Illinois Broker exam questions with verified answers
$500,000 Ans✓✓✓ When it is sold, what is the capital gains exclusion for a
married couple who has lived in their condominium for 3 years
12 hours Ans✓✓✓ In Illinois, after a broker's 1st renewal, how many hours of
continuing education are required for all subsequent renewals?
15 days Ans✓✓✓ How many days does a sponsoring broker have to notify IDFPR
of the loss of a managing broker?
16 Ans✓✓✓ The section of land reserved for school purposes in the rectangular
survey system is section?
2 years and 45 hours Ans✓✓✓ What is the minimum my years of experience and
how many hours of education must a broker have prior to sitting for the managing
broker exam?
20 years Ans✓✓✓ To claim adverse possession in Illinois the period of
uninterrupted possession is?
30 hours Ans✓✓✓ How many hours of post license education are required for a
newly licensed broker prior to their 1st renewal?
43,560 Ans✓✓✓ How many square feet are in an acre?
A written power of attorney Ans✓✓✓ A universal agent must have?
, Acceleration clause Ans✓✓✓ provision in a mortgage contract that requires you
to repay the entire loan immediately if you miss a payment or other covenant.
Acceptance and delivery Ans✓✓✓ Delivery of a deed is valid ONLY if the deed is
accepted, which will be implied UNLESS the facts show otherwise.
Consideration is NOT required in order for the deed to be valid.
accession Ans✓✓✓ when title to additions or improvements to real property are
acquired annexation of fixtures, this is called?
accrued items Ans✓✓✓ On a closing statement, items of expense that are
incurred but not yet payable, such as interest on a mortgage loan or taxes on real
property.
ad valorem Ans✓✓✓ A prefix meaning "based on value". Most local governments
levy an ad valorem tax on property.
ad valorem tax Ans✓✓✓ a tax based on the assessed value of the property
Adverse Possession Ans✓✓✓ A person takes possession & use of a property
belonging to another. Possession must be open, notorious, hostile &
uninterrupted for a certain period of time.
an addendum Ans✓✓✓ a buyer ask the seller to split the cost of repairs after
home inspection and an accepted offer was made
$500,000 Ans✓✓✓ When it is sold, what is the capital gains exclusion for a
married couple who has lived in their condominium for 3 years
12 hours Ans✓✓✓ In Illinois, after a broker's 1st renewal, how many hours of
continuing education are required for all subsequent renewals?
15 days Ans✓✓✓ How many days does a sponsoring broker have to notify IDFPR
of the loss of a managing broker?
16 Ans✓✓✓ The section of land reserved for school purposes in the rectangular
survey system is section?
2 years and 45 hours Ans✓✓✓ What is the minimum my years of experience and
how many hours of education must a broker have prior to sitting for the managing
broker exam?
20 years Ans✓✓✓ To claim adverse possession in Illinois the period of
uninterrupted possession is?
30 hours Ans✓✓✓ How many hours of post license education are required for a
newly licensed broker prior to their 1st renewal?
43,560 Ans✓✓✓ How many square feet are in an acre?
A written power of attorney Ans✓✓✓ A universal agent must have?
, Acceleration clause Ans✓✓✓ provision in a mortgage contract that requires you
to repay the entire loan immediately if you miss a payment or other covenant.
Acceptance and delivery Ans✓✓✓ Delivery of a deed is valid ONLY if the deed is
accepted, which will be implied UNLESS the facts show otherwise.
Consideration is NOT required in order for the deed to be valid.
accession Ans✓✓✓ when title to additions or improvements to real property are
acquired annexation of fixtures, this is called?
accrued items Ans✓✓✓ On a closing statement, items of expense that are
incurred but not yet payable, such as interest on a mortgage loan or taxes on real
property.
ad valorem Ans✓✓✓ A prefix meaning "based on value". Most local governments
levy an ad valorem tax on property.
ad valorem tax Ans✓✓✓ a tax based on the assessed value of the property
Adverse Possession Ans✓✓✓ A person takes possession & use of a property
belonging to another. Possession must be open, notorious, hostile &
uninterrupted for a certain period of time.
an addendum Ans✓✓✓ a buyer ask the seller to split the cost of repairs after
home inspection and an accepted offer was made
