Exam (elaborations)
ILLINOIS REAL ESTATE EXAM PREP QUESTIONS AND ANSWERS
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ILLINOIS REAL ESTATE EXAM PREP QUESTIONS AND ANSWERS
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Name: Score:66 Multiple choice questions
Term 1 of 66
Managing Broker Applicants Must Demonstrate the Following Qualifications:
May perform the same activities as a broker. In addition, a managing broker is qualified
to supervise and be responsible for affiliated broker activities.
1. Answer phones, take and forward calls and messages to the licensee
2. Submit licensee approved listings and MLS changes
3. Follow up on transactions after contract signing
4. Assemble closing documents
5. Gather public information for closing
6. Place broker-approved advertising
7. Record and deposit earnest money, security deposits, and rents under licensee
supervision and approval
8. Place yard signs
9. Sit at a property for a broker tour that is NOT open to the public
10. Gather showing feedback
1. The licensee is the sole owner
2. The licensee and the licensee's licensed spouse own the entity and are both
sponsored by the same firm
3. The licensee and the licensee's unlicensed spouse own the the entity
1. Be at least 20 years old
2. Have an active Illinois real estate broker license that's been active for two consecutive
years of the past three years.
3. Provide proof of completing the required pre- and post-licensure broker coursework
4. Successfully complete 45 hours of brokerage administration and management
coursework before first renewal
5. Pass the state managing broker exam
,Term 2 of 66
What Must A Licensee Do To Restore License After a Successful Claim To REPF?
1. Submit a renewal application
2. Pay the required renewal fee
3. Provide proof of completing required CE credits
Designated Agency
Must repay the fund, with interest, before petitioning for license restoration.
1. Licensee's name
2. Sponsoring broker's business name
Term 3 of 66
Designated Agency Process
Considered to be one where suicide, murder, or other death has occurred; a haunting or
a supernatural event is thought to have taken place; or gang or other illegal activity has
occurred on the property.
1. A Customer specifically asking you to show a property
2. Customers want to talk numbers or share confidential information.
A sponsoring broker designates a broker to act as the buyer or seller client's agent for
both residential and commercial
A designated licensee represents both the buyer and seller in a single transaction.
(Individual firms decide whether or not to allow licensees engage in dual agency)
,Term 4 of 66
Stigmatized Property Disclosure
Sellers and brokers aren't required to disclose stigmatized facts that have no direct
impact and detrimental physical impact on the property.
Considered to be one where suicide, murder, or other death has occurred; a haunting or
a supernatural event is thought to have taken place; or gang or other illegal activity has
occurred on the property.
May perform the same activities as a broker. In addition, a managing broker is qualified
to supervise and be responsible for affiliated broker activities.
1. Lists or offers to list real estate for sale
2. Sells or offers to sell real estate Purchases or offers to purchase real estate
3.Negotiates the exchange of real estate
4. Leases, rents, collects rent, or offers to rent real estate
5. Negotiates or attempts to negotiate a commercial lease
6.Sells or purchases real estate at an auction
7. Negotiates the sale or exchange of lots or land parcels
8.Negotiates the sale or purchase of any timeshare interval
Term 5 of 66
Who Can Be Offered Referral Fees
1. Licensed Leasing Agents
2. Brokers
3. Managing Brokers
(As long as paid through sponsored broker)
Illinois requires every residential building be equipped with at least one alarm within 15
ft of every room used for sleeping purposes
1. Directly supervise other brokers
2. Directly handle all earnest money, escrows, and contract negotiations
3. approving all advertising
1. Licensee's name
2. Sponsoring Broker's name or business name
3. The city and state where the main brokerage office is located?
, Term 6 of 66
Who is The Compensation Paid By?
Brokers who intend to assume managerial duties must earn a managing brokers license
and be appointed to the position by their sponsoring broker (If a firm's designated
managing broker's license is suspended or revoked, the sponsoring broker must appoint
a new managing broker within 15 days)
The sponsoring broker and the client.
The brokers sponsoring broker compensates the sponsored licensees
Agreements between the sponsoring broker/brokerage firm and the client
Term 7 of 66
Who Must Be Affiliated With a Sponsoring Broker?
1. Attorneys who deal with real property under a power of attorney or who provide real
estate services to consumers as part of their practice of law don't need a license.
Attorneys practicing as real estate brokers must be licensed.
2. Public officers who perform brokerage functions as a part of their official duties do
not need a real estate license.
3. Individuals acting under court judgment or order (executors, guardians, trustees, etc.)
need not be licensed.
4. Real property owners and their employees may advertise the owner's property and
negotiate contracts for sale or lease without a license
Illinois brokers, managing brokers, and residential leasing agents (Must have a written
agreement as employment or independent contractor)
The brokers sponsoring broker compensates the sponsored licensees
Claimants who've been awarded judgments for fraud, deceit, or misrepresentation in a
single real estate transaction and who've exhausted other remedies to collect the award
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