The answers are in bold
Which of the following is NOT a fiduciary duty owed to a client by a real estate agent in
Illinois? a) Loyalty b) Confidentiality c) Negotiation on behalf of other parties d) Disclosure
In Illinois, what type of agency relationship is created when a buyer's agent also represents the
seller in the same transaction? a) Single agency b) Dual agency c) Designated agency d)
Subagency
In Illinois, which of the following is NOT required to be disclosed by a seller to a potential
buyer? a) Presence of lead-based paint in a property built before 1978 b) Previous owner's
occupation c) Known material defects d) Presence of radon gas
According to the Illinois Real Estate License Act of 2000, how many hours of continuing
education are required for license renewal every two years? a) 12 b) 15 c) 18 d) 20
Under the Illinois Human Rights Act, which of the following is NOT a protected class in real
estate transactions? a) Race b) Religion c) Sexual orientation d) Source of income
What is the statutory period for filing a fair housing complaint with the Illinois Department of
Human Rights? a) 6 months b) 1 year c) 2 years d) 3 years
In Illinois, how long must a sponsoring broker retain transaction records after the closing of a
real estate transaction? a) 3 years b) 5 years c) 7 years d) 10 years
According to the Illinois Residential Real Property Disclosure Act, which of the following
statements is true? a) The seller must provide the disclosure form to the buyer before the buyer
makes an offer. b) The buyer has the right to rescind the contract within 3 business days of
receiving the disclosure form. c) The seller's disclosure is based on their actual knowledge of
the property's condition. d) The seller is liable for any inaccuracies in the disclosure form,
regardless of whether they were aware of them.
In Illinois, which of the following is NOT a type of listing agreement? a) Exclusive right-to-sell
listing b) Exclusive agency listing c) Open listing d) Net listing
In Illinois, what type of deed provides the greatest protection to the buyer? a) Quitclaim deed b)
General warranty deed c) Special warranty deed d) Bargain and sale deed
In Illinois, a real estate broker's commission is typically: a) Paid by the buyer. b) Paid by the
seller. c) Negotiable between the broker and the client. d) Set by the state.
In Illinois, earnest money is typically held by: a) The buyer's agent. b) The seller's agent. c) The
lender. d) An escrow agent.
, In Illinois, a real estate licensee who is found guilty of violating the Real Estate License Act of
2000 may face all of the following penalties EXCEPT: a) License revocation b) License
suspension c) Monetary fines d) Imprisonment
In Illinois, when a buyer checks "yes" to dual agency on a Buyer Representation agreement,
what does the buyer actually agree to? a) The buyer agrees to allow their agent to represent both
the buyer and the seller in the same transaction. b) The buyer agrees to pay their agent a higher
commission. c) The buyer acknowledges that the possibility of dual agency exists. d) The
buyer waives their right to confidential information from their agent.
In Illinois, which of the following activities does NOT require a real estate license? a)
Negotiating the sale of a property for another person for a fee b) Listing a property for sale for
another person for a fee c) Managing rental properties for another person for a fee d) Selling
your own property
In Illinois, which of the following statements is true regarding home inspections? a) Home
inspections are mandatory for all real estate transactions. b) The buyer typically pays for the
home inspection. c) The seller is responsible for fixing any defects found during the home
inspection. d) The home inspector is liable for any missed defects.
In Illinois, the Real Estate Recovery Fund is used to: a) Provide financial assistance to low-
income homebuyers. b) Compensate individuals who have suffered financial loss due to the
misconduct of a real estate licensee. c) Fund real estate education programs. d) Pay for the
operating expenses of the Illinois Department of Financial and Professional Regulation.
In Illinois, which of the following is NOT a requirement for a valid real estate contract? a)
Offer and acceptance b) Consideration c) Legal capacity of the parties d) Witness signatures
In Illinois, a property tax lien has priority over: a) A mortgage lien. b) A mechanic's lien. c) A
judgment lien. d) All of the above.
In Illinois, which of the following is NOT a type of co-ownership? a) Tenancy in common b)
Joint tenancy c) Tenancy by the entirety d) Community property
21. A real estate agent in Illinois is obligated to present:
a) Only offers that are above the asking price. b) All offers to the seller, regardless of the
amount. c) Offers only from pre-approved buyers. d) Offers that align with the agent's personal
opinion of the property's value.
22. The Illinois Residential Real Property Disclosure Act mandates that sellers:
a) Must hire a professional inspector to complete the disclosure form. b) Disclose any known
material defects in the property. c) Guarantee the accuracy of all information in the disclosure
form. d) Are not required to disclose any latent defects.
Which of the following is NOT a fiduciary duty owed to a client by a real estate agent in
Illinois? a) Loyalty b) Confidentiality c) Negotiation on behalf of other parties d) Disclosure
In Illinois, what type of agency relationship is created when a buyer's agent also represents the
seller in the same transaction? a) Single agency b) Dual agency c) Designated agency d)
Subagency
In Illinois, which of the following is NOT required to be disclosed by a seller to a potential
buyer? a) Presence of lead-based paint in a property built before 1978 b) Previous owner's
occupation c) Known material defects d) Presence of radon gas
According to the Illinois Real Estate License Act of 2000, how many hours of continuing
education are required for license renewal every two years? a) 12 b) 15 c) 18 d) 20
Under the Illinois Human Rights Act, which of the following is NOT a protected class in real
estate transactions? a) Race b) Religion c) Sexual orientation d) Source of income
What is the statutory period for filing a fair housing complaint with the Illinois Department of
Human Rights? a) 6 months b) 1 year c) 2 years d) 3 years
In Illinois, how long must a sponsoring broker retain transaction records after the closing of a
real estate transaction? a) 3 years b) 5 years c) 7 years d) 10 years
According to the Illinois Residential Real Property Disclosure Act, which of the following
statements is true? a) The seller must provide the disclosure form to the buyer before the buyer
makes an offer. b) The buyer has the right to rescind the contract within 3 business days of
receiving the disclosure form. c) The seller's disclosure is based on their actual knowledge of
the property's condition. d) The seller is liable for any inaccuracies in the disclosure form,
regardless of whether they were aware of them.
In Illinois, which of the following is NOT a type of listing agreement? a) Exclusive right-to-sell
listing b) Exclusive agency listing c) Open listing d) Net listing
In Illinois, what type of deed provides the greatest protection to the buyer? a) Quitclaim deed b)
General warranty deed c) Special warranty deed d) Bargain and sale deed
In Illinois, a real estate broker's commission is typically: a) Paid by the buyer. b) Paid by the
seller. c) Negotiable between the broker and the client. d) Set by the state.
In Illinois, earnest money is typically held by: a) The buyer's agent. b) The seller's agent. c) The
lender. d) An escrow agent.
, In Illinois, a real estate licensee who is found guilty of violating the Real Estate License Act of
2000 may face all of the following penalties EXCEPT: a) License revocation b) License
suspension c) Monetary fines d) Imprisonment
In Illinois, when a buyer checks "yes" to dual agency on a Buyer Representation agreement,
what does the buyer actually agree to? a) The buyer agrees to allow their agent to represent both
the buyer and the seller in the same transaction. b) The buyer agrees to pay their agent a higher
commission. c) The buyer acknowledges that the possibility of dual agency exists. d) The
buyer waives their right to confidential information from their agent.
In Illinois, which of the following activities does NOT require a real estate license? a)
Negotiating the sale of a property for another person for a fee b) Listing a property for sale for
another person for a fee c) Managing rental properties for another person for a fee d) Selling
your own property
In Illinois, which of the following statements is true regarding home inspections? a) Home
inspections are mandatory for all real estate transactions. b) The buyer typically pays for the
home inspection. c) The seller is responsible for fixing any defects found during the home
inspection. d) The home inspector is liable for any missed defects.
In Illinois, the Real Estate Recovery Fund is used to: a) Provide financial assistance to low-
income homebuyers. b) Compensate individuals who have suffered financial loss due to the
misconduct of a real estate licensee. c) Fund real estate education programs. d) Pay for the
operating expenses of the Illinois Department of Financial and Professional Regulation.
In Illinois, which of the following is NOT a requirement for a valid real estate contract? a)
Offer and acceptance b) Consideration c) Legal capacity of the parties d) Witness signatures
In Illinois, a property tax lien has priority over: a) A mortgage lien. b) A mechanic's lien. c) A
judgment lien. d) All of the above.
In Illinois, which of the following is NOT a type of co-ownership? a) Tenancy in common b)
Joint tenancy c) Tenancy by the entirety d) Community property
21. A real estate agent in Illinois is obligated to present:
a) Only offers that are above the asking price. b) All offers to the seller, regardless of the
amount. c) Offers only from pre-approved buyers. d) Offers that align with the agent's personal
opinion of the property's value.
22. The Illinois Residential Real Property Disclosure Act mandates that sellers:
a) Must hire a professional inspector to complete the disclosure form. b) Disclose any known
material defects in the property. c) Guarantee the accuracy of all information in the disclosure
form. d) Are not required to disclose any latent defects.
