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? |- |
CORRECT |ANSWER✔✔-Real |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 |ANSWER✔✔-5 |Years.
The |ruling |of |Chicago |Bar |Association, |et |al. |v. |Quinlan |and |Tyson, |Inc |has |to |deal |with |what? |-
|CORRECT |ANSWER✔✔-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? |- |CORRECT |ANSWER✔✔-
18 |Years.
In |terms |of |financing |involved |for |a |real |estate |purchase, |which |custom |is |practiced |in |Illinois?
|- |CORRECT |ANSWER✔✔-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? |- |CORRECT |ANSWER✔✔-No.
What |year |was |the |ruling |of |Chicago |Bar |Association, |et |al. |v. |Quinlan |and |Tyson, |Inc? |- |
CORRECT |ANSWER✔✔-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? |- |CORRECT |
ANSWER✔✔-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: |- |CORRECT |ANSWER✔✔-Fiduciary |relationship.
The |Illinois |Human |Rights |Act |recognizes |and |protects |age |for |persons |above |the |age |of |what?
|- |CORRECT |ANSWER✔✔-40 |years |or |older.
According |to |Illinois |law, |licensees |must |give |disclosure |of |their |status |to |who? |- |CORRECT |
ANSWER✔✔-Clients |and |Customers
What |is |the |minimum |age |to |obtain |a |managing |broker's |license |in |Illinois? |- |CORRECT |
ANSWER✔✔-20.
Illinois |has |a |real |estate |license |reciprocity |agreement |with: |- |CORRECT |ANSWER✔✔-Some |
States; |Colorado, |Connecticut, |Florida, |Georgia, |Indiana, |Iowa, |Nebraska, |Wisconsin
An |unlicensed |employee |may |NOT |do |the |following? |- |CORRECT |ANSWER✔✔-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? |- |CORRECT |ANSWER✔✔-The |name |of |their |brokerage |and |franchise |(if |applicable).
Under |agency |law |in |Illinois |disclosed |dual |agency |is? |- |CORRECT |ANSWER✔✔-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? |- |CORRECT |ANSWER✔✔-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? |- |CORRECT |ANSWER✔✔-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? |- |CORRECT |ANSWER✔✔-No.
All |escrow |funds |received |by |the |Sponsoring/Managing |Broker |shall |be |deposited |into |the |
broker's |escrow |account |when? |- |CORRECT |ANSWER✔✔-No |later |than |the |next |business |day.
Who |appoints |the |members |of |the |Illinois |Real |Estate |Administration |and |Disciplinary |Board? |-
|CORRECT |ANSWER✔✔-The |Govenor.
To |become |a |managing |broker |in |Illinois |a |licensee |must |have |had |an |active |real |estate |license
|for |at |least: |- |CORRECT |ANSWER✔✔-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? |- |CORRECT |ANSWER✔✔-Real |Estate |Research |and |
Education |Fund
A |managing |broker |who |has |supervisory |responsibilities |for |licensees |in |one |or, |in |the |case |of |
a |multi-office |company, |more |than |one |office |and |who |has |been |appointed |as |such |by |the |
sponsoring |broker |registered |with |the |Department |is |called |what? |- |CORRECT |ANSWER✔✔-
Designated |Managing |Broker
With Correct Answers
What |is |the |name |given |to |the |Illinois |license |laws |under |which |real |estate |brokers |practice? |- |
CORRECT |ANSWER✔✔-Real |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 |ANSWER✔✔-5 |Years.
The |ruling |of |Chicago |Bar |Association, |et |al. |v. |Quinlan |and |Tyson, |Inc |has |to |deal |with |what? |-
|CORRECT |ANSWER✔✔-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? |- |CORRECT |ANSWER✔✔-
18 |Years.
In |terms |of |financing |involved |for |a |real |estate |purchase, |which |custom |is |practiced |in |Illinois?
|- |CORRECT |ANSWER✔✔-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? |- |CORRECT |ANSWER✔✔-No.
What |year |was |the |ruling |of |Chicago |Bar |Association, |et |al. |v. |Quinlan |and |Tyson, |Inc? |- |
CORRECT |ANSWER✔✔-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? |- |CORRECT |
ANSWER✔✔-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: |- |CORRECT |ANSWER✔✔-Fiduciary |relationship.
The |Illinois |Human |Rights |Act |recognizes |and |protects |age |for |persons |above |the |age |of |what?
|- |CORRECT |ANSWER✔✔-40 |years |or |older.
According |to |Illinois |law, |licensees |must |give |disclosure |of |their |status |to |who? |- |CORRECT |
ANSWER✔✔-Clients |and |Customers
What |is |the |minimum |age |to |obtain |a |managing |broker's |license |in |Illinois? |- |CORRECT |
ANSWER✔✔-20.
Illinois |has |a |real |estate |license |reciprocity |agreement |with: |- |CORRECT |ANSWER✔✔-Some |
States; |Colorado, |Connecticut, |Florida, |Georgia, |Indiana, |Iowa, |Nebraska, |Wisconsin
An |unlicensed |employee |may |NOT |do |the |following? |- |CORRECT |ANSWER✔✔-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? |- |CORRECT |ANSWER✔✔-The |name |of |their |brokerage |and |franchise |(if |applicable).
Under |agency |law |in |Illinois |disclosed |dual |agency |is? |- |CORRECT |ANSWER✔✔-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? |- |CORRECT |ANSWER✔✔-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? |- |CORRECT |ANSWER✔✔-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? |- |CORRECT |ANSWER✔✔-No.
All |escrow |funds |received |by |the |Sponsoring/Managing |Broker |shall |be |deposited |into |the |
broker's |escrow |account |when? |- |CORRECT |ANSWER✔✔-No |later |than |the |next |business |day.
Who |appoints |the |members |of |the |Illinois |Real |Estate |Administration |and |Disciplinary |Board? |-
|CORRECT |ANSWER✔✔-The |Govenor.
To |become |a |managing |broker |in |Illinois |a |licensee |must |have |had |an |active |real |estate |license
|for |at |least: |- |CORRECT |ANSWER✔✔-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? |- |CORRECT |ANSWER✔✔-Real |Estate |Research |and |
Education |Fund
A |managing |broker |who |has |supervisory |responsibilities |for |licensees |in |one |or, |in |the |case |of |
a |multi-office |company, |more |than |one |office |and |who |has |been |appointed |as |such |by |the |
sponsoring |broker |registered |with |the |Department |is |called |what? |- |CORRECT |ANSWER✔✔-
Designated |Managing |Broker
