Illinois Broker |373 questions with verified answers
Ans✓✓✓ 31%
2 or more parts, less than 5 acres and is surveyed. answer to the question with
Tom is it is not subject to Illinois Plat Act Ans✓✓✓ Illinois Plat Act (2questions)
A 17-year-old signs a lease for an apartment. What is the status of the lease?
Ans✓✓✓ Valid.
A broker decides to sweeten an MLS listing for a property by making a blanket
offer of subagency. Is the broker's action acceptable? Ans✓✓✓ No, subagency
relationships in Illinois may be created only by a specific agreement between
parties.
A broker did a superior job for his seller. The contract he is going to present is for
$25,000 over list price. The broker is going to demand an additional 1%
commission before he presents the contract to the seller. Is this appropriate?
Ans✓✓✓ No, it is violating the law.
A broker has entered into a listing agreement with the seller. Another broker,
who has been working with the buyer, learns of the property through the MLS.
Typically the second cooperating broker would represent: Ans✓✓✓ The buyer as
an agent.
A broker has hired an unlicensed person as a leasing agent. What, if anything,
allows an unlicensed person to function as a leasing agent? Ans✓✓✓ 120-day
leasing agent permit.
,A broker has violated the license law, resulting in monetary damages to a
consumer. What is the latest date on which the injured party may file a lawsuit
that may result in a collection from the Real Estate Recovery Fund? Ans✓✓✓
Two years after the alleged violation occurred
A broker lists a home and asks the seller to fill out a property condition disclosure.
Which statement is TRUE in Illinois? Ans✓✓✓ Seller disclosure of known
property conditions is required by statute.
A broker received an earnest money deposit along with a contract signed by both
buyer and seller. Under Illinois law, the broker should: Ans✓✓✓ Deposit the
money in an existing special non-interest-bearing escrow account in which all
earnest money received from buyers may be held at the same time.
A broker signs a listing agreement with a seller. The agreement contains this
clause: "If the property has not been sold after three months from date of this
signing, this agreement will automatically continue for additional three-month
periods until the property sells." Such an agreement: Ans✓✓✓ Is illegal in Illinois.
A broker took a listing for a small office building. Because the property is in
excellent condition and produces a good, steady income, the broker's sponsored
licensee has decided to purchase it as an investment. If the broker's sponsored
licensee wishes to buy this property, the licensee must: Ans✓✓✓ Inform the
owner in writing that the salesperson is a licensee before making an offer.
A broker wants to list a property but is getting a lot of competition from other
brokers who would also like to list it. The broker offers the seller the following
inducement to sign his listing agreement: "I'll buy your property if it doesn't sell in
90 days." With this inducement, the broker must do all of the following EXCEPT:
Ans✓✓✓ Buy the property at the agreed figure at any time during the 90 days.
,A broker works for weeks to put a transaction together as a dual agent. After
depositing the earnest money in her escrow account, the broker learns that the
buyer has been in a car wreck and cannot close. The broker hopes to be
reimbursed for her time, so she asks the buyer for half the earnest money before
releasing the rest to her. Is this legal in Illinois? Ans✓✓✓ No, holding earnest
money hostage is illegal.
A buyer calls a licensee to see a new listing. Upon seeing it, the buyer wishes to
buy it on the spot. The licensee insists that to do this, she can only be a dual
agent. Is this correct? Ans✓✓✓ No, the buyer must be given all the agency
options offered by the licensee's office first.
A buyer prospect working with one agent is interested in a house listed with an
agent from the same company. In Illinois, can the buyer agent represent the
buyer when showing an in-house listing? Ans✓✓✓ Yes, this is allowable because
Illinois recognizes designated agency.
A candidate can recieve a waiver of the managing broker courses for which of the
following reasons?
- Being a licensed attorney
- Being a member of the legislature
- Having a bachelor's degree with a major in business related courses
- Having a master's degree with a major in real estate related courses. Ans✓✓✓
Being a licensed attorney
, A couple has signed a lease requiring them to waive their rights to the interest
earned from the security deposit, although required by law. This provision is
Ans✓✓✓ Unenforceable, but the lease is still valid.
A couple with a five-year-old son lives in their own home in Illinois. Knowing their
house contains some surfaces with lead paint, the couple had their son tested for
elevated blood levels. The tests showed he had no lead in his system. Does Illinois
law require that the parents take any action with regard to the lead paint in their
home? Ans✓✓✓ No, abatement is required only if the child has an elevated
blood lead level.
A deed has to be acknowledged to do all of the following EXCEPT Ans✓✓✓ To be
valid
A deed or contract signed on a Sunday or legal holiday is valid and enforceable. If
the last day a person could sign a deed or contract falls on a Sunday or legal
holiday Ans✓✓✓ The person has until the next business day
A homeowner contracted with Super Construction Company to put a new deck on
her house. The company began work on May 1 and finished on June 1, but was
never paid. On July 1, the homeowner sold her house to a buyer, who received a
mortgage loan from Country Bank and a mortgage loan from City Bank. City Bank
recorded its mortgage on July 1. Country Bank recorded its mortgage on July 2.
Super Construction Company records a mechanic's lien on July 3. What is the
priority of the liens? Ans✓✓✓ Super Construction, City Bank, Country Bank.
A homeowner has a mortgage loan secured by real property. Under Illinois law,
the homeowner may terminate the loan's escrow account when the remaining
balance is equal to or less than what percentage of the original amount?
Ans✓✓✓ 65 percent
Ans✓✓✓ 31%
2 or more parts, less than 5 acres and is surveyed. answer to the question with
Tom is it is not subject to Illinois Plat Act Ans✓✓✓ Illinois Plat Act (2questions)
A 17-year-old signs a lease for an apartment. What is the status of the lease?
Ans✓✓✓ Valid.
A broker decides to sweeten an MLS listing for a property by making a blanket
offer of subagency. Is the broker's action acceptable? Ans✓✓✓ No, subagency
relationships in Illinois may be created only by a specific agreement between
parties.
A broker did a superior job for his seller. The contract he is going to present is for
$25,000 over list price. The broker is going to demand an additional 1%
commission before he presents the contract to the seller. Is this appropriate?
Ans✓✓✓ No, it is violating the law.
A broker has entered into a listing agreement with the seller. Another broker,
who has been working with the buyer, learns of the property through the MLS.
Typically the second cooperating broker would represent: Ans✓✓✓ The buyer as
an agent.
A broker has hired an unlicensed person as a leasing agent. What, if anything,
allows an unlicensed person to function as a leasing agent? Ans✓✓✓ 120-day
leasing agent permit.
,A broker has violated the license law, resulting in monetary damages to a
consumer. What is the latest date on which the injured party may file a lawsuit
that may result in a collection from the Real Estate Recovery Fund? Ans✓✓✓
Two years after the alleged violation occurred
A broker lists a home and asks the seller to fill out a property condition disclosure.
Which statement is TRUE in Illinois? Ans✓✓✓ Seller disclosure of known
property conditions is required by statute.
A broker received an earnest money deposit along with a contract signed by both
buyer and seller. Under Illinois law, the broker should: Ans✓✓✓ Deposit the
money in an existing special non-interest-bearing escrow account in which all
earnest money received from buyers may be held at the same time.
A broker signs a listing agreement with a seller. The agreement contains this
clause: "If the property has not been sold after three months from date of this
signing, this agreement will automatically continue for additional three-month
periods until the property sells." Such an agreement: Ans✓✓✓ Is illegal in Illinois.
A broker took a listing for a small office building. Because the property is in
excellent condition and produces a good, steady income, the broker's sponsored
licensee has decided to purchase it as an investment. If the broker's sponsored
licensee wishes to buy this property, the licensee must: Ans✓✓✓ Inform the
owner in writing that the salesperson is a licensee before making an offer.
A broker wants to list a property but is getting a lot of competition from other
brokers who would also like to list it. The broker offers the seller the following
inducement to sign his listing agreement: "I'll buy your property if it doesn't sell in
90 days." With this inducement, the broker must do all of the following EXCEPT:
Ans✓✓✓ Buy the property at the agreed figure at any time during the 90 days.
,A broker works for weeks to put a transaction together as a dual agent. After
depositing the earnest money in her escrow account, the broker learns that the
buyer has been in a car wreck and cannot close. The broker hopes to be
reimbursed for her time, so she asks the buyer for half the earnest money before
releasing the rest to her. Is this legal in Illinois? Ans✓✓✓ No, holding earnest
money hostage is illegal.
A buyer calls a licensee to see a new listing. Upon seeing it, the buyer wishes to
buy it on the spot. The licensee insists that to do this, she can only be a dual
agent. Is this correct? Ans✓✓✓ No, the buyer must be given all the agency
options offered by the licensee's office first.
A buyer prospect working with one agent is interested in a house listed with an
agent from the same company. In Illinois, can the buyer agent represent the
buyer when showing an in-house listing? Ans✓✓✓ Yes, this is allowable because
Illinois recognizes designated agency.
A candidate can recieve a waiver of the managing broker courses for which of the
following reasons?
- Being a licensed attorney
- Being a member of the legislature
- Having a bachelor's degree with a major in business related courses
- Having a master's degree with a major in real estate related courses. Ans✓✓✓
Being a licensed attorney
, A couple has signed a lease requiring them to waive their rights to the interest
earned from the security deposit, although required by law. This provision is
Ans✓✓✓ Unenforceable, but the lease is still valid.
A couple with a five-year-old son lives in their own home in Illinois. Knowing their
house contains some surfaces with lead paint, the couple had their son tested for
elevated blood levels. The tests showed he had no lead in his system. Does Illinois
law require that the parents take any action with regard to the lead paint in their
home? Ans✓✓✓ No, abatement is required only if the child has an elevated
blood lead level.
A deed has to be acknowledged to do all of the following EXCEPT Ans✓✓✓ To be
valid
A deed or contract signed on a Sunday or legal holiday is valid and enforceable. If
the last day a person could sign a deed or contract falls on a Sunday or legal
holiday Ans✓✓✓ The person has until the next business day
A homeowner contracted with Super Construction Company to put a new deck on
her house. The company began work on May 1 and finished on June 1, but was
never paid. On July 1, the homeowner sold her house to a buyer, who received a
mortgage loan from Country Bank and a mortgage loan from City Bank. City Bank
recorded its mortgage on July 1. Country Bank recorded its mortgage on July 2.
Super Construction Company records a mechanic's lien on July 3. What is the
priority of the liens? Ans✓✓✓ Super Construction, City Bank, Country Bank.
A homeowner has a mortgage loan secured by real property. Under Illinois law,
the homeowner may terminate the loan's escrow account when the remaining
balance is equal to or less than what percentage of the original amount?
Ans✓✓✓ 65 percent
