔✔A property manager must maintain security deposits in escrow
account for the duration of the lease unless the tenant waves requirement in writing, it
MUST
✔✔Changes to escrow account - ✔✔If a sponsoring broker makes a change to an
escrow account, The Broker must submit a new form to the Division within 10 days of
the change
✔✔They must be in writing - ✔✔What does the Illinois Administrative code say about all
the exclusive brokerage agreements?
✔✔Only fill in blanks and make the appropriate deletions on already printed form
contracts. - ✔✔What are licensees authorized to do when writing sales contracts?
✔✔Statutory Duties - ✔✔List three statutory duties a licensee has towards a client
according to Illinois law:
1) Acting in accordance with the brokerage agreement
2) promoting the best interest of the client
3) Exercising skill & care in performing all duties
There are other correct answers
✔✔When it is associated with her or his own transaction - ✔✔When may a licensee
legally receive a rebate or incentive for giving a referral?
