Exam (elaborations)
ILLINOIS STATE TEST BROKER EXAM QUESTIONS AND ANSWERS
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ILLINOIS STATE TEST BROKER EXAM QUESTIONS AND ANSWERS
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Name: Score:65 Multiple choice questions
Term 1 of 65
What is the initial fee to obtain a brokers license?
$125
$75
$115
$100
Term 2 of 65
What is true of listing agreements in Illinois?
Oral agreements are sufficient for exclusive listings
Exclusive agreements can be verbal if both parties agree
Only open listing agreements require written documentation
All exclusive listing agreements must be in writing to be legal.
Term 3 of 65
Illinois law required brokers to deliver true copies of all documents to the parties within how
many hours of their signing?
72 Hours
24 Hours
2 Years
48 Hours
,Term 4 of 65
In Illinois how many years are needed to claim an easement?
40 Years
4 Years
15 Years
20 Years
Term 5 of 65
In the Uniform Vendor and Risk Act, who is taking the risk?
The Buyer
The Broker
The Seller
The Lender
Term 6 of 65
Under Illinois law, the person who receives brokerage services but is not represented by the
broker is referred to as a:
Predator
Consumer
Business
Producer
Term 7 of 65
Who may legally collect a commission from a seller on a sale of real estate in Illinois?
USGS Datum
County Clerk
Sellers Attorney
A licensed managing broker ONLY
,Term 8 of 65
How must a written contract be titled when presented to a client under Illinois Law?
Binding Real Estate Contract
Standard Purchase Offer And Contract
Seller Pays State And County Transfer Tax
Real Estate Sale Contract
Term 9 of 65
What is the criteria for Illinois Real Estate transaction records?
Stored electronically for 3 years and then deleted
Only maintained for the duration of the property sale
Kept a total of 5 years, with the 2 most recent years kept on site
Archived indefinitely with no specific retention period
Term 10 of 65
Illinois Leasing Agents
6 hrs
20 years
120 Days, 15 hours
120 days
Term 11 of 65
How long is the period required to establish an easement by prescription in Illinois?
40 years
2 years
4 years
20 years
, Term 12 of 65
Under the IDFRP, all brokers must:
Establish a special escrow account for the deposit of all earnest money received
Provide a financial guarantee for all transactions conducted
Submit all transactions to the state for approval before closing
Maintain a record of all client communications for 10 years
Term 13 of 65
Under Illinois law, a licensee owes a third party:
The right to negotiate on behalf of the third party
An obligation to provide legal advice to the third party
Complete confidentiality regarding the client's financial status
Disclosure of all known adverse facts about the property's physical condition
Term 14 of 65
Real Estate Recovery Fund covers?
Up to 2 years and $24,995
Up to 2 years and $25,000
Up to 2 years and $25,005
$15,000
Term 15 of 65
Automatic Listing Renewals
Legal in Illinois
Notification period is 30 days
A licensed managing broker ONLY
Sellers Attorney
20 years
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