ILLINOIS LEASING AGENT LICENSE
EXAM QUESTIONS AND ANSWERS 100%
ACCURATE!!
, What is the name given to the Illinois license laws under which real estate brokers
practice? - ANSWER Real Estate License Act of 2000
Practicing real estate without a license, and could result in being fined up to what? -
ANSWER $25,000 per event.
How long must real estate brokers keep records in Illinois? - ANSWER 5 Years.
The ruling of Chicago Bar Association, et al. v. Quinlan and Tyson, Inc has to deal with
what? - 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? - ANSWER 18
Years.
In terms of financing involved for a real estate purchase, which custom is practiced in
Illinois? - 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? - ANSWER
No.
What year was the ruling of Chicago Bar Association, et al. v. Quinlan and Tyson, Inc? -
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? -
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: - ANSWER Fiduciary relationship.
The Illinois Human Rights Act recognizes and protects age for persons above the age of
what? - ANSWER 40 years or older.
EXAM QUESTIONS AND ANSWERS 100%
ACCURATE!!
, What is the name given to the Illinois license laws under which real estate brokers
practice? - ANSWER Real Estate License Act of 2000
Practicing real estate without a license, and could result in being fined up to what? -
ANSWER $25,000 per event.
How long must real estate brokers keep records in Illinois? - ANSWER 5 Years.
The ruling of Chicago Bar Association, et al. v. Quinlan and Tyson, Inc has to deal with
what? - 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? - ANSWER 18
Years.
In terms of financing involved for a real estate purchase, which custom is practiced in
Illinois? - 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? - ANSWER
No.
What year was the ruling of Chicago Bar Association, et al. v. Quinlan and Tyson, Inc? -
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? -
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: - ANSWER Fiduciary relationship.
The Illinois Human Rights Act recognizes and protects age for persons above the age of
what? - ANSWER 40 years or older.
