Illinois Leasing Agent License Exam Questions With 100% Correct Answers

Illinois Leasing Agent License Exam Questions With 100% Correct Answers What is the name given to the Illinois license laws under which real estate brokers practice? - answerReal 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? - answer5 Years. The ruling of Chicago Bar Association, et al. v. Quinlan and Tyson, Inc has to deal with what? - answerPlacing 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? - answer18 Years. In terms of financing involved for a real estate purchase, which custom is practiced in Illinois? - answerLien 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? - answerNo. What year was the ruling of Chicago Bar Association, et al. v. Quinlan and Tyson, Inc? - answer1966. 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? - answerViolating 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: - answerFiduciary relationship. The Illinois Human Rights Act recognizes and protects age for persons above the age of what? - answer40 years or older. According to Illinois law, licensees must give disclosure of their status to who? - answerClients and Customers What is the minimum age to obtain a managing broker's license in Illinois? - answer20.