Illinois Leasing Agent License Exam Questions With Correct Answers

Illinois Leasing Agent License Exam
Questions With Correct Answers

What /is /the /name /given /to /the /Illinois /license /laws /under /which /real /estate /brokers /practice?
- verified /answer(s)-✔✔Real /Estate /License /Act /of /2000
/ /




Practicing /real /estate /without /a /license, /and /could /result /in /being /fined /up /to /what? /- /verified
answer(s)-✔✔$25,000 /per /event.
/




How /long /must /real /estate /brokers /keep /records /in /Illinois? /- /verified /answer(s)-✔✔5 /Years.



The /ruling /of /Chicago /Bar /Association, /et /al. /v. /Quinlan /and /Tyson, /Inc /has /to /deal /with /what?
- verified /answer(s)-✔✔Placing /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? /- /verified /answer(s)-
✔✔18 /Years.



In /terms /of /financing /involved /for /a /real /estate /purchase, /which /custom /is /practiced /in
Illinois? /- /verified /answer(s)-✔✔Lien /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? /- /verified /answer(s)-


✔✔No.



What /year /was /the /ruling /of /Chicago /Bar /Association, /et /al. /v. /Quinlan /and /Tyson, /Inc? /-
verified /answer(s)-✔✔1966.
/

,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? /- /verified


answer(s)-✔✔Violating /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: /- /verified /answer(s)-✔✔Fiduciary /relationship.
/




The /Illinois /Human /Rights /Act /recognizes /and /protects /age /for /persons /above /the /age /of
what? /- /verified /answer(s)-✔✔40 /years /or /older.
/




According /to /Illinois /law, /licensees /must /give /disclosure /of /their /status /to /who? /- /verified
answer(s)-✔✔Clients /and /Customers
/




What /is /the /minimum /age /to /obtain /a /managing /broker's /license /in /Illinois? /- /verified
answer(s)-✔✔20.
/




Illinois /has /a /real /estate /license /reciprocity /agreement /with: /- /verified /answer(s)-✔✔Some
/States; /Colorado, /Connecticut, /Florida, /Georgia, /Indiana, /Iowa, /Nebraska, /Wisconsin




An /unlicensed /employee /may /NOT /do /the /following? /- /verified /answer(s)-✔✔Negotiate /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? /- /verified /answer(s)-✔✔The /name /of /their /brokerage /and /franchise /(if /applicable).
/

, Under /agency /law /in /Illinois /disclosed /dual /agency /is? /- /verified /answer(s)-✔✔Legal /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? /- /verified /answer(s)-✔✔30 /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? /- /verified /answer(s)-✔✔Concealing /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? /- /verified /answer(s)-✔✔No.



All /escrow /funds /received /by /the /Sponsoring/Managing /Broker /shall /be /deposited /into /the
broker's /escrow /account /when? /- /verified /answer(s)-✔✔No /later /than /the /next /business /day.
/




Who /appoints /the /members /of /the /Illinois /Real /Estate /Administration /and /Disciplinary /Board?
- verified /answer(s)-✔✔The /Govenor.
/ /




To /become /a /managing /broker /in /Illinois /a /licensee /must /have /had /an /active /real /estate
license /for /at /least: /- /verified /answer(s)-✔✔Two /of /the /past /3 /Years.
/




Which /Illinois /fund /was /established /for /research /and /education /at /state /institutions /of /higher
/education /or /other /organizations /for /research /and /for /education /to /further /the /advancement


/of /education /in /the /real /estate /industry? /- /verified /answer(s)-✔✔Real /Estate /Research /and
/Education /Fund