IL Realtors Exam Review #2 questions with
|\ |\ |\ |\ |\ |\ |\
answers
In Illinois, which type of deed becomes null and void after one
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
year if it is not recorded?
|\ |\ |\ |\ |\
a)
General warranty deed |\ |\
b)
Special warranty deed |\ |\
c)
Bargain and sale deed |\ |\ |\
d)
Tax deed - CORRECT ANSWERS ✔✔d) Tax deed
|\ |\ |\ |\ |\ |\ |\
When a broker passes the license examination
|\ |\ |\ |\ |\ |\
a)
they should apply for their license through the IDFPR portal.
|\ |\ |\ |\ |\ |\ |\ |\ |\
b)
their sponsoring broker is required pay the licensing fee and fill
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
out the required written paperwork.
|\ |\ |\ |\
c)
they receive their license from the testing center.
|\ |\ |\ |\ |\ |\ |\
d)
,they have to take the post-license course before securing their
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
license. - CORRECT ANSWERS ✔✔a) they should apply for their
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
license through the IDFPR portal
|\ |\ |\ |\
What is TRUE of licensees under the Real Estate License Act of
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
2000?
a)
Whenever the company name does appear, it must be in letters
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
smaller than the sponsored licensee's name.
|\ |\ |\ |\ |\
b)
Social media accounts are not covered by the Act.
|\ |\ |\ |\ |\ |\ |\ |\
c)
They are usually paid directly by the person who selected them
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
and with whom they work most closely.
|\ |\ |\ |\ |\ |\
d)
They need an employment agreement with the sponsoring broker
|\ |\ |\ |\ |\ |\ |\ |\
and must be paid by the sponsoring broker. - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔d) They need an employment agreement with the
|\ |\ |\ |\ |\ |\ |\ |\ |\
sponsoring broker and must be paid by the sponsoring broker
|\ |\ |\ |\ |\ |\ |\ |\ |\
Under the Real Estate License Act of 2000, what must be in
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
writing?
a)
Grantee's signature on the deed |\ |\ |\ |\
b)
All listings
|\
c)
, Exclusive-agency and exclusive-right-to-sell listings |\ |\ |\
d)
Subagency between a buyer and a broker - CORRECT ANSWERS |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
✔✔c) Exclusive-agency and exclusive-right-to-sell listings
|\ |\ |\ |\
Why is early discussion and disclosure of agency so important
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
under the Real Estate License Act of 2000?
|\ |\ |\ |\ |\ |\ |\
a)
Working with a consumer may be construed as an implied
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
agency
b)
Working with a consumer may compel the consumer to pay a
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
commission, regardless of a written agreement |\ |\ |\ |\ |\
c)
If nothing is stated, subagency may be in effect.
|\ |\ |\ |\ |\ |\ |\ |\
d)
If nothing is stated, a minimum hourly fee may be demanded
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
after the fact. - CORRECT ANSWERS ✔✔a) Working with a
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
consumer may be construed as implied agency |\ |\ |\ |\ |\ |\
A broker placed the following order with the telephone company:
|\ |\ |\ |\ |\ |\ |\ |\ |\
"List my name in the directory under the heading Real Estate as
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
'John Smith, Real Estate Broker, Residential Property is My
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
Specialty.'" The broker is also required to include |\ |\ |\ |\ |\ |\ |\
a)
his license number.
|\ |\
b)
|\ |\ |\ |\ |\ |\ |\
answers
In Illinois, which type of deed becomes null and void after one
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
year if it is not recorded?
|\ |\ |\ |\ |\
a)
General warranty deed |\ |\
b)
Special warranty deed |\ |\
c)
Bargain and sale deed |\ |\ |\
d)
Tax deed - CORRECT ANSWERS ✔✔d) Tax deed
|\ |\ |\ |\ |\ |\ |\
When a broker passes the license examination
|\ |\ |\ |\ |\ |\
a)
they should apply for their license through the IDFPR portal.
|\ |\ |\ |\ |\ |\ |\ |\ |\
b)
their sponsoring broker is required pay the licensing fee and fill
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
out the required written paperwork.
|\ |\ |\ |\
c)
they receive their license from the testing center.
|\ |\ |\ |\ |\ |\ |\
d)
,they have to take the post-license course before securing their
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
license. - CORRECT ANSWERS ✔✔a) they should apply for their
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
license through the IDFPR portal
|\ |\ |\ |\
What is TRUE of licensees under the Real Estate License Act of
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
2000?
a)
Whenever the company name does appear, it must be in letters
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
smaller than the sponsored licensee's name.
|\ |\ |\ |\ |\
b)
Social media accounts are not covered by the Act.
|\ |\ |\ |\ |\ |\ |\ |\
c)
They are usually paid directly by the person who selected them
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
and with whom they work most closely.
|\ |\ |\ |\ |\ |\
d)
They need an employment agreement with the sponsoring broker
|\ |\ |\ |\ |\ |\ |\ |\
and must be paid by the sponsoring broker. - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔d) They need an employment agreement with the
|\ |\ |\ |\ |\ |\ |\ |\ |\
sponsoring broker and must be paid by the sponsoring broker
|\ |\ |\ |\ |\ |\ |\ |\ |\
Under the Real Estate License Act of 2000, what must be in
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
writing?
a)
Grantee's signature on the deed |\ |\ |\ |\
b)
All listings
|\
c)
, Exclusive-agency and exclusive-right-to-sell listings |\ |\ |\
d)
Subagency between a buyer and a broker - CORRECT ANSWERS |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
✔✔c) Exclusive-agency and exclusive-right-to-sell listings
|\ |\ |\ |\
Why is early discussion and disclosure of agency so important
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
under the Real Estate License Act of 2000?
|\ |\ |\ |\ |\ |\ |\
a)
Working with a consumer may be construed as an implied
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
agency
b)
Working with a consumer may compel the consumer to pay a
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
commission, regardless of a written agreement |\ |\ |\ |\ |\
c)
If nothing is stated, subagency may be in effect.
|\ |\ |\ |\ |\ |\ |\ |\
d)
If nothing is stated, a minimum hourly fee may be demanded
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
after the fact. - CORRECT ANSWERS ✔✔a) Working with a
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
consumer may be construed as implied agency |\ |\ |\ |\ |\ |\
A broker placed the following order with the telephone company:
|\ |\ |\ |\ |\ |\ |\ |\ |\
"List my name in the directory under the heading Real Estate as
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
'John Smith, Real Estate Broker, Residential Property is My
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
Specialty.'" The broker is also required to include |\ |\ |\ |\ |\ |\ |\
a)
his license number.
|\ |\
b)
