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ILLINOIS STATE EXAM PRACTICE 2025 WITH ACTUAL
CORRECT QUESTIONS AND VERIFIED ANSWERS |A+
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Kevin is an Illinois sponsoring broker. RaeAnn is one of Kevin's sponsored licensees. RaeAnn is representing the Bothwell's as a listing agent. TJ, also one of Kevin's sponsored licensees, is representing James, who's buying the Bothwell's house. Under Illinois licensing law, who is a designated agent? Both RaeAnn and TJ As the property manager, Galena places security deposits in an interest-bearing account for her landlord, who owns 42 rental units. Galena isn't permitted to accept a lease term of under one year. Which of these statements is FALSE? Galena must pay each tenant the interest earned on their deposit monthly. Which of the following about dual agency in Illinois is true? The required consent and disclosure must be signed by all parties involved in the transaction.
Which of the following scenarios describes a dual agency situation in Illinois? Sean has been assigned to represent seller clients, the Herrondales, and buyer client, Clarissa, in the same transaction. Several situations are exempt from the provisions of the Illinois Land Sales Registration Act. Which situation is not exempt? Sales subdivided into 25 or more lots According to Illinois license law, which of the following transaction records must a sponsoring broker retain? Transaction ledger cards For which of these transactions is the seller required to make property disclosures under the Residential Real Property Disclosure Act? A two-story home the seller currently owns and occupies
Nithya is 17 years old and a junior in high school. She wants to become an Illinois real estate broker as soon as possible. What would you tell her? "Obtain a high school diploma or GED, you may be able to get your license at 18." Jed is a property manager who wants to fill a vacant apartment. He needs to avoid discrimination based on which set of protected classes? A combination of federally, state, and locally protected classes Which of these statements about the Illinois Timeshare Lien and Security Interest Act is true? This act permits timeshare managers to place liens against timeshare interests for unpaid assessments. Rea is a sponsored licensee in Illinois. How must she design her business cards in order to comply with rules of the Illinois license law? Her name and her sponsoring broker's business name must appear on the card, but no specific type size is required.
Which of these about the Illinois Timeshare Lien and Security Interest Act is true? This act permits timeshare managers to place liens against timeshare interests for unpaid assessments. Which of these statements about retaining transaction records in Illinois is true? Transaction records maintained electronically must be backed up at least monthly. An Illinois licensee may not use advertising or marketing that ______. Is deceptive or misleading Mandy is a buyer who has given her agent an earnest money check for $10,000 with an offer to purchase. When will the check be deposited? Immediately upon receipt by her agent
Which of the following statements about escrow funds and escrow accounts in Illinois is true? Escrow accounts must be maintained at a federally insured depository. When there's a dual agency agreement in place, and a licensee is working with a buyer client, which of the following questions should a licensee NOT answer, assuming she had all of this information? How much should I offer? Which of these best describes Illinois license reciprocity? Licensees in another state that has a reciprocity agreement with Illinois may skip some or all of the Illinois pre-licensing requirements. Reich Real Estate has discovered that their licensee, Ivan, has been stealing money from clients by depositing their earnest money into his own account. What will likely be the consequence? Ivan's license could be suspended without a hearing.
What is the minimum age required to become a licensed broker in Illinois? 18 Marcus died intestate (without leaving a will). His wife, Elaine, and two children, Patrick and Rhonda, are in the line of succession to inherit his estate. According to Illinois law, how will the property be distributed? Elaine receives 50% and the children each receive 25%. Broker Damion owns a duplex and wants to sell the half he's been renting. He's placing a listing advertisement to sell the vacant half of the duplex. What does he need to disclose in the ad? He's a licensee. A borrower has no protection from a deficiency judgment when ______________. The auction sale price is less than the mortgage balance
Where will you find official documentation about the licensing of Illinois real estate professionals? Laws and regulations Illinois licensee Chet has one buyer client who might be interested in one of his seller client's properties. When does Chet need to ensure the initial dual agency disclosure obtaining informed consent is made to each of his respective clients? With their respective brokerage agreements Illinois licensee Eric represents a buyer who's seriously interested in a home that Eric listed for one of his seller clients. Both clients have already given their consent to dual agency representation. Before Eric can act as a dual agent in the transaction, though, what must he do? Have both parties reaffirm their prior consent to dual agency by signing a confirmation of consent to dual agency form What may happen in a short sale transaction if a cloud on the title is discovered? The transaction comes to a standstill until the cloud is cleared.
In Illinois, who appoints a designated managing broker? A sponsoring broker Garth helps his neighbor sell his Illinois home by assisting with negotiations. He receives no compensation for his assistance. Based on this one transaction, Garth______. Doesn't need a real estate license Neal, the designated managing broker for At Your Service Brokerage Services, requires his licensees to work set hours and work from the brokerage firm's office. Which of the following statements is true? The broker can make these activities a requirement if licensees are hired as employees instead of independent contractors. As an Illinois managing broker, Derek knows better than to answer some questions from his buyer clients when there's a dual agency relationship in place. He's representing Tina, a buyer, and Joe Sanchez, the seller, in a dual agency relationship. Today, he's meeting with Tina. Which of the following questions is Derek NOT allowed to answer, given the dual agency relationship?
The title to the property may have hidden issues that could cost her a lot of money to clear During an escrow money dispute in which no civil action has been filed, sponsoring brokers in Illinois retain the funds ______. Until they receive written release and disbursement directions, signed by both parties or their agents A hurricane destroyed Stu's brokerage, including all of his records. In addition to immediately obtaining copies of and reconstructing the missing records, what is he required to do in this case? Notify the IDFPR enforcement division within 30 days by signature- restricted delivery. Carissa is an Illinois broker. Her managing broker, Thomas, is also the firm's sponsoring broker. The staff includes one licensed residential leasing agent, Reuben. Which of these statements about license renewals is true? The firm's license expires on October 31 of each even-numbered year.
Angie is serving as a non-agent to a tenant customer. Which of the following can she perform for the customer? Ministerial acts Susie is the seller's agent for a transaction in which April (another agent from her brokerage) helped her by hosting three open houses for her seller client Gianna's property. From whom will April receive her compensation? From their sponsoring broker Illinois licensee Sandra has provided her client Clint with a designated agency disclosure along with their brokerage agreement. Which of the following pieces of information is included in that disclosure? Sandra's full name and a statement that a designated agency relationship exists between the two of them Thebiggestbaddestcoolestsellerinthewindycity@Trustworthyagency.co m is a bad email address because __________. It's hard for someone to remember.
What's the chief function of Illinois real estate licensing laws? Ensure that consumers are protected Based on Illinois law, which of the following is considered a ministerial act? Providing the opposing party with signed copies of paperwork Are property stigmas required to be disclosed in Illinois? No, stigmas aren't required to be disclosed in Illinois. Bert is a sponsored broker in Illinois who's selling his own house. Since he's acting as his own broker, which of these rules must he follow? He can use a For Sale by Owner yard sign, but it must say "agent owned." Based on Illinois license law, which of these activities requires a real estate license when it's performed on someone else's behalf and for compensation? Negotiating a real estate contract
According to Illinois license law, which of these parties is exempt from the licensing requirement when performing real estate brokerage activities? Persons acting under a court order Which homebuyers are eligible for the USDA Rural Development Single Family Housing Guaranteed Loan Program? Low- to moderate-income buyers in eligible rural counties in Illinois Carrie is a new licensee in Illinois. Based on this information, which of the following statements is true? Carrie can disclose confidential client information to her sponsoring broker if she's seeking advice or assistance that will ultimately benefit the client. Dan, a sponsoring broker in Illinois, has designated one of his licensees to meet with a prospective seller client. When is Dan or his licensee required to disclose the agency relationship to the prospective client?
Regulations described in the Real Estate License Act of 2000 According to Illinois statutes, licensees who have a personal interest to a transaction must _____. Disclose their status as a licensee When must licensees in Illinois notify the Division of Real Estate of a change to their office location? Within 24 hours What is it called when the owner of a property dies without a will? Intestate Daniel was the subject of a disciplinary hearing based on a complaint filed by a previous client. After the hearing process, Daniel's license was suspended, and he was required to complete six hours of prescribed professional development coursework. What's the formal term for sanctions such as these? Disciplinary action
Bob's clients, Dan and Julie, are looking for a mountain cabin. They tell Bob they'll pay him a $2,000 finder's fee if he finds the cabin that checks all their boxes and they close on it. Randall finds a likely candidate as a FSBO, and negotiations begin. What circumstance is required for Bob to receive the finder's fee? Dan and Julie must pay the finder's fee to Bob's broker. Robert is a client working with licensee Andrea to sell his home. Which of these actions should Andrea advise Robert to take based on the requirements of the Illinois Radon Awareness Act? Provide the buyer with required forms related to radon hazards. Which of the following scenarios describes dual agency as it's defined in Illinois? Sponsoring broker Simon assigns Maria to act as the designated agent for both the buyer and seller in the same transaction, making Maria the dual agent.
