Unlock your potential in the Illinois real estate market with our comprehensive Broker Q&A package. Designed to guide you through every facet of the profession, this bundle covers licensing prerequisites, agency relationships, state-specific laws, contracts, ethics, and market dynamics.
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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 ...
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Add to cartThe 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 ...
How many feet in an acre? 43,560 How many acres are in a section? 640 The Civil Rights Act of 1866 prohibited discrimination based on: Color and Race (C-Civil; R-Rights) Title VIII of the Civil Rights Act of 1968 is also referred to as the Fair Housing Act The Fair Housing Act prohibits ...
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Add to cartHow many feet in an acre? 43,560 How many acres are in a section? 640 The Civil Rights Act of 1866 prohibited discrimination based on: Color and Race (C-Civil; R-Rights) Title VIII of the Civil Rights Act of 1968 is also referred to as the Fair Housing Act The Fair Housing Act prohibits ...
Kevin is an Illinois sponsoring broker. RaeAnn is one of Kevin's sponsored licensees. RaeAnn is representing the Bothwell's as a listing agent. TJ, also one of Kevin's sponsored licensees, is representing James, who's buying the Bothwell's house. Under Illinois licensing law, who is a designate...
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Add to cartKevin is an Illinois sponsoring broker. RaeAnn is one of Kevin's sponsored licensees. RaeAnn is representing the Bothwell's as a listing agent. TJ, also one of Kevin's sponsored licensees, is representing James, who's buying the Bothwell's house. Under Illinois licensing law, who is a designate...
Home owners may deduct which of the following expenses when preparing there income tax return? Select one: a. Interest paid on maintenance and repairs b. Insurance premiums c. Flood insurance premiums d. Real estate taxes up to $10,000 d. Real estate taxes up to $10,000 A man incurs the ...
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Add to cartHome owners may deduct which of the following expenses when preparing there income tax return? Select one: a. Interest paid on maintenance and repairs b. Insurance premiums c. Flood insurance premiums d. Real estate taxes up to $10,000 d. Real estate taxes up to $10,000 A man incurs the ...
Which of these is a licensing requirement for an Illinois broker's license?* a. Licensed at least two out of the preceding three years as a real estate broker or salesperson b. Successfully complete 75 hours of instruction at an approved real estate school c. Successfully complete 30 hours of si...
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Add to cartWhich of these is a licensing requirement for an Illinois broker's license?* a. Licensed at least two out of the preceding three years as a real estate broker or salesperson b. Successfully complete 75 hours of instruction at an approved real estate school c. Successfully complete 30 hours of si...
License Exemptions 1. Attorneys who deal with real property under a power of attorney or who provide real estate services to consumers as part of their practice of law don't need a license. Attorneys practicing as real estate brokers must be licensed. 2. Public officers who perform brokerage func...
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Add to cartLicense Exemptions 1. Attorneys who deal with real property under a power of attorney or who provide real estate services to consumers as part of their practice of law don't need a license. Attorneys practicing as real estate brokers must be licensed. 2. Public officers who perform brokerage func...
A listing agreement with the seller. 1. A broker places a "For Sale" sign on a seller's property. This would be permitted only if the broker has A. A listing agreement with the seller B. Permission from the local municipality C. A signed agency relationship D. Written permission from the sel...
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Add to cartA listing agreement with the seller. 1. A broker places a "For Sale" sign on a seller's property. This would be permitted only if the broker has A. A listing agreement with the seller B. Permission from the local municipality C. A signed agency relationship D. Written permission from the sel...
What exceptions exist to calling numbers on the Do Not Call Registry? (1) Consumers with whom you have a current business relationship (2) consumers with whom you had a current business relationship in the last 18 months (3) consumers who have who have inquired about your services within the last 3 ...
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Add to cartWhat exceptions exist to calling numbers on the Do Not Call Registry? (1) Consumers with whom you have a current business relationship (2) consumers with whom you had a current business relationship in the last 18 months (3) consumers who have who have inquired about your services within the last 3 ...
Exclusive right-to-sell one broker is appointed as the seller's sole agent Exclusive right-to-sell offers... the most protection Exclusive brokerage agreements must in writing. T/F true Exclusive agency listing *one authorized broker *broker receives commission only if she is the procurin...
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Add to cartExclusive right-to-sell one broker is appointed as the seller's sole agent Exclusive right-to-sell offers... the most protection Exclusive brokerage agreements must in writing. T/F true Exclusive agency listing *one authorized broker *broker receives commission only if she is the procurin...
Fiduciary responsibilities agent has to its principal OLD CAR ; Obedience, Loyalty, disclosure, confidentiality, accounting, reasonable skill and care alienation The act of transferring property to another. Alienation may be voluntary, such as by gift or sale, or involuntary, as through eminent dom...
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Add to cartFiduciary responsibilities agent has to its principal OLD CAR ; Obedience, Loyalty, disclosure, confidentiality, accounting, reasonable skill and care alienation The act of transferring property to another. Alienation may be voluntary, such as by gift or sale, or involuntary, as through eminent dom...
Brokerage Is the business of bringing people together in a real estate transaction. Real Estate Licensee Acts as a point of contact between two or more people in negotiating the sale, purchase, or rental of property. Sponsoring Broker All licensee's are employed by this; and they conduct brok...
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Add to cartBrokerage Is the business of bringing people together in a real estate transaction. Real Estate Licensee Acts as a point of contact between two or more people in negotiating the sale, purchase, or rental of property. Sponsoring Broker All licensee's are employed by this; and they conduct brok...
A broker signs a contract with a buyer. Under the contract, the broker agrees to help the buyer find a suitable property and to represent the buyer in negotiations with the seller. Although the buyer may not sign an agreement with any other broker, she may look for properties on her own. The broker ...
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Add to cartA broker signs a contract with a buyer. Under the contract, the broker agrees to help the buyer find a suitable property and to represent the buyer in negotiations with the seller. Although the buyer may not sign an agreement with any other broker, she may look for properties on her own. The broker ...
A couple leased a waterfront bungalow. The lease began on June 15, 2010 and continued through July 31, 2010. The couple had...an estate for years. What is an example of a general income tax deductible in home ownership?Points paid to obtain the loan. A licensee is representing prospective buye...
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Add to cartA couple leased a waterfront bungalow. The lease began on June 15, 2010 and continued through July 31, 2010. The couple had...an estate for years. What is an example of a general income tax deductible in home ownership?Points paid to obtain the loan. A licensee is representing prospective buye...
Any person who commits a first offense of acting as a leasing agent without being licensed under the Illinois Real Estate License Act. Can be charged with a Class A misdemeanor Steven is a real estate student studying for the state broker exam. Steven takes and passes the exam, and receives a bla...
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Add to cartAny person who commits a first offense of acting as a leasing agent without being licensed under the Illinois Real Estate License Act. Can be charged with a Class A misdemeanor Steven is a real estate student studying for the state broker exam. Steven takes and passes the exam, and receives a bla...
Identify the major trade organizations that serve the real estate business. (1) The National Association of Realtors (NAR) members called "Realtors" (2) The National Association of Real Estate Brokers (NAREB) members called "Realtists" List the Categories of real property. (1) Residential, (2...
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Add to cartIdentify the major trade organizations that serve the real estate business. (1) The National Association of Realtors (NAR) members called "Realtors" (2) The National Association of Real Estate Brokers (NAREB) members called "Realtists" List the Categories of real property. (1) Residential, (2...
What is commonly referred to as the "Due-On-Sale" Clause in a mortgage or deed-of-sale? Alienation Clause What is the minimum consideration necessary for a deed to be valid? Does not have to be a monetary amount. Can be as informal as "with love and dignity" When is the deadline for an off...
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Add to cartWhat is commonly referred to as the "Due-On-Sale" Clause in a mortgage or deed-of-sale? Alienation Clause What is the minimum consideration necessary for a deed to be valid? Does not have to be a monetary amount. Can be as informal as "with love and dignity" When is the deadline for an off...
A licensee was showing property in an eight-unit complex to a prospective tenant using a motorized wheelchair. The tenant wanted to rent a unit, install grab bars in the bathroom, and lower all the door handles. The landlord... Must allow the tenant to make the modifications at the tenants expense, ...
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Add to cartA licensee was showing property in an eight-unit complex to a prospective tenant using a motorized wheelchair. The tenant wanted to rent a unit, install grab bars in the bathroom, and lower all the door handles. The landlord... Must allow the tenant to make the modifications at the tenants expense, ...
In Illinois, the real estate license law is administered by the...? IDFPR (Bureau of Real Estate Professions) How are the nine members of the Real Estate Administration and Disciplinary Board Selected? By the governor What is the name given to the Illinois license laws under which brokers and ...
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Add to cartIn Illinois, the real estate license law is administered by the...? IDFPR (Bureau of Real Estate Professions) How are the nine members of the Real Estate Administration and Disciplinary Board Selected? By the governor What is the name given to the Illinois license laws under which brokers and ...
Brokerage the business of bringing people together in a real estate transaction real estate licensee acts as a point of contact between two or more people in negotiating the sale, purchase, or rental of property. A real estate licensee may be the agent for the buyer, for the seller, or for both ...
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Add to cartBrokerage the business of bringing people together in a real estate transaction real estate licensee acts as a point of contact between two or more people in negotiating the sale, purchase, or rental of property. A real estate licensee may be the agent for the buyer, for the seller, or for both ...
Objectives of Federal Reserve System To counteract inflationary and deflationary trends, to create a favorable economic climate, to maintain sound credit conditions but NOT to control the secondary mortgage market Remainder Interest A fee simple holder of a parcel of real estate grants a life est...
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Add to cartObjectives of Federal Reserve System To counteract inflationary and deflationary trends, to create a favorable economic climate, to maintain sound credit conditions but NOT to control the secondary mortgage market Remainder Interest A fee simple holder of a parcel of real estate grants a life est...
Sandy wishes to start a new real estate company, although she has never had a real estate license of any type. She must be licensed for at least XX years before she can manage an office Two An Illinois real estate agent, acting as a dual agent, is showing his listing that he knows has had water p...
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Add to cartSandy wishes to start a new real estate company, although she has never had a real estate license of any type. She must be licensed for at least XX years before she can manage an office Two An Illinois real estate agent, acting as a dual agent, is showing his listing that he knows has had water p...
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