Illinois Real Estate Broker Exam With
Actual Questions & Verified
Answers,Plus Rationales/Expert
Verified For Guaranteed Pass Graded
A+/2026 /Latest Update/Instant
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1. What is the primary purpose of the Illinois Real Estate License Act?
A. To generate tax revenue for the state
B. To protect the public from dishonest or incompetent licensees
C. To promote real estate development
D. To set property tax rates
Rationale: The Act’s main intent is to protect the public by ensuring
ethical and competent practice in the real estate industry.
2. Who administers the Illinois Real Estate License Act?
A. Illinois Real Estate Association
B. Local real estate boards
C. Illinois Department of Financial and Professional Regulation (IDFPR)
D. U.S. Department of Housing and Urban Development
Rationale: The IDFPR oversees licensing, regulation, and enforcement
under the Illinois Real Estate License Act.
3. How many classroom hours are required to qualify for an Illinois broker’s
license?
A. 60 hours
B. 75 hours
C. 90 hours
D. 120 hours
, Rationale: Illinois requires 75 hours of pre-license education, including
a 60-hour broker course and a 15-hour interactive course.
4. Which of the following is NOT a type of agency recognized in Illinois?
A. Designated agency
B. Dual agency
C. Subagency without consent
D. No agency
Rationale: Subagency is no longer recognized in Illinois unless all
parties give informed written consent.
5. A broker must deliver earnest money to the sponsoring broker within
how many business days?
A. 1
B. 2
C. 3
D. 5
Rationale: Illinois requires brokers to turn over earnest money to their
sponsoring broker immediately, but no later than two business days.
6. How long must brokers retain transaction records in Illinois?
A. 1 year
B. 3 years
C. 5 years
D. 7 years
Rationale: Brokers are required to retain all transaction records for five
years from the date of the closing or termination of the transaction.
7. A sponsoring broker must review and initial all contracts within:
A. 12 hours
B. 24 hours
C. 48 hours
D. 72 hours
Rationale: The Illinois Real Estate License Act mandates sponsoring
brokers review and initial contracts within 24 hours.
8. A broker represents both buyer and seller in a transaction. What is
required?
, A. Verbal disclosure only
B. Disclosure at closing
C. Written consent from both parties before acting
D. Broker may proceed without consent
Rationale: Dual agency requires written informed consent from both
parties before proceeding.
9. Which of the following is a fiduciary duty owed by an agent?
A. Advertising
B. Compensation
C. Loyalty
D. Commission sharing
Rationale: Loyalty is a key fiduciary duty requiring the agent to act in
the client’s best interest.
10.When advertising online, a licensee must include:
A. Only their name
B. Only their firm’s name
C. Both the licensee’s and sponsoring broker’s name
D. The property’s owner’s name
Rationale: Illinois requires online advertising to clearly identify both the
licensee and sponsoring broker.
11.Which of the following activities requires a broker’s license?
A. Selling your own home
B. Selling property for another for compensation
C. Leasing property you own
D. Advertising your private home for sale
Rationale: Performing real estate services for others and for
compensation requires licensure.
12.What is the maximum fine per violation imposed by the IDFPR?
A. $5,000
B. $25,000
C. $50,000
D. $75,000
Actual Questions & Verified
Answers,Plus Rationales/Expert
Verified For Guaranteed Pass Graded
A+/2026 /Latest Update/Instant
Download Pdf
1. What is the primary purpose of the Illinois Real Estate License Act?
A. To generate tax revenue for the state
B. To protect the public from dishonest or incompetent licensees
C. To promote real estate development
D. To set property tax rates
Rationale: The Act’s main intent is to protect the public by ensuring
ethical and competent practice in the real estate industry.
2. Who administers the Illinois Real Estate License Act?
A. Illinois Real Estate Association
B. Local real estate boards
C. Illinois Department of Financial and Professional Regulation (IDFPR)
D. U.S. Department of Housing and Urban Development
Rationale: The IDFPR oversees licensing, regulation, and enforcement
under the Illinois Real Estate License Act.
3. How many classroom hours are required to qualify for an Illinois broker’s
license?
A. 60 hours
B. 75 hours
C. 90 hours
D. 120 hours
, Rationale: Illinois requires 75 hours of pre-license education, including
a 60-hour broker course and a 15-hour interactive course.
4. Which of the following is NOT a type of agency recognized in Illinois?
A. Designated agency
B. Dual agency
C. Subagency without consent
D. No agency
Rationale: Subagency is no longer recognized in Illinois unless all
parties give informed written consent.
5. A broker must deliver earnest money to the sponsoring broker within
how many business days?
A. 1
B. 2
C. 3
D. 5
Rationale: Illinois requires brokers to turn over earnest money to their
sponsoring broker immediately, but no later than two business days.
6. How long must brokers retain transaction records in Illinois?
A. 1 year
B. 3 years
C. 5 years
D. 7 years
Rationale: Brokers are required to retain all transaction records for five
years from the date of the closing or termination of the transaction.
7. A sponsoring broker must review and initial all contracts within:
A. 12 hours
B. 24 hours
C. 48 hours
D. 72 hours
Rationale: The Illinois Real Estate License Act mandates sponsoring
brokers review and initial contracts within 24 hours.
8. A broker represents both buyer and seller in a transaction. What is
required?
, A. Verbal disclosure only
B. Disclosure at closing
C. Written consent from both parties before acting
D. Broker may proceed without consent
Rationale: Dual agency requires written informed consent from both
parties before proceeding.
9. Which of the following is a fiduciary duty owed by an agent?
A. Advertising
B. Compensation
C. Loyalty
D. Commission sharing
Rationale: Loyalty is a key fiduciary duty requiring the agent to act in
the client’s best interest.
10.When advertising online, a licensee must include:
A. Only their name
B. Only their firm’s name
C. Both the licensee’s and sponsoring broker’s name
D. The property’s owner’s name
Rationale: Illinois requires online advertising to clearly identify both the
licensee and sponsoring broker.
11.Which of the following activities requires a broker’s license?
A. Selling your own home
B. Selling property for another for compensation
C. Leasing property you own
D. Advertising your private home for sale
Rationale: Performing real estate services for others and for
compensation requires licensure.
12.What is the maximum fine per violation imposed by the IDFPR?
A. $5,000
B. $25,000
C. $50,000
D. $75,000
