Real Estate Illinois State Law
Real Estate Illinois State Law
Study online at https://quizlet.com/_fgqldi
1. Mr. Smith sells his Illinois home for $ 227.25
$151,050. He will be required to pay
how much in Illinois transfer taxes? Illinois transfer tax is $.75 per $500 of sales price, or
portion thereof and is paid by the seller. $.50 goes
to the state and $.25 is retained by the county where
the property is located. $151,050 divided by $500 =
302.10. In this case, the .10 indicates we have a portion
of the next $500 of sales price in addition to the 302
number. As the tax is $.75 per $500 of price, 303 times
$.75 = $227.25 for transfer taxes.
2. An Illinois real estate agent, acting The agent should speak up and correct the misinfor-
as a dual agent, is showing his list- mation because the agent owes the notice of material
ing that he knows has had water fact to both the buyer and seller. The agent must dis-
problems in the basement in the close all latent (hidden) defects to all parties, regard-
past. The seller has requested that less of representation. The agent should remind the
he not divulge this information un- seller of their obligation to disclose and may eventually
less a buyer specifically asks about want to terminate the listing, but this does not remedy
water. What is the correct action for the immediate situation with the current buyer.
the agent to take?
3. In Illinois, in a typical multiple Buyer. Illinois Law dictates that you are assumed to
listing service arrangement, the be the designated agent of the party you are working
agent who shows a property with- with, unless you somehow alter that assumption in
out any pre-arrangements regard- advance. MLS is a blanket offer of buyer agency. Dual
ing agency relationships is pre- agency would not be allowed without prior consent of
sumed to be the agent of the: both buyer and seller.
4. An Illinois homeowner dies with- escheat to the county. Real property escheats to the
out a will and without any traceable county where it is located. Personal property escheats
heirs. The real property in the estate to the state.
will:
, Real Estate Illinois State Law
Real Estate Illinois State Law
Study online at https://quizlet.com/_fgqldi
5. Which is the correct statement re- Sponsor cards are valid for 45 days. Sponsor cards
garding sponsor cards in Illinois? are a temporary license issued by a sponsoring broker
after a student has passed the state exam or for agents
transferring from another office. They are good for 45
days. A copy must be sent to DFPR within 24 hours.
6. An out of state real estate broker Reciprocity is granted to licensees in states with simi-
wishes to apply for an Illinois li- lar licensing requirements. Illinois has reciprocity with
cense. Which of the following state- several states, not necessarily neighbors, which have
ments is true in regard to license similar standards and have entered into an agreement
reciprocity? to reciprocate. Generally, agents will be required to
study and pass the Illinois portion of the state exam.
7. Which of the following is true re- The form should be completed by the seller and not
garding the Residential Real Proper- the agent. The form should be completed by the seller
ty Disclosure Act? and never by the agent.
8. The Illinois Real Estate License Act protect the public and evaluate the competence of per-
was enacted to: sons engaging in the business. The Illinois Real Estate
License Act was passed to both protect the public and
determine the competence of those engaging in the
business.
9. According to Illinois License Law, Setting up a real estate booth in the local department
broker-owner Joan is prohibited store, which she also owns. A real estate company
from doing which of the following cannot be located in a retail outlet without being in a
items? separate and distinct area.
10. A portion of the equity in a prin- $15,000 per owner. This law was revised in Illinois in
cipal residence is protected from 2006 to $15,000 per owner (previously $7,500). Note
unsecured creditors in Illinois. This that this is protection only from unsecured creditors,
so called "homestead exemption" is: and would not include secured debt such as mort-
(rev 306) gages and real estate taxes.
Real Estate Illinois State Law
Study online at https://quizlet.com/_fgqldi
1. Mr. Smith sells his Illinois home for $ 227.25
$151,050. He will be required to pay
how much in Illinois transfer taxes? Illinois transfer tax is $.75 per $500 of sales price, or
portion thereof and is paid by the seller. $.50 goes
to the state and $.25 is retained by the county where
the property is located. $151,050 divided by $500 =
302.10. In this case, the .10 indicates we have a portion
of the next $500 of sales price in addition to the 302
number. As the tax is $.75 per $500 of price, 303 times
$.75 = $227.25 for transfer taxes.
2. An Illinois real estate agent, acting The agent should speak up and correct the misinfor-
as a dual agent, is showing his list- mation because the agent owes the notice of material
ing that he knows has had water fact to both the buyer and seller. The agent must dis-
problems in the basement in the close all latent (hidden) defects to all parties, regard-
past. The seller has requested that less of representation. The agent should remind the
he not divulge this information un- seller of their obligation to disclose and may eventually
less a buyer specifically asks about want to terminate the listing, but this does not remedy
water. What is the correct action for the immediate situation with the current buyer.
the agent to take?
3. In Illinois, in a typical multiple Buyer. Illinois Law dictates that you are assumed to
listing service arrangement, the be the designated agent of the party you are working
agent who shows a property with- with, unless you somehow alter that assumption in
out any pre-arrangements regard- advance. MLS is a blanket offer of buyer agency. Dual
ing agency relationships is pre- agency would not be allowed without prior consent of
sumed to be the agent of the: both buyer and seller.
4. An Illinois homeowner dies with- escheat to the county. Real property escheats to the
out a will and without any traceable county where it is located. Personal property escheats
heirs. The real property in the estate to the state.
will:
, Real Estate Illinois State Law
Real Estate Illinois State Law
Study online at https://quizlet.com/_fgqldi
5. Which is the correct statement re- Sponsor cards are valid for 45 days. Sponsor cards
garding sponsor cards in Illinois? are a temporary license issued by a sponsoring broker
after a student has passed the state exam or for agents
transferring from another office. They are good for 45
days. A copy must be sent to DFPR within 24 hours.
6. An out of state real estate broker Reciprocity is granted to licensees in states with simi-
wishes to apply for an Illinois li- lar licensing requirements. Illinois has reciprocity with
cense. Which of the following state- several states, not necessarily neighbors, which have
ments is true in regard to license similar standards and have entered into an agreement
reciprocity? to reciprocate. Generally, agents will be required to
study and pass the Illinois portion of the state exam.
7. Which of the following is true re- The form should be completed by the seller and not
garding the Residential Real Proper- the agent. The form should be completed by the seller
ty Disclosure Act? and never by the agent.
8. The Illinois Real Estate License Act protect the public and evaluate the competence of per-
was enacted to: sons engaging in the business. The Illinois Real Estate
License Act was passed to both protect the public and
determine the competence of those engaging in the
business.
9. According to Illinois License Law, Setting up a real estate booth in the local department
broker-owner Joan is prohibited store, which she also owns. A real estate company
from doing which of the following cannot be located in a retail outlet without being in a
items? separate and distinct area.
10. A portion of the equity in a prin- $15,000 per owner. This law was revised in Illinois in
cipal residence is protected from 2006 to $15,000 per owner (previously $7,500). Note
unsecured creditors in Illinois. This that this is protection only from unsecured creditors,
so called "homestead exemption" is: and would not include secured debt such as mort-
(rev 306) gages and real estate taxes.
