Exam (elaborations)
ILLINOIS REAL ESTATE STATE PORTION ONLY QUESTIONS AND ANSWERS
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ILLINOIS REAL ESTATE STATE PORTION ONLY QUESTIONS AND ANSWERS
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Name: Score:119 Multiple choice questions
Term 1 of 119
In Illinois, which of these in a listing agreement would result in the suspension or revocation of
a licensee's license to practice real estate?
A specified commission rate
No specific termination date
No broker protection clause
A specific termination date
Term 2 of 119
Which of these is required to adopt a company policy manual?
Sole proprietorship with no other sponsored licensees
Self-sponsored broker with no sponsored licensees
Brokerage company with sponsored licensees
None of these
Term 3 of 119
Several years ago a unit in a condominium community was the site of a brutal and highly
publicized murder. The unit was sold to an elderly woman who contracted the AIDS virus in a
blood transfusion and died in the unit last year. What are the disclosure responsibilities to
prospective purchasers of this unit?
Agents must disclose both the murder and the AIDS-related death.
Agents are specifically required to disclose the AIDS death and may (at seller discretion)
disclose the murder.
Agents are specifically prohibited by federal law from disclosing AIDS.
Agents must not disclose the murder but should disclose the AIDS-related death.
,Term 4 of 119
Twenty years ago, a man obtained a 30-year mortgage loan to purchase a home. The interest
rate on the loan was 9.275%. Today, the man is prepared to pay off the loan early. Based on
these facts, which of these statements is TRUE in Illinois?
The man's lender is entitled by statute to charge the man a prepayment penalty equal to
one year's interest on the current balance of the loan.
The man's lender is permitted by Illinois statute to charge the man a prepayment penalty
of no more than 8% of the current outstanding balance of the loan.
Illinois does not take an official statutory position on the issue of prepayment penalties.
Because the man's interest rate is greater than 8%, the lender may not charge a
prepayment penalty under Illinois law.
Term 5 of 119
A real estate licensee is aware that certain areas of the city are particularly unfriendly to
members of certain minority groups. For these groups' own protection, the licensee shows
members of such groups homes for sale only in "friendly" neighborhoods into which members
of their minority group have moved in the past. Based on these facts, which of these
statements is TRUE?
The Real Estate Licensee Act of 2000 does not prohibit the licensee's actions because
the licensee is being protective rather than discriminatory.
The critical element in this type of activity is profit motive; if the licensee's actions are
not driven by increased profits, the licensee will not be subject to discipline under the
Real Estate License Act of 2000.
While the licensee's actions are clearly prohibited by Illinois statute, the Real Estate
License Act of 2000 does not address blockbusting or steering
The licensee's actions are expressly prohibited by the Real Estate License Act of 2000.
,Term 6 of 119
The required amount of continuing education for an Illinois broker is
6 hours per year
12 hours every year
12 hours per renewal period
waived by examination
Term 7 of 119
In Illinois, how must the real property transfer tax be paid?
By personal check, made out to the Illinois Department of Revenue
By certified check, made out to the Illinois Housing Development Authority
By purchasing transfer tax stamps from the county recorder or appropriate local
authority
In monthly payments to the lender during the first five years of ownership
Term 8 of 119
If a minor enters into a contract in Illinois, what is the statutory period within which the minor
may legally void the contract after reaching the age of majority?
The statutory period is 6 months
The statutory period is 1 year
After the minor reaches the age of majority, the contract is binding
There is no statutory period
, Term 9 of 119
In Illinois, real estate licensees may
complete a bill of sale after a sales contract has been signed
fill in blanks on preprinted form contracts customarily used in their community
suggest additional language to be added to a preprinted sales contract by a buyer or a
seller.
explain the legal significance of specific preprinted contract clauses to a buyer or a
seller
Term 10 of 119
An approximately straight line (except for corrections) connecting Rockford and Cairo is the
Second Principal Meridian
Third Principal Meridian
Fourth Principal Meridian
Centralia Base Line
Term 11 of 119
Which of these are exempt from the provisions of the Real Estate License Act of 2000?
Property owners who sell or lease property on behalf of others because they are
familiar with the process
Individual who is employed as a resident property manager
Individual who engages in fee-based management services
Individual involved in the business of selling equitable title to property more than twice
in any 12-month period
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