Real Estate Final Exam – Illinois correctly
answered questions
The purpose of a recovery fund is to:
A. protect damaged licensees from clients who fail to pay earned commission.
B. assist in the liquidity of a troubled brokerage through low-interest loans.
C. ensure that judgements against licensees will be collectible within certain
limits.
D. replenish losses in escrow accounts of brokerages found to have mismanaged
monies. - correct answer ✅C. ensure that judgements against licensees will be
collectible within certain limits.
A licensee has a vacancy on an apartment building she owns as a partner with an
unlicensed family member. The unlicensed partner is responsible for all property
management aspects, including the rental of units. In this case:
A. the licensee does not have to disclose her status as a licensee because she is
not involved in any property management decisions.
B. the licensee must disclose her status as a licensee even though she is not
directly involved in making any management decisions.
C. the licensee is not required to disclose her status as a licensee because she has
an ownership interest with an unlicensed person.
,Real Estate Final Exam – Illinois correctly
answered questions
D. the licensee's ownership status does not need to be disclosed because this is a
private matter not involving the licensee's brokerage firm. - correct answer ✅B.
the licensee must disclose her status as a licensee even though she is not directly
involved in making any management decisions.
Which term is most closely associated with the Illinois statute of descent and
distribution?
A. testate
B. community property
C. intestate
D. voluntary alienation - correct answer ✅C. intestate
A forklift operator died intestate, leaving his wife and two children. According to
the Illinois law of descent and distribution:
A. his wife and two children will split the estate equally.
B. his wife will get the entire estate.
C. his wife will get half of the estate, and the children will split the other half.
, Real Estate Final Exam – Illinois correctly
answered questions
D. the entire estate will escheat to the county in which the property is located,
leaving his wife and children with nothing. - correct answer ✅C. his wife will get
half of the estate, and the children will split the other half.
What is a Land Trust?
A. A finance instrument.
B. A legal entity created when a corporation buys land.
C. An agreement which conveys title of a property to be held by a trustee.
D. A legal Life Estate. - correct answer ✅C. An agreement which conveys title of a
property to be held by a trustee.
In Illinois, tenants are entitled to receive interest on their security deposits when
leasing units in properties with:
A. 1 or more units
B. 5 or more units
C. 25 or less units
D. 25 or more units - correct answer ✅D. 25 or more units
answered questions
The purpose of a recovery fund is to:
A. protect damaged licensees from clients who fail to pay earned commission.
B. assist in the liquidity of a troubled brokerage through low-interest loans.
C. ensure that judgements against licensees will be collectible within certain
limits.
D. replenish losses in escrow accounts of brokerages found to have mismanaged
monies. - correct answer ✅C. ensure that judgements against licensees will be
collectible within certain limits.
A licensee has a vacancy on an apartment building she owns as a partner with an
unlicensed family member. The unlicensed partner is responsible for all property
management aspects, including the rental of units. In this case:
A. the licensee does not have to disclose her status as a licensee because she is
not involved in any property management decisions.
B. the licensee must disclose her status as a licensee even though she is not
directly involved in making any management decisions.
C. the licensee is not required to disclose her status as a licensee because she has
an ownership interest with an unlicensed person.
,Real Estate Final Exam – Illinois correctly
answered questions
D. the licensee's ownership status does not need to be disclosed because this is a
private matter not involving the licensee's brokerage firm. - correct answer ✅B.
the licensee must disclose her status as a licensee even though she is not directly
involved in making any management decisions.
Which term is most closely associated with the Illinois statute of descent and
distribution?
A. testate
B. community property
C. intestate
D. voluntary alienation - correct answer ✅C. intestate
A forklift operator died intestate, leaving his wife and two children. According to
the Illinois law of descent and distribution:
A. his wife and two children will split the estate equally.
B. his wife will get the entire estate.
C. his wife will get half of the estate, and the children will split the other half.
, Real Estate Final Exam – Illinois correctly
answered questions
D. the entire estate will escheat to the county in which the property is located,
leaving his wife and children with nothing. - correct answer ✅C. his wife will get
half of the estate, and the children will split the other half.
What is a Land Trust?
A. A finance instrument.
B. A legal entity created when a corporation buys land.
C. An agreement which conveys title of a property to be held by a trustee.
D. A legal Life Estate. - correct answer ✅C. An agreement which conveys title of a
property to be held by a trustee.
In Illinois, tenants are entitled to receive interest on their security deposits when
leasing units in properties with:
A. 1 or more units
B. 5 or more units
C. 25 or less units
D. 25 or more units - correct answer ✅D. 25 or more units
