Download Illinois Leasing Agent License Exam 2025 | Landlord Tenant Law, Fair Housing Regulations and more Exams Real Estate Management in PDF only on Docsity!
Illinois Leasing Agent License Exam 2025 | Landlord
Tenant Law, Fair Housing Regulations, Leasing
Procedures, and Advertising Guidelines | Just Released
All escrow funds received by the Sponsoring/Managing Broker shall be deposited into the broker's escrow account when? ---------CORRECT ANSWER-----------------No later than the next business day. Who appoints the members of the Illinois Real Estate Administration and Disciplinary Board? ---------CORRECT ANSWER-----------------The Govenor. To become a managing broker in Illinois a licensee must have had an active real estate license for at least: ---------CORRECT ANSWER-----------------Two of the past 3 Years. Which Illinois fund was established for research and education at state institutions of higher education or other organizations for research and for education to further the advancement of education in the real estate industry? --- ------CORRECT ANSWER-----------------Real Estate Research and Education Fund A managing broker who has supervisory responsibilities for licensees in one or, in the case of a multi-office company, more than one office and who has been
appointed as such by the sponsoring broker registered with the Department is called what? ---------CORRECT ANSWER-----------------Designated Managing Broker There are many protected classes according to Illinois Fair Housing law and the Illinois Human Rights Act. Which of the following is not a protected class? --------- CORRECT ANSWER-----------------Credit A broker named Thomas works for Linda, owner of L&L Realty. Thomas decides to spend some of his own money to take out an extra ad for a property he really wants to sell. Which of the following statements about his ad and this situation is true? ---------CORRECT ANSWER-----------------The ad must be under the sponsoring broker's name but can include Thomas's name. What is the purpose of the Real Estate Recovery Fund? ---------CORRECT ANSWER- ----------------To provide a means of compensation for actual monetary losses suffered by individuals as a result of the acts of a licensee who violated the license law. How many members are there in Illinois Real Estate Administration and Disciplinary Board in total? ---------CORRECT ANSWER----------------- 15
In most cases, a tenant in an apartment holds: ---------CORRECT ANSWER------------- ----A leasehold interest. What is the general technique of determining three-dimensional positions of points and the distances and angles between them? ---------CORRECT ANSWER----- ------------Surveying What of the following is required by the Americans with Disabilities Act(ADA)? ---- -----CORRECT ANSWER-----------------Reasonable accommodations must be provided to people with disabilities. A legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset: ---------CORRECT ANSWER-----------------A foreclosure. A housing development advertising its units being only available to people over 55 is what? ---------CORRECT ANSWER-----------------Legal if 80% of the residents are the age 55 or older.
The Bundle of Rights include: ---------CORRECT ANSWER-----------------Possession, control, exclusion, enjoyment, disposition. Appraiser Leo was hired to prepare a feasibility study for a 12-unit apartment complex in which the owner is considering putting in a swimming pool. Which basic principle of appraising should Leo use? ---------CORRECT ANSWER--------------- --Contribution Restrictive covenants, are also known as ---------CORRECT ANSWER----------------- CCR's Conditions, covenants and restrictions. Which of the following is NOT a main element of a valid real estate contract? ------ ---CORRECT ANSWER-----------------The contract must have monetary consideration. Mortgage points, also known as discount points, are ---------CORRECT ANSWER----- ------------Fees paid directly to the lender at closing in exchange for a reduced interest rate. If a minor signs a contract to buy real estate, the resulting contract is legally what? ---------CORRECT ANSWER-----------------Voidable.
Practicing real estate without a license, and could result in being fined up to what? ---------CORRECT ANSWER-----------------$25,000 per event. How long must real estate brokers keep records in Illinois? ---------CORRECT ANSWER-----------------5 Years. The ruling of Chicago Bar Association, et al. v. Quinlan and Tyson, Inc has to deal with what? ---------CORRECT ANSWER-----------------Placing certain limitations on real estate licensees in drafting a contract of sale. What is the minimum age to become a real estate broker in Illinois? --------- CORRECT ANSWER-----------------18 Years. In terms of financing involved for a real estate purchase, which custom is practiced in Illinois? ---------CORRECT ANSWER-----------------Lien Theory. Cassidy is selling a home in Springfield. She found out the homeowner named Peter has AIDS. Is she required to disclose the fact Peter has aids to the public? --- ------CORRECT ANSWER-----------------No.
What year was the ruling of Chicago Bar Association, et al. v. Quinlan and Tyson, Inc? ---------CORRECT ANSWER-----------------1966. A real estate broker named Matt is filling in the blanks on a real estate sales contract. He writes on the contract that his client, the buyer, would like 2% of the sales price at closing to cover closing costs and assorted fees. In this instance, Matt is doing what? ---------CORRECT ANSWER-----------------Violating Chicago Bar Association, et al. v. Quinlan and Tyson, Inc. In Illinois, the relationship in which the agent is held in a position of special trust and confidence by the principal is called a: ---------CORRECT ANSWER----------------- Fiduciary relationship. The Illinois Human Rights Act recognizes and protects age for persons above the age of what? ---------CORRECT ANSWER-----------------40 years or older. According to Illinois law, licensees must give disclosure of their status to who? ---- -----CORRECT ANSWER-----------------Clients and Customers What is the minimum age to obtain a managing broker's license in Illinois? --------- CORRECT ANSWER-----------------20.
Per section 15-75 of the Illinois Real Estate License Act, there are minimum services required when there is an exclusive brokerage agreement in place. Which of the following of these examples is NOT required? ---------CORRECT ANSWER----- ------------Concealing adverse facts pertaining to the physical condition of the property at the client seller's request that is known by the licensee but not by the prospective buyer. Is Illinois a Community Property state? ---------CORRECT ANSWER-----------------No. Jake is an unlicensed personal assistant working for a broker named Lisa. Lisa's managing broker is Nina who is sponsoring and managing Lisa. Lisa recently closed on a house sale and paid Jake a bonus because Jake helped negotiate the contract. Which of the following statements regarding this situation and Illinois license law, is true? ---------CORRECT ANSWER-----------------Jake practiced real estate without a license and received performance-based compensation. Lisa, Nina, and Jake could all be sanctioned. Thelma, a real estate broker, agreed to prepare a deed for her seller in a transaction in which she is the listing agent. Which of the following statements is true regarding this situation? ---------CORRECT ANSWER-----------------Thelma may have her license suspended or revoked by the Illinois Real Estate Administration and Disciplinary Board. How many hours of continuing education are required for real estate license renewal in Illinois? ---------CORRECT ANSWER-----------------12 Hours.
The Illinois Human Rights Act covers all the following except which circumstance? ---------CORRECT ANSWER-----------------Allison who works at Burger King full time. How long are terms for members of the Illinois Real Estate Administration and Disciplinary Board? ---------CORRECT ANSWER-----------------4 Years. Who must comply with Illinois Fair Housing law? ---------CORRECT ANSWER---------- -------Owners, managers, salespersons, brokers, builders, appraisers, rental agents, and more In Illinois, when do all real estate brokers' licenses expire? ---------CORRECT ANSWER-----------------April 30th (in even years). Within how long must a licensee notify the Department of a change of residence address? ---------CORRECT ANSWER-----------------24 Hours. Illinois licensees who allow their licenses to expire have how long to reinstate their licenses? ---------CORRECT ANSWER-----------------Up to 2 years.
When real estate agents alert the members of a neighborhood that it is "changing" and that they should sell their property. This is an example of what? -- -------CORRECT ANSWER-----------------Blockbusting What is the final step of the real estate appraisal process in which the appraiser weighs each appraisal approach and determines which one is most relevant and should be used? ---------CORRECT ANSWER-----------------Reconciliation When you borrow money to buy real estate, you give the lender a _____ against the property. ---------CORRECT ANSWER-----------------Mortgage Lien What form of legal land description uses a plat map? ---------CORRECT ANSWER---- -------------Lot and Block Acceleration is a term associated with which type of document? ---------CORRECT ANSWER-----------------Mortgages Which of the following consumers would most likely qualify and be able to derive the most benefit from a reverse mortgage? ---------CORRECT ANSWER----------------- A couple in their late 60s who need to tap their home equity to help cover their expenses but do not want to sell their house.
A parcel of land that is subject to an easement is best described as: --------- CORRECT ANSWER-----------------A Servient Estate The amount borrowed is called the: ---------CORRECT ANSWER----------------- Principal amount. Justin takes out a mortgage loan that requires monthly payments of $650.50 for 25 years and a final payment of $30,000. What type of loan is this? --------- CORRECT ANSWER-----------------Balloon loan. A salesperson working for Trinity Real Estate LLC has moved to Lotus Realty. What happens to the listings the salesperson took at Trinity Real Estate LLC? --------- CORRECT ANSWER-----------------The listings belong to Trinity Real Estate LLC. Local zoning ordinances often regulate all of the following except? --------- CORRECT ANSWER-----------------Market value of property. Is replacement cost and reproduction cost the same thing and if it is different, what is the difference? ---------CORRECT ANSWER-----------------No, the reproduction cost process looks at the cost of creating an exact replica, while with the replacement cost process, it looks at the cost of replacing an insured property with one of similar functionality.
In real estate, a deed is best defined as: ---------CORRECT ANSWER-----------------A written legal document by which ownership of real estate is conveyed from one party to another. A contract for the sale of real estate that does not state the consideration to be paid for the property and is not signed by the parties is considered what? --------- CORRECT ANSWER-----------------Void A bilateral contract is one in which ---------CORRECT ANSWER-----------------the promise of one party is given in exchange for the promise of the other party. Under the terms in a mortgage, the lender must be paid in full if the property is sold to another person. This is known as the? ---------CORRECT ANSWER-------------- ---Alienation Clause Which act amended the comprehensive environmental response, compensation, and liability act (also known as CERCLA)? ---------CORRECT ANSWER----------------- SARA What is a one-of-a-kind contract that is solely between the seller and the buyer. In this arrangement, the seller gives the buyer the option to purchase property at a given price for a set period? ---------CORRECT ANSWER-----------------An option contract.
What is the difference between a lease option contract and lease purchase contract? ---------CORRECT ANSWER-----------------The difference between a lease option and a lease purchase agreement is that the lease option only obligates the seller to sell. The real estate contract clause that almost always begins with the words "to have and to hold." ---------CORRECT ANSWER-----------------Habendum Clause Government power is the constitutional authority and inherent power of a state to adopt and enforce laws and regulations to promote and support the public health, safety, morals, and general welfare. Escheat is ---------CORRECT ANSWER--- --------------when a property owner dies and leaves no proper documented inheritance plan, the property ownership reverts to the government. Which of the following can be achieved by dividing the price of the property by the rent that is produced? ---------CORRECT ANSWER-----------------Gross rent multiplier. Which of the following is a common example of real estate police power? --------- CORRECT ANSWER-----------------Zoning
What is the total quantity that buyers are willing to buy at a given time at certain prices? ---------CORRECT ANSWER-----------------Demand A couple owns an older home in a neighborhood that is becoming a commercial area. Because of the change in the use of the land, the couple can expect the value of their parcel to increase at some future time. This is an example of the principle of ---------CORRECT ANSWER-----------------Anticipation A claim that has the appearance of having valid title, but in reality, the person either does not hold actual title, or there is a significant defect in the written documents supporting title, that makes it invalid. This an example of which legal concept: ---------CORRECT ANSWER-----------------Color of the Title. The person who hires or appoints an agent is called the: ---------CORRECT ANSWER-----------------Principal. What best describes an agency relationship where an agent has legal authority to act on behalf of the principal? ---------CORRECT ANSWER-----------------Univeral Agency
Which term refers to the packaging of a number of mortgage loans for sale in the secondary mortgage market by a financial institution or mortgage banker who originated the loans? ---------CORRECT ANSWER-----------------Warehousing The Civil Rights Act of 1866 prohibits discrimination in real estate based on: --------
- CORRECT ANSWER-----------------Race Which of the following is not a type of depreciation used in the cost approach? --- ------CORRECT ANSWER-----------------Intangible Deterioration. Which of the following enforces all federal environmental rules and regulations? - --------CORRECT ANSWER-----------------EPA A property owner acquired the ownership of land that was deposited by a river running through his property by what? ---------CORRECT ANSWER----------------- Accretion. What is an item on a property that is installed by the tenant, and is related to the tenant's business classified as? ---------CORRECT ANSWER-----------------Trade Fixtures.
