Illinois state law questions and solutions
Illinois transfer tax - Correct Answer ✔✔ - Illinois transfer tax is $.75 per $500 of sales price,
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or portion thereof and is paid by the seller. $.50 goes to the state and $.25 is retained by the
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county where the property is located. $151,050 divided by $500 = 302.10. In this case, the
mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn
.10 indicates we have a portion of the next $500 of sales price in addition to the 302 number.
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As the tax is $.75 per $500 of price, 303 times $.75 = $227.25 for transfer taxes.
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Escheat - Correct Answer ✔✔ - Real property escheats to the county where it is located.
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Personal property escheats to the state.
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Which of the following are principal meridians located in Illinois? - Correct Answer ✔✔ - 3rd
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and 4th only
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Illinois resident, dies intestate leaving his wife, two sons, and two daughters. Which of the
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following describes how the property will be distributed? - Correct Answer ✔✔ - In Illinois,
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anyone dying without a will (intestate) will have their estate divided by rules of "intestate
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succession." In this situation, those guidelines call for the wife to get half and the children to
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split the other half.
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Tenancy by the entireties - Correct Answer ✔✔ - Very similar to joint tenancy, with the
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difference being that the owners must be husband and wife
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Which of the following activities could cause an Illinois licensee to be disciplined? - Correct
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Answer ✔✔ - Failure to pay state taxes, along with failure to pay court-ordered child support
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or repay student loans, can result in license suspension or revocation.
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The largest monetary penalty, per transaction, for a license law violation in Illinois is: -
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Correct Answer ✔✔ - $25,000 is the largest fine that can be imposed by DFPR per
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transaction.
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The lot is 200' wide and 500' deep. Zoning regulations stipulate that the lot must be at least 2
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acres to be able to build on it. Would a home be allowed to be built on this lot? - Correct
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Answer ✔✔ - 200' x 500' = 100,000 square feet for the lot. 100,000 square feet divided by
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43,560 (which is the square feet per acre) = 2.3 acres for the lot size. As this lot is over 2
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acres, a home could be built on the lot.
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Illinois leasing agent licenses may be obtained with how many classroom hours and must be
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completed within how many days of beginning leasing agent activity? - Correct Answer ✔
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✔ - The class is 15 hours and a candidate must successfully complete the course and pass
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the state exam within 120 days of actually starting work.
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Which of the following is true of Illinois real estate transaction records? - Correct Answer ✔
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✔ - Illinois generally requires records to be kept a total of five years, including all active and
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Illinois transfer tax - Correct Answer ✔✔ - Illinois transfer tax is $.75 per $500 of sales price,
mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn
or portion thereof and is paid by the seller. $.50 goes to the state and $.25 is retained by the
mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn
county where the property is located. $151,050 divided by $500 = 302.10. In this case, the
mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn
.10 indicates we have a portion of the next $500 of sales price in addition to the 302 number.
mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn
As the tax is $.75 per $500 of price, 303 times $.75 = $227.25 for transfer taxes.
mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn
Escheat - Correct Answer ✔✔ - Real property escheats to the county where it is located.
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Personal property escheats to the state.
mn mn mn mn mn mn
Which of the following are principal meridians located in Illinois? - Correct Answer ✔✔ - 3rd
mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn
and 4th only
mn mn mn
Illinois resident, dies intestate leaving his wife, two sons, and two daughters. Which of the
mn mn mn mn mn mn mn mn mn mn mn mn mn mn
following describes how the property will be distributed? - Correct Answer ✔✔ - In Illinois,
mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn
anyone dying without a will (intestate) will have their estate divided by rules of "intestate
mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn
succession." In this situation, those guidelines call for the wife to get half and the children to
mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn
split the other half.
mn mn mn mn
Tenancy by the entireties - Correct Answer ✔✔ - Very similar to joint tenancy, with the
mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn
difference being that the owners must be husband and wife
mn mn mn mn mn mn mn mn mn mn
Which of the following activities could cause an Illinois licensee to be disciplined? - Correct
mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn
Answer ✔✔ - Failure to pay state taxes, along with failure to pay court-ordered child support
mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn
or repay student loans, can result in license suspension or revocation.
mn mn mn mn mn mn mn mn mn mn mn
The largest monetary penalty, per transaction, for a license law violation in Illinois is: -
mn mn mn mn mn mn mn mn mn mn mn mn mn mn
Correct Answer ✔✔ - $25,000 is the largest fine that can be imposed by DFPR per
mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn
transaction.
mn
The lot is 200' wide and 500' deep. Zoning regulations stipulate that the lot must be at least 2
mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn
acres to be able to build on it. Would a home be allowed to be built on this lot? - Correct
mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn
Answer ✔✔ - 200' x 500' = 100,000 square feet for the lot. 100,000 square feet divided by
mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn
43,560 (which is the square feet per acre) = 2.3 acres for the lot size. As this lot is over 2
mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn
acres, a home could be built on the lot.
mn mn mn mn mn mn mn mn mn
Illinois leasing agent licenses may be obtained with how many classroom hours and must be
mn mn mn mn mn mn mn mn mn mn mn mn mn mn
completed within how many days of beginning leasing agent activity? - Correct Answer ✔
mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn
✔ - The class is 15 hours and a candidate must successfully complete the course and pass
mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn
the state exam within 120 days of actually starting work.
mn mn mn mn mn mn mn mn mn mn
Which of the following is true of Illinois real estate transaction records? - Correct Answer ✔
mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn
✔ - Illinois generally requires records to be kept a total of five years, including all active and
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