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. Illinois has a real estate license reciprocity agreement with: - answerSome States; Colorado, Connecticut, Florida, Georgia, Indiana, Iowa, Nebraska, Wisconsin An unlicensed employee may NOT do the following? - answerNegotiate or agree to any commission, commission split, management fee, or referral fee on behalf of a licensee. If an Illinois real license agent places an ad on the Internet offering his services as a real estate agent. Under state law, at a minimum, what are Illinois real licensees required to include? - answerThe name of their brokerage and franchise (if applicable). Under agency law in Illinois disclosed dual agency is? - answerLegal with the consent of all parties. How many days must an aggrieved person give written notice to the Department within 30 days of the entry of any judgment that may result in collection from the Real Estate Recovery Fund? - answer30 Days Per section 15-75 of the Illinois Real Estate License Act, there are minimum services required when there is an exclusive brokerage agreement in place. Which of the following of these examples is NOT required? - answerConcealing adverse facts pertaining to the physical condition of the property at the client seller's request that is known by the licensee but not by the prospective buyer. Is Illinois a Community Property state? - answerNo. All escrow funds received by the Sponsoring/Managing Broker shall be deposited into the broker's escrow account when? - answerNo later than the next business day. Who appoints the members of the Illinois Real Estate Administration and Disciplinary Board? - answerThe Govenor. To become a managing broker in Illinois a licensee must have had an active real estate license for at least: - answerTwo of the past 3 Years. Which Illinois fund was established for research and education at state institutions of higher education or other organizations for research and for education to further the advancement of education in the real estate industry? - answerReal Estate Research and Education Fund A managing broker who has supervisory responsibilities for licensees in one or, in the case of a multi-office company, more than one office and who has been appointed as such by the sponsoring broker registered with the Department is called what? - answerDesignated Managing Broker There are many protected classes according to Illinois Fair Housing law and the Illinois Human Rights Act. Which of the following is not a protected class? - answerCredit