Illinois State Test- Broker Exam
Which of the following best describes the status of the common law of agency in Illinois
as it relates to broker/client relationships? - ANSWER-It has been replaced by statutory
rules
Acts that a licensee may perform for a consumer that are informative only are referred
under Illinois law as: - ANSWER-Ministerial
Under Illinois law, the person who receives brokerage services but is not represented by
the broker is referred to as a: - ANSWER-Consumer
Illinois law required brokers to deliver true copies of all documents to the parties within
how many hours of their signing? - ANSWER-24 Hours
Illinois law does not recognize? - ANSWER-Undisclosed dual agency
How far back does a typical title search in Illinois go? - ANSWER-40 Years
Who is the recorder of deeds for the county in Illinois? - ANSWER-County Clerk
Statutory method of proration in Illinois equation: - ANSWER-Yearly Charge divided by
360
State and County transfer taxes in Illinois are usually paid by: - ANSWER-The Seller
Under Illinois law, a licensee owes a third party: - ANSWER-Disclosure of all known
adverse facts about the property's physical condition
Illinois Real Estate License Act is administered by the: - ANSWER-Department of
Financial and Professional Regulation (IDFPR)
Who may legally collect a commission from a seller on a sale of real estate in Illinois? -
ANSWER-A licensed managing broker ONLY
Chicago Bar Association et al. v. Quinlan and Tyson, Inc. held that: - ANSWER-Real
Estate licensees cannot draft legal documents
What is true of listing agreements in Illinois? - ANSWER-All exclusive listing
agreements must be in writing to be legal.
What is true of guaranteed sales agreements in Illinois? - ANSWER-Must be in writing
Which of the following best describes the status of the common law of agency in Illinois
as it relates to broker/client relationships? - ANSWER-It has been replaced by statutory
rules
Acts that a licensee may perform for a consumer that are informative only are referred
under Illinois law as: - ANSWER-Ministerial
Under Illinois law, the person who receives brokerage services but is not represented by
the broker is referred to as a: - ANSWER-Consumer
Illinois law required brokers to deliver true copies of all documents to the parties within
how many hours of their signing? - ANSWER-24 Hours
Illinois law does not recognize? - ANSWER-Undisclosed dual agency
How far back does a typical title search in Illinois go? - ANSWER-40 Years
Who is the recorder of deeds for the county in Illinois? - ANSWER-County Clerk
Statutory method of proration in Illinois equation: - ANSWER-Yearly Charge divided by
360
State and County transfer taxes in Illinois are usually paid by: - ANSWER-The Seller
Under Illinois law, a licensee owes a third party: - ANSWER-Disclosure of all known
adverse facts about the property's physical condition
Illinois Real Estate License Act is administered by the: - ANSWER-Department of
Financial and Professional Regulation (IDFPR)
Who may legally collect a commission from a seller on a sale of real estate in Illinois? -
ANSWER-A licensed managing broker ONLY
Chicago Bar Association et al. v. Quinlan and Tyson, Inc. held that: - ANSWER-Real
Estate licensees cannot draft legal documents
What is true of listing agreements in Illinois? - ANSWER-All exclusive listing
agreements must be in writing to be legal.
What is true of guaranteed sales agreements in Illinois? - ANSWER-Must be in writing
