Illinois Leasing Agent License Exam 2025–2026
Accurate Real Exam Questions and Verified
Correct Answers JUST RELEASED
In real estate, a deed is best defined as:
A written legal document by which ownership of real estate is conveyed
from one party to another.
A contract for the sale of real estate that does not state the consideration
to be paid for the property and is not signed by the parties is considered
what?
Void
A bilateral contract is one in which
the promise of one party is given in exchange for the promise of the other
party.
Under the terms in a mortgage, the lender must be paid in full if the
property is sold to another person. This is known as the?
Alienation Clause
Which act amended the comprehensive environmental response,
compensation, and liability act (also known as CERCLA)?
SARA
What is a one-of-a-kind contract that is solely between the seller and the
buyer. In this arrangement, the seller gives the buyer the option to
purchase property at a given price for a set period?
,An option contract.
What is the difference between a lease option contract and lease purchase
contract?
The difference between a lease option and a lease purchase agreement is
that the lease option only obligates the seller to sell.
The real estate contract clause that almost always begins with the words
"to have and to hold."
Habendum Clause
Government power is the constitutional authority and inherent power of a
state to adopt and enforce laws and regulations to promote and support
the public health, safety, morals, and general welfare. Escheat is
when a property owner dies and leaves no proper documented inheritance
plan, the property ownership reverts to the government.
Which of the following can be achieved by dividing the price of the
property by the rent that is produced?
Gross rent multiplier.
Which of the following is a common example of real estate police power?
Zoning
What is the document that defines the relationship between the broker
and the seller?
Listing Agreement
, Buyer Dan is considering buying a lot to build a single-family residence. Dan
hires an appraiser to appraise the lot. Which approach to value would the
appraiser choose to complete the task?
Market Data Approach or Sales Comparison Approach
Which of the following would not be considered real property?
A mortgage
What is the difference between void and voidable contracts? Choose the
best answer.
Void contracts are not contracts, while voidable contracts have the
necessary elements to be enforceable, but can be rejected by one party.
Which of the following would NOT be covered under a builder's new home
warranty?
Structural damage caused by flooding.
What is a written supplement or amendment to an existing will such as one
affecting the transfer of real estate upon death?
Codicil
What is the total quantity that buyers are willing to buy at a given time at
certain prices?
Demand
A couple owns an older home in a neighborhood that is becoming a
commercial area. Because of the change in the use of the land, the couple
Accurate Real Exam Questions and Verified
Correct Answers JUST RELEASED
In real estate, a deed is best defined as:
A written legal document by which ownership of real estate is conveyed
from one party to another.
A contract for the sale of real estate that does not state the consideration
to be paid for the property and is not signed by the parties is considered
what?
Void
A bilateral contract is one in which
the promise of one party is given in exchange for the promise of the other
party.
Under the terms in a mortgage, the lender must be paid in full if the
property is sold to another person. This is known as the?
Alienation Clause
Which act amended the comprehensive environmental response,
compensation, and liability act (also known as CERCLA)?
SARA
What is a one-of-a-kind contract that is solely between the seller and the
buyer. In this arrangement, the seller gives the buyer the option to
purchase property at a given price for a set period?
,An option contract.
What is the difference between a lease option contract and lease purchase
contract?
The difference between a lease option and a lease purchase agreement is
that the lease option only obligates the seller to sell.
The real estate contract clause that almost always begins with the words
"to have and to hold."
Habendum Clause
Government power is the constitutional authority and inherent power of a
state to adopt and enforce laws and regulations to promote and support
the public health, safety, morals, and general welfare. Escheat is
when a property owner dies and leaves no proper documented inheritance
plan, the property ownership reverts to the government.
Which of the following can be achieved by dividing the price of the
property by the rent that is produced?
Gross rent multiplier.
Which of the following is a common example of real estate police power?
Zoning
What is the document that defines the relationship between the broker
and the seller?
Listing Agreement
, Buyer Dan is considering buying a lot to build a single-family residence. Dan
hires an appraiser to appraise the lot. Which approach to value would the
appraiser choose to complete the task?
Market Data Approach or Sales Comparison Approach
Which of the following would not be considered real property?
A mortgage
What is the difference between void and voidable contracts? Choose the
best answer.
Void contracts are not contracts, while voidable contracts have the
necessary elements to be enforceable, but can be rejected by one party.
Which of the following would NOT be covered under a builder's new home
warranty?
Structural damage caused by flooding.
What is a written supplement or amendment to an existing will such as one
affecting the transfer of real estate upon death?
Codicil
What is the total quantity that buyers are willing to buy at a given time at
certain prices?
Demand
A couple owns an older home in a neighborhood that is becoming a
commercial area. Because of the change in the use of the land, the couple
