EXAMSMART ILLINOIS LAW
QUESTIONS AND ANSWERS WITH
COMPLETE SOLUTIONS (GRADED A+)
Mr. Smith sells his home for $151,050. He will be required to pay how much in
Illinois transfer taxes?
✔✔ Answer: A. $227.25
Regarding office policies in Illinois:
✔✔ Answer: A. Each office must have a written office policy manual.
Sandy wishes to start a new real estate company, although she has never had a real
estate license of any type. Which statement is true?
a. buyer -ANSWER ✔✔in Illinois, in a typical multiple listing service agreement,
the agent who shows a property without any prearrangements regarding agency
relationships(not an open house) is presumed to be the agent of the: a. buyer, b.
seller, c. listing broker, d. buyer and seller
c. is specifically dictated in the license law -ANSWER ✔✔in Illinois, an agent
who proposes to become a dual agent must have written agreement from both
buyer and seller regarding this situation. the dual agency language: a should be
drafted by the agents attorney, b. may take any form, as long as it is in writing, c. is
specifically dictated in the license law. c. will change the amount of compensation
the agent recieves
d. sign his license, give him the original, and send a copy to the dfpr -ANSWER
✔✔agent jons employment is terminated by sponsoring broker Kathy. DFPR
requires Kathy to: a. publish a notice of termination in the local realtor publication,
b. terminate all of his listings, c. immediately get his office keys and MLS keypad,
d. sign his license, give him the original and send a copy to the DFPR
, B. sponsor cards are valid for 45 days -ANSWER ✔✔which is the correct
statement regarding sponsor cards in Illinois: a. sponsor cards are used for new
licensees, not for those transferring offices, b. sponsor cards are valid for 45 days,
c. a sponsor card is required by students wishing to take the Illinois real estate
exam, d. DFPR must receive a copy 72 hours after issuance.
c. he must display a conspicuous identification sign on the outside of his offices -
ANSWER ✔✔Patrick wishes to open a series of real estate offices in il which of
the following is a requirement of the license act?: a. he can manage only one real
estate office, b. he must have at least one additional real estate agent at each
location, c. he must display a conspicuous identification sign on the outside of his
offices, d. licenses of the agents must be displayed on the wall in each office.
a. reciprocity is granted to licensees in states with similar licensing requirements -
ANSWER ✔✔an out of state real estate brokers wishes to apply for an Illinois
license. which of the follow statement is true regarding license reciprocity: A »
Reciprocity is granted to licensees in states with similar licensing requirements
B » Reciprocity is granted only to licensees in states whose borders touch Illinois
C » Reciprocity is not granted by the state of Illinois
D » Reciprocity is granted to licensees in any state, as long as they are licensed in
their home state
d. the form should be completed by the seller and not the agent. -ANSWER
✔✔Which of the following is true regarding the residential real property disclosure
act?
A » It covers all residential properties with no exemptions
B » It does not allow for rescission under any circumstances
C » It is a warranty against future defects
D » The form should be completed by the seller and not the agent
QUESTIONS AND ANSWERS WITH
COMPLETE SOLUTIONS (GRADED A+)
Mr. Smith sells his home for $151,050. He will be required to pay how much in
Illinois transfer taxes?
✔✔ Answer: A. $227.25
Regarding office policies in Illinois:
✔✔ Answer: A. Each office must have a written office policy manual.
Sandy wishes to start a new real estate company, although she has never had a real
estate license of any type. Which statement is true?
a. buyer -ANSWER ✔✔in Illinois, in a typical multiple listing service agreement,
the agent who shows a property without any prearrangements regarding agency
relationships(not an open house) is presumed to be the agent of the: a. buyer, b.
seller, c. listing broker, d. buyer and seller
c. is specifically dictated in the license law -ANSWER ✔✔in Illinois, an agent
who proposes to become a dual agent must have written agreement from both
buyer and seller regarding this situation. the dual agency language: a should be
drafted by the agents attorney, b. may take any form, as long as it is in writing, c. is
specifically dictated in the license law. c. will change the amount of compensation
the agent recieves
d. sign his license, give him the original, and send a copy to the dfpr -ANSWER
✔✔agent jons employment is terminated by sponsoring broker Kathy. DFPR
requires Kathy to: a. publish a notice of termination in the local realtor publication,
b. terminate all of his listings, c. immediately get his office keys and MLS keypad,
d. sign his license, give him the original and send a copy to the DFPR
, B. sponsor cards are valid for 45 days -ANSWER ✔✔which is the correct
statement regarding sponsor cards in Illinois: a. sponsor cards are used for new
licensees, not for those transferring offices, b. sponsor cards are valid for 45 days,
c. a sponsor card is required by students wishing to take the Illinois real estate
exam, d. DFPR must receive a copy 72 hours after issuance.
c. he must display a conspicuous identification sign on the outside of his offices -
ANSWER ✔✔Patrick wishes to open a series of real estate offices in il which of
the following is a requirement of the license act?: a. he can manage only one real
estate office, b. he must have at least one additional real estate agent at each
location, c. he must display a conspicuous identification sign on the outside of his
offices, d. licenses of the agents must be displayed on the wall in each office.
a. reciprocity is granted to licensees in states with similar licensing requirements -
ANSWER ✔✔an out of state real estate brokers wishes to apply for an Illinois
license. which of the follow statement is true regarding license reciprocity: A »
Reciprocity is granted to licensees in states with similar licensing requirements
B » Reciprocity is granted only to licensees in states whose borders touch Illinois
C » Reciprocity is not granted by the state of Illinois
D » Reciprocity is granted to licensees in any state, as long as they are licensed in
their home state
d. the form should be completed by the seller and not the agent. -ANSWER
✔✔Which of the following is true regarding the residential real property disclosure
act?
A » It covers all residential properties with no exemptions
B » It does not allow for rescission under any circumstances
C » It is a warranty against future defects
D » The form should be completed by the seller and not the agent
