7/12/25, 9:15 AM Illinois Real Estate Broker PSI Practice Exam (2025 updated) QUESTIONS AND ANSWERS (DETAILED & ELABORATED) fully sol…
Illinois Real Estate Broker PSI Practice Exam
(2025 updated) QUESTIONS AND ANSWERS
(DETAILED & ELABORATED) fully solved
Save
Terms in this set (84)
A licensee was showing Must allow the tenant to make the modifications at the
property in an eight-unit tenants expense, but can require, by the terms of the
complex to a prospective lease, restoration of the property
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...
Which of the following is The most complete ownership in property that one
the best description of a can obtain
fee simple estate?
A licensee plans to send Tell recipients how to opt out of receiving future
out an email offering his emails
services. According to the
CAN-SPAM Act, the
licensee must
https://quizlet.com/1059820833/illinois-real-estate-broker-psi-practice-exam-2025-updated-questions-and-answers-detailed-elaborated-fully-solved-fl… 1/19
,7/12/25, 9:15 AM Illinois Real Estate Broker PSI Practice Exam (2025 updated) QUESTIONS AND ANSWERS (DETAILED & ELABORATED) fully sol…
The owner of an Yes, because an agency is formed whenever one
apartment building has party delegates to another the right to act on his
just signed an agreement behalf in certain business transactions
with a real estate firm. Has
an agency been formed?
The most typical purpose control future uses of the property
of a deed restriction is to
A managing broker Consider this lender, disclosing the broker's interest,
requires his licensees to and other lenders.
mention a particular
lender to buyers. The
broker has a financial
interest in this particular
mortgage lender. Which
of the following should
the licensee recommend
to buyers?
A couple leased a An estate for years
waterfront bungalow. The
Lease began on June 15,
2012, and continued
through July 31, 2010. The
couple had
A licensee anxious to You should make an offer for less than the listing price
make a sale violates his because the owner is anxious to sell
duties toward his principal
if he volunteers which of
the following pieces of
information to a
prospective buyer?
https://quizlet.com/1059820833/illinois-real-estate-broker-psi-practice-exam-2025-updated-questions-and-answers-detailed-elaborated-fully-solved-fl… 2/19
, 7/12/25, 9:15 AM Illinois Real Estate Broker PSI Practice Exam (2025 updated) QUESTIONS AND ANSWERS (DETAILED & ELABORATED) fully sol…
An owner obtains a new refinancing
mortgage on her house
because the house has
appreciated in value and
she wants money for an
investment. The new
mortgage rate is 1% lower
than the old rate. What is
this process called?
An enforceable purchase the buyer knows of the seller's written acceptance of
agreement is formed the offer
when
Which of the following is points paid to obtain the loan
generally income tax
deductible in home
ownership?
Which of the following is The property is taken through the process of
true concerning eminent condemnation
domain?
When a borrower defaults demanding immediate payment of the entire loan
on a mortgage, an balance.
acceleration clause allows
the lender the option of
An owner has been asked Upon creation and signing of the option to purchase.
to grand a 60-day option
to purchase a property.
When should the
purchase price be
decided?
Which of the following is Neither the VA nor the FHA allows prepayment
true about prepayment penalties.
penalties on VA or FHA
loans for single-family
dwellings?
https://quizlet.com/1059820833/illinois-real-estate-broker-psi-practice-exam-2025-updated-questions-and-answers-detailed-elaborated-fully-solved-fl… 3/19
Illinois Real Estate Broker PSI Practice Exam
(2025 updated) QUESTIONS AND ANSWERS
(DETAILED & ELABORATED) fully solved
Save
Terms in this set (84)
A licensee was showing Must allow the tenant to make the modifications at the
property in an eight-unit tenants expense, but can require, by the terms of the
complex to a prospective lease, restoration of the property
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...
Which of the following is The most complete ownership in property that one
the best description of a can obtain
fee simple estate?
A licensee plans to send Tell recipients how to opt out of receiving future
out an email offering his emails
services. According to the
CAN-SPAM Act, the
licensee must
https://quizlet.com/1059820833/illinois-real-estate-broker-psi-practice-exam-2025-updated-questions-and-answers-detailed-elaborated-fully-solved-fl… 1/19
,7/12/25, 9:15 AM Illinois Real Estate Broker PSI Practice Exam (2025 updated) QUESTIONS AND ANSWERS (DETAILED & ELABORATED) fully sol…
The owner of an Yes, because an agency is formed whenever one
apartment building has party delegates to another the right to act on his
just signed an agreement behalf in certain business transactions
with a real estate firm. Has
an agency been formed?
The most typical purpose control future uses of the property
of a deed restriction is to
A managing broker Consider this lender, disclosing the broker's interest,
requires his licensees to and other lenders.
mention a particular
lender to buyers. The
broker has a financial
interest in this particular
mortgage lender. Which
of the following should
the licensee recommend
to buyers?
A couple leased a An estate for years
waterfront bungalow. The
Lease began on June 15,
2012, and continued
through July 31, 2010. The
couple had
A licensee anxious to You should make an offer for less than the listing price
make a sale violates his because the owner is anxious to sell
duties toward his principal
if he volunteers which of
the following pieces of
information to a
prospective buyer?
https://quizlet.com/1059820833/illinois-real-estate-broker-psi-practice-exam-2025-updated-questions-and-answers-detailed-elaborated-fully-solved-fl… 2/19
, 7/12/25, 9:15 AM Illinois Real Estate Broker PSI Practice Exam (2025 updated) QUESTIONS AND ANSWERS (DETAILED & ELABORATED) fully sol…
An owner obtains a new refinancing
mortgage on her house
because the house has
appreciated in value and
she wants money for an
investment. The new
mortgage rate is 1% lower
than the old rate. What is
this process called?
An enforceable purchase the buyer knows of the seller's written acceptance of
agreement is formed the offer
when
Which of the following is points paid to obtain the loan
generally income tax
deductible in home
ownership?
Which of the following is The property is taken through the process of
true concerning eminent condemnation
domain?
When a borrower defaults demanding immediate payment of the entire loan
on a mortgage, an balance.
acceleration clause allows
the lender the option of
An owner has been asked Upon creation and signing of the option to purchase.
to grand a 60-day option
to purchase a property.
When should the
purchase price be
decided?
Which of the following is Neither the VA nor the FHA allows prepayment
true about prepayment penalties.
penalties on VA or FHA
loans for single-family
dwellings?
https://quizlet.com/1059820833/illinois-real-estate-broker-psi-practice-exam-2025-updated-questions-and-answers-detailed-elaborated-fully-solved-fl… 3/19
