Exam (elaborations)
ILLINOIS REAL ESTATE EXAM STATE PORTION QUESTIONS AND ANSWERS
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ILLINOIS REAL ESTATE EXAM STATE PORTION QUESTIONS AND ANSWERS
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Name: Score:23 Multiple choice questions
Term 1 of 23
In Illinois, if asked for advice on a legal matter involving real estate, a licensee should
properly advise the client after thoroughly researching the matter.
recommend that the client seek legal counsel.
refer the client to the firm's designated managing broker for legal advice.
refrain from either giving legal advice or recommending that the client seek legal
counsel.
Term 2 of 23
Illinois licensees whose primary business involves commercial real estate sales and leasing are
required to
Satisfy continuing education requirements
Research title defects
Act as dual agents
Complete 15 hours of property management education
Term 3 of 23
In Illinois, which of the following individual must hold a real estate license?
An individual owning three properties worth $1,000,000 or more
A relative who is paid to help sell property
An attorney in performance of their duties
The trustee of land trust
,Term 4 of 23
Which of the following may a sponsoring broker legally do in Illinois?
Place a sign on the property without the sellers permission
Accept compensation from more than one party in a transaction with disclosure
Inform serious buyers that the sellers will accept less than the purchase price the sellers
have disclosed to the broker
Pay a finders fee to a friend who is not a real estate licensee, who referred the seller to
the broker
Term 5 of 23
In Illinois, a licensee is subject to disciplinary action for FAILING to:
have all papers notarized
pay Illinois state income tax
maintain a separate escrow account for each sale
have the escrow account audited by an accountant
Term 6 of 23
In Illinois, dual agency:
means an agent must give 200%
means the same thing as sub-agency
is allowed whether or not the seller and buyer understand it
is prohibited if the seller Is a licensee selling their own property
, Term 7 of 23
In Illinois, which of the following must be included when a sponsoring broker markets a listed
property on the internet?
Lot size
Listing price
Geographic location
Financing information
Term 8 of 23
In Illinois, a real estate broker who engages in property management shall NOT act as a
property manager until
A property management certificate from the Department of Financial and Professional
Regulation is obtained and displayed
The sponsoring broker and client enter into a written brokerage agreement
There is oral approval from the client specifying duties and compensation
A property management certificate from a national property management organization
is received
Term 9 of 23
In a real estate transaction in Illinois, a detailed closing statement must be given to the
buyer only
Buyer and seller
buyer, seller and seller's attorney
buyer seller, broker's files, and country recorder
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