Exam (elaborations)
ILLINOIS REAL ESTATE TEST 3 QUESTIONS AND ANSWERS
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ILLINOIS REAL ESTATE TEST 3 QUESTIONS AND ANSWERS
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Name: Score:115 Multiple choice questions
Term 1 of 115
Escrow, transaction, and employment records must be kept for what duration of time?
5, 2, and 2 years respectively.
5 years.
5, 5, and 2 years respectively.
2 years.
Term 2 of 115
A sponsoring broker requests and obtains written approval from his principal to receive a
modest referral fee from A-1 Carpet Cleaners for periodic carpet cleaning. In this case the
broker
may not change vendors without the consent of the principal.
must receive the kickback in cash.
must pass the referral fee through to the principal.
may not receive compensation from unlicensed parties, regardless of the principal's
approval.
Term 3 of 115
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?
Her license is suspended.
She is censured nevertheless.
She will not be suspended or have her license revoked.
Her license is likewise revoked.
,Term 4 of 115
Business Entity Licensing
Depository for Licensee Fees, administrative costs
- If a corporation or partnership, every officer or partner engaging in real estate must
hold managing broker or broker license
- Sole proprietors must have a managing broker license (self-sponsor)
may lease real estate without a license but with a residential leasing agent permit for 120
days,
provided they are sponsored and certain other requirements are met.
April 30 of every even-numbered year
Term 5 of 115
Listing broker Carmine's seller has just accepted and signed an offer from a buyer. What is she
under a legal obligation to do with the agreement?
Deliver it to the seller on the same business day.
Deliver a copy of the agreement to the seller within two days.
Deliver the buyer a copy of the agreement within 24 hours.
Deliver her broker a copy of the agreement within 24 hours.
Term 6 of 115
Licensee Tyler, for whatever reason, wants to sell his property "by owner." He and his wife own
the property outright. Can he sell by owner as a licensee?
He can provided he discloses his license status.
He can provided his license is inoperative.
He cannot unless he is a sponsoring broker.
He can only if the list price is less than $500,000.
,Term 7 of 115
How soon should should the sponsoring broker submit roster of all managing brokers to the
Department?
Within 10 Days
Immediately
Within 15 Days
Within 30 Days
Term 8 of 115
Licensee Karisty is selling her own condominium "by owner". In her advertisement in the local
paper, she includes her phone number and that the condo is "agent owned". She does not
disclose her name. Has she done anything wrong?
Yes
No
Term 9 of 115
Resident managers are exempt from licensure, provided
that they limit their rentals to 20 units per year.
they do not reside on the premises.
they have their primary residence in the complex, and only lease those units.
they do not discriminate in their leasing practices
Term 10 of 115
A sponsoring broker in downtown Chicago has his firm name listed in the lobby's building
directory. What else must the broker do to comply with signage regulations?
Nothing.
Post a sign outside the entry.
Have his firm name on the directory of the floor where he is located.
Post the names of all licensees in the directory.
, Term 11 of 115
At what point must a consumer be informed of a designated agency relationship?
Prior to the listing presentation.
Before beginning to act as their designated agent.
Before any information is exchanged.
Before an offer is made or received.
Term 12 of 115
Which of the following is the most accurate definition of real estate broker?
A person who conducts licensed activities on behalf of others for compensation.
A person or business who buys or sells real estate on behalf of others for compensation
A person or business entity who buys, sells and manages real estate for a managing
broker for compensation
A person who buys and sells real estate for others, regardless of compensation.
Term 13 of 115
An ad appears in the classified real estate section which reads "principals only, please call
865-
5958." A prospect calls the number and the listing broker answers the phone and proceeds to
sell
the prospect. In this case, the agent
must indicate his brokerage identity at the earliest possible opportunity.
has not violated license laws, since the ad is a classified ad.
has not violated license laws if he is following the seller's instruction forbidding him to
cooperate with other brokers.
has failed to identify his brokerage in violation of Illinois license laws.
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