Exam (elaborations)
REAL ESTATE ILLINOIS STATE EXAM PREP QUESTIONS AND ANSWERS
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REAL ESTATE ILLINOIS STATE EXAM PREP QUESTIONS AND ANSWERS
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Name: Score:76 Multiple choice questions
Term 1 of 76
IDFPR (the Department) is empowered to impose which of the following on licensees who
have violated Illinois license laws?
Only a warning and mandatory training sessions
Probation, suspension, revocation, and a civil fine up to $25,000 per occurrence
A temporary license suspension and a public apology
No penalties, as violations are overlooked for first-time offenders
Term 2 of 76
Which of the following statements is true regarding residential leasing agents?
They must execute a written contract with the customer before taking any fees
A person who conducts licensed activities on behalf of others for compensation
They may lease only residential property
Representing more than one sponsoring broker
Term 3 of 76
In Illinois, which of the following individuals must hold a real estate license?
A relative who is paid to help sell property
A family member who offers to host open houses without compensation
A neighbor who provides advice on property values
A friend who assists in marketing a property for free
,Term 4 of 76
Apartment dweller Anthony loves his building and refers a friend to the owner, who leases the
friend an apartment. Grateful, the owner pays Anthony a $100 referral, and invites him to
continue referring friends for the same fee. Does Anthony need a real estate license for this?
Yes
No
Term 5 of 76
Tony is the sponsoring broker for his company, Anderetti Realty. As of today, Tony decided to
hang up his hat and retire. What effect does this have on the five brokers and two residential
leasing agents working for him?
They must find a new office location immediately
Their licenses are immediately inactive until they associate with another sponsoring
broker
They can continue working under tony's name
They will automatically be transferred to another broker
Term 6 of 76
Licensee Aaron was caught in an embezzlement scheme which led to an investigation and
eventual license revocation. His sponsoring broker knew nothing of the violation. What
happens to the sponsoring broker in this situation?
She will be automatically suspended until further notice
She will face a fine for not knowing about the violation
No, since phyllis did not have authorization from the listing broker
She will not be suspended or have her license revoked
,Term 7 of 76
In a real estate transaction, two Illinois licensees sponsored by the same brokerage firm may
disclose confidential information only to the
Other licensee and the designated managing broker
Any client involved in the transaction
Only the buyer's attorney for legal advice
The general public to promote transparency
Term 8 of 76
Aaron, a new licensee, has just been sponsored by ABC Realty. Aaron's sponsoring broker is
now obligated to do which of the following?
Submit confirmation of sponsorship to the Division within 24 hours
Complete a review of company policies
Inform the public about his new sponsorship
Attend a meeting with other new agents
Term 9 of 76
Licensee Phyllis wants to present her offer to seller Christie who is under an exclusive with
another agent. Since the agent was unavailable, Phyllis proceeds to negotiate the deal in his
absence, and gets her to sign a contract. Is this acceptable?
Yes
No
Term 10 of 76
An applicant for a real estate license has passed the state exam. What is her deadline for
completing her application before credit for passing the exam expires?
6 months
12 months
24 months
1 year
, Term 11 of 76
The principals to a sales contract mutually agree to abandon the envisioned transaction, and
they give the broker written instructions to cancel the escrow. The buyer has given the broker a
$500 deposit. What must the broker do at this point?
He must hold the deposit until the seller requests its return
He must immediately return the deposit to the buyer
He can keep the deposit until the buyer finds another property
He should transfer the deposit to the seller as compensation for lost time
Term 12 of 76
A sponsoring broker has his license suspended. What happens to the brokerage agreements
of the sponsoring broker?
She will not be suspended or have her license revoked
He must immediately return the deposit to the buyer
Must be in writing
They are immediately expired
Term 13 of 76
Which of the following is an example of non-martial property?
A jointly owned vacation home purchased during marriage
A gift given to a spouse while married
A property inherited from a parent during marriage
A family heirloom passed down through generations
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