Illinois Leasing Agent License Exam
Questions Correct answers 2025/26
Update
What is the name given to the Illinois license laws under which real estate brokers
practice? - Correct AnswerReal Estate License Act of 2000
Practicing real estate without a license, and could result in being fined up to what? -
Correct Answer$25,000 per event.
How long must real estate brokers keep records in Illinois? - Correct Answer5
Years.
The ruling of Chicago Bar Association, et al. v. Quinlan and Tyson, Inc has to deal with
what? - Correct AnswerPlacing certain limitations on real estate licensees in
drafting a contract of sale.
What is the minimum age to become a real estate broker in Illinois? - Correct
Answer18 Years.
In terms of financing involved for a real estate purchase, which custom is practiced in
Illinois? - Correct AnswerLien Theory.
Cassidy is selling a home in Springfield. She found out the homeowner named Peter
has AIDS. Is she required to disclose the fact Peter has aids to the public? - Correct
AnswerNo.
What year was the ruling of Chicago Bar Association, et al. v. Quinlan and Tyson, Inc? -
Correct Answer1966.
A real estate broker named Matt is filling in the blanks on a real estate sales contract.
He writes on the contract that his client, the buyer, would like 2% of the sales price at
closing to cover closing costs and assorted fees. In this instance, Matt is doing what? -
Correct AnswerViolating Chicago Bar Association, et al. v. Quinlan and Tyson,
Inc.
, In Illinois, the relationship in which the agent is held in a position of special trust and
confidence by the principal is called a: - Correct AnswerFiduciary relationship.
The Illinois Human Rights Act recognizes and protects age for persons above the age of
what? - Correct Answer40 years or older.
According to Illinois law, licensees must give disclosure of their status to who? -
Correct AnswerClients and Customers
What is the minimum age to obtain a managing broker's license in Illinois? - Correct
Answer20.
Illinois has a real estate license reciprocity agreement with: - Correct
AnswerSome States; Colorado, Connecticut, Florida, Georgia, Indiana, Iowa,
Nebraska, Wisconsin
An unlicensed employee may NOT do the following? - Correct AnswerNegotiate
or agree to any commission, commission split, management fee, or referral fee on
behalf of a licensee.
If an Illinois real license agent places an ad on the Internet offering his services as a
real estate agent. Under state law, at a minimum, what are Illinois real licensees
required to include? - Correct AnswerThe name of their brokerage and franchise
(if applicable).
Under agency law in Illinois disclosed dual agency is? - Correct AnswerLegal
with the consent of all parties.
How many days must an aggrieved person give written notice to the Department within
30 days of the entry of any judgment that may result in collection from the Real Estate
Recovery Fund? - Correct Answer30 Days
Per section 15-75 of the Illinois Real Estate License Act, there are minimum services
required when there is an exclusive brokerage agreement in place. Which of the
following of these examples is NOT required? - Correct AnswerConcealing
adverse facts pertaining to the physical condition of the property at the client seller's
request that is known by the licensee but not by the prospective buyer.
Is Illinois a Community Property state? - Correct AnswerNo.
Questions Correct answers 2025/26
Update
What is the name given to the Illinois license laws under which real estate brokers
practice? - Correct AnswerReal Estate License Act of 2000
Practicing real estate without a license, and could result in being fined up to what? -
Correct Answer$25,000 per event.
How long must real estate brokers keep records in Illinois? - Correct Answer5
Years.
The ruling of Chicago Bar Association, et al. v. Quinlan and Tyson, Inc has to deal with
what? - Correct AnswerPlacing certain limitations on real estate licensees in
drafting a contract of sale.
What is the minimum age to become a real estate broker in Illinois? - Correct
Answer18 Years.
In terms of financing involved for a real estate purchase, which custom is practiced in
Illinois? - Correct AnswerLien Theory.
Cassidy is selling a home in Springfield. She found out the homeowner named Peter
has AIDS. Is she required to disclose the fact Peter has aids to the public? - Correct
AnswerNo.
What year was the ruling of Chicago Bar Association, et al. v. Quinlan and Tyson, Inc? -
Correct Answer1966.
A real estate broker named Matt is filling in the blanks on a real estate sales contract.
He writes on the contract that his client, the buyer, would like 2% of the sales price at
closing to cover closing costs and assorted fees. In this instance, Matt is doing what? -
Correct AnswerViolating Chicago Bar Association, et al. v. Quinlan and Tyson,
Inc.
, In Illinois, the relationship in which the agent is held in a position of special trust and
confidence by the principal is called a: - Correct AnswerFiduciary relationship.
The Illinois Human Rights Act recognizes and protects age for persons above the age of
what? - Correct Answer40 years or older.
According to Illinois law, licensees must give disclosure of their status to who? -
Correct AnswerClients and Customers
What is the minimum age to obtain a managing broker's license in Illinois? - Correct
Answer20.
Illinois has a real estate license reciprocity agreement with: - Correct
AnswerSome States; Colorado, Connecticut, Florida, Georgia, Indiana, Iowa,
Nebraska, Wisconsin
An unlicensed employee may NOT do the following? - Correct AnswerNegotiate
or agree to any commission, commission split, management fee, or referral fee on
behalf of a licensee.
If an Illinois real license agent places an ad on the Internet offering his services as a
real estate agent. Under state law, at a minimum, what are Illinois real licensees
required to include? - Correct AnswerThe name of their brokerage and franchise
(if applicable).
Under agency law in Illinois disclosed dual agency is? - Correct AnswerLegal
with the consent of all parties.
How many days must an aggrieved person give written notice to the Department within
30 days of the entry of any judgment that may result in collection from the Real Estate
Recovery Fund? - Correct Answer30 Days
Per section 15-75 of the Illinois Real Estate License Act, there are minimum services
required when there is an exclusive brokerage agreement in place. Which of the
following of these examples is NOT required? - Correct AnswerConcealing
adverse facts pertaining to the physical condition of the property at the client seller's
request that is known by the licensee but not by the prospective buyer.
Is Illinois a Community Property state? - Correct AnswerNo.
