Exam (elaborations)
ILLINOIS REAL ESTATE FINAL EXAM QUESTIONS AND ANSWERS
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ILLINOIS REAL ESTATE FINAL EXAM QUESTIONS AND ANSWERS
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Name: Score:67 Multiple choice questions
Term 1 of 67
As a result of the Illinois Supreme Court decision in the case of Chicago Bar Association, et al.
versus Quinlan and Tyson, Inc. Illinois licensees are permitted to:
fill in blanks or delete provisions on real estate sales contracts at the direction of the
client.
draft modifications to provisions of the contract with the clients' permission.
give legal advice for a nominal fee so clients can understand what they are signing.
none of the above.
Term 2 of 67
The market value of a property is $83,500 and the assessed value is 80% with a tax rate of 37
mils ($37 per $1,000). What is the quarterly payment for taxes?
$617.90
$722.38
$823.87
$1,029.83
Term 3 of 67
IL Homestead Exemption
Portion of equity in a principal residence which is protected from unsecured creditors.
Total value of all real estate owned by an individual.
Percentage of income that can be claimed as a deduction.
Amount of property tax owed on a primary residence.
,Term 4 of 67
Real estate licensees in Illinois must disclose:
minor problems in the neighborhood of which they have knowledge.
designated agency.
special compensation found outside the scope of their agency relationship.
all of these.
Term 5 of 67
A real estate licensee prepared an offer for his buyer to sign. He filled in most of the blanks in
the real estate contract. In this case, the licensee is in violation of:
the statute of frauds.
the unauthorized practice of law.
no laws or rules.
the civil rights laws.
,Term 6 of 67
Illinois Human Rights Act prohibits discrimination against the following:
U
S
A
A
M
M
O
Unfavorable military discharge
Sexual orientation
Age
Ancestry
Military status
Marital status
Order of protection
C. Exclusive-agency and exclusive-right-to-sell listings
$151,050/500= $302.10 ---> $302 X $0.75= $227.25
Answer: $227.25
B. Judicial: property is sold by court order
Term 7 of 67
The Real Estate Administration and Disciplinary Board is comprised of
only managing brokers
only IDFPR employees
only licensed real estate instructors
only residents of Illinois
, Term 8 of 67
Which law exempts a trustee from being required to hold a real estate license?
Illinois Fraud Act
Illinois Human Rights Act
Real Estate License Act of 2000
Residential Real Property Disclosure Act
Term 9 of 67
Real Estate Ads must contain:
Sponsoring Broker's business name
Managing Broker's name
Sponsoring Broker's name
Fair Housing poster
Term 10 of 67
What is the real estate property assessment value in:
IL:
Cook County, IL:
Il: 33.33% Cook County, Il: 6%
Il: 133.33% Cook County, Il: 16%
Il: 33.33% Cook County, Il: 1%
IL: 33.33%
Cook County, IL: 16%
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