ILLINOIS STATE EXAM PRACTICE
QUESTIONS AND ANSWERS WITH
COMPLETE SOLUTIONS 100%
CORRECT RATED A+
Kevin is an Illinois sponsoring broker. RaeAnn represents the sellers, and TJ
represents the buyer. Under Illinois licensing law, who is a designated agent?
✔✔ Answer: Both RaeAnn and TJ
Galena manages 42 rental units and keeps security deposits in an interest-bearing
account. Which statement is FALSE?
✔✔ Answer: Galena must pay each tenant the interest earned on their deposit
monthly
Which statement about dual agency in Illinois is true?
✔✔ Answer: The required consent and disclosure must be signed by all parties
involved in the transaction
Which of the following scenarios describes a dual agency situation in Illinois? -
ANSWER ✔✔Sean has been assigned to represent seller clients, the Herrondales,
and buyer client, Clarissa, in the same transaction.
Several situations are exempt from the provisions of the Illinois Land Sales
Registration Act. Which situation is not exempt? -ANSWER ✔✔Sales subdivided
into 25 or more lots
According to Illinois license law, which of the following transaction records must a
sponsoring broker retain? -ANSWER ✔✔Transaction ledger cards
, For which of these transactions is the seller required to make property disclosures
under the Residential Real Property Disclosure Act? -ANSWER ✔✔A two-story
home the seller currently owns and occupies
With all parties' consent, Rogelio, who holds an Illinois residential leasing agent's
license, successfully negotiated a tricky commercial lease between Rock 'n Roll
Brewing and Tyson Properties. This transaction got Rogelio into trouble with the
state of Illinois. Why? -ANSWER ✔✔Rogelio's license permits him to facilitate
residential, not commercial, lease transactions.
Which of the following persons in Illinois can perform real estate services without
a license? -ANSWER ✔✔Carlos, an attorney who acts as power of attorney for a
homeowner
Ivan qualifies for and takes advantage of the Illinois Senior Citizens Assessment
Freeze Homestead Exemption. Which of these is true? -ANSWER ✔✔Ivan's tax
bill may go up even with the exemption in place if he makes property
improvements.
Lakeshore Homes has received notice that its sponsoring broker license is being
suspended. Which of these statements best describes the impact of this suspension?
-ANSWER ✔✔The firm's licensees may not perform real estate brokerage services
until a new sponsoring broker is in place.
Nithya is 17 years old and a junior in high school. She wants to become an Illinois
real estate broker as soon as possible. What would you tell her? -ANSWER
✔✔"Obtain a high school diploma or GED, you may be able to get your license at
18."
QUESTIONS AND ANSWERS WITH
COMPLETE SOLUTIONS 100%
CORRECT RATED A+
Kevin is an Illinois sponsoring broker. RaeAnn represents the sellers, and TJ
represents the buyer. Under Illinois licensing law, who is a designated agent?
✔✔ Answer: Both RaeAnn and TJ
Galena manages 42 rental units and keeps security deposits in an interest-bearing
account. Which statement is FALSE?
✔✔ Answer: Galena must pay each tenant the interest earned on their deposit
monthly
Which statement about dual agency in Illinois is true?
✔✔ Answer: The required consent and disclosure must be signed by all parties
involved in the transaction
Which of the following scenarios describes a dual agency situation in Illinois? -
ANSWER ✔✔Sean has been assigned to represent seller clients, the Herrondales,
and buyer client, Clarissa, in the same transaction.
Several situations are exempt from the provisions of the Illinois Land Sales
Registration Act. Which situation is not exempt? -ANSWER ✔✔Sales subdivided
into 25 or more lots
According to Illinois license law, which of the following transaction records must a
sponsoring broker retain? -ANSWER ✔✔Transaction ledger cards
, For which of these transactions is the seller required to make property disclosures
under the Residential Real Property Disclosure Act? -ANSWER ✔✔A two-story
home the seller currently owns and occupies
With all parties' consent, Rogelio, who holds an Illinois residential leasing agent's
license, successfully negotiated a tricky commercial lease between Rock 'n Roll
Brewing and Tyson Properties. This transaction got Rogelio into trouble with the
state of Illinois. Why? -ANSWER ✔✔Rogelio's license permits him to facilitate
residential, not commercial, lease transactions.
Which of the following persons in Illinois can perform real estate services without
a license? -ANSWER ✔✔Carlos, an attorney who acts as power of attorney for a
homeowner
Ivan qualifies for and takes advantage of the Illinois Senior Citizens Assessment
Freeze Homestead Exemption. Which of these is true? -ANSWER ✔✔Ivan's tax
bill may go up even with the exemption in place if he makes property
improvements.
Lakeshore Homes has received notice that its sponsoring broker license is being
suspended. Which of these statements best describes the impact of this suspension?
-ANSWER ✔✔The firm's licensees may not perform real estate brokerage services
until a new sponsoring broker is in place.
Nithya is 17 years old and a junior in high school. She wants to become an Illinois
real estate broker as soon as possible. What would you tell her? -ANSWER
✔✔"Obtain a high school diploma or GED, you may be able to get your license at
18."
