ILLINOIS REAL ESTATE LICENSE & PROPERTY LAW EXAM
QUESTIONS COMPLETE WITH 100% VERIFIED ANSWERS
1
How many sections are in a township?
Correct Answer: 36 sections
2
What are the essential elements of a listing agreement?
Correct Answer: Names of parties, legal description, list price,
commission rate, start and end date, signatures
3
What are the four unities required for Joint Tenancy?
Correct Answer: Time, Title, Interest, Possession (TTIP)
4
What are the seven protected classes under the Fair Housing Act?
Correct Answer: Race, Color, Religion, National Origin, Sex, Familial
Status, Disability
5
What are the two categories of liens?
Correct Answer: Voluntary and Involuntary
6
What are the two components of the Metes & Bounds method?
, Correct Answer: Metes (distances) and Bounds (directions and
boundaries)
7
What defines a 'Ready, Willing & Able' buyer?
Correct Answer: A buyer who is prepared, wants to buy, and has
financial ability
8
What distinguishes a corporation or LLC in real estate brokerage?
Correct Answer: A business entity owns the brokerage and must
designate a managing broker officer
9
What does IDFPR stand for?
Correct Answer: Illinois Department of Financial and Professional
Regulation
10
What does MLS stand for in real estate?
Correct Answer: Multiple Listing Service
11
What does OLD CAR stand for in fiduciary duties?
Correct Answer: Obedience, Loyalty, Disclosure, Confidentiality,
Accounting, Reasonable Care
12
What does the acronym DEEPC represent in the bundle of rights?
Correct Answer: Disposition, Enjoyment, Exclusion, Possession, Control
QUESTIONS COMPLETE WITH 100% VERIFIED ANSWERS
1
How many sections are in a township?
Correct Answer: 36 sections
2
What are the essential elements of a listing agreement?
Correct Answer: Names of parties, legal description, list price,
commission rate, start and end date, signatures
3
What are the four unities required for Joint Tenancy?
Correct Answer: Time, Title, Interest, Possession (TTIP)
4
What are the seven protected classes under the Fair Housing Act?
Correct Answer: Race, Color, Religion, National Origin, Sex, Familial
Status, Disability
5
What are the two categories of liens?
Correct Answer: Voluntary and Involuntary
6
What are the two components of the Metes & Bounds method?
, Correct Answer: Metes (distances) and Bounds (directions and
boundaries)
7
What defines a 'Ready, Willing & Able' buyer?
Correct Answer: A buyer who is prepared, wants to buy, and has
financial ability
8
What distinguishes a corporation or LLC in real estate brokerage?
Correct Answer: A business entity owns the brokerage and must
designate a managing broker officer
9
What does IDFPR stand for?
Correct Answer: Illinois Department of Financial and Professional
Regulation
10
What does MLS stand for in real estate?
Correct Answer: Multiple Listing Service
11
What does OLD CAR stand for in fiduciary duties?
Correct Answer: Obedience, Loyalty, Disclosure, Confidentiality,
Accounting, Reasonable Care
12
What does the acronym DEEPC represent in the bundle of rights?
Correct Answer: Disposition, Enjoyment, Exclusion, Possession, Control
