*IL STATE EXAM PREP* :) QUESTIONS
AND ANSWERS WITH COMPLETE
SOLUTIONS 100% CORRECT RATED A+
Brokerage
✔✔ Answer: The business of bringing people together in a real estate transaction
Real Estate Licensee
✔✔ Answer: A person who acts as a point of contact between parties negotiating
the sale, purchase, or rental of property
Sponsoring Broker
✔✔ Answer: The broker who employs licensees and is responsible for brokerage
services and the actions of licensees working under the firm
Appraisal
✔✔ Answer: The process of estimating a property’s market value using established
methods and professional judgment
Appraisal knowledge -ANSWER ✔✔-Most lenders require that a loan package be
accompanied by a professional appraisal performed by a licensed appraiser. The
appraisal substantiates the sales price of the home and assists the lender in
determining maximum loan amount.
-Can be used for refinancing and insurance purposes.
Property Manager -ANSWER ✔✔A property manager is a person or company
hired to maintain and manage property on behalf of it's owner.
In Illinois Property Management requires: -ANSWER ✔✔-A real estate License
,-an individual real estate Licensee must perform property management services
under the supervision of his or her sponsoring broker.
Whatever tasks are specified, the property manager must protect the owner's
investment, and maximize the owner's ROI.... TRUE OR FALSE -ANSWER
✔✔TRUE
Financing -ANSWER ✔✔is the business of providing the funds that make real
estate transactions possible.
*A growing number of real estate brokerage firms affiliate with mortgage brokers
to provide consumers with one-stop shopping real estate services.... TRUE OR
FALSE -ANSWER ✔✔TRUE
Subdivision -ANSWER ✔✔is the splitting of a single property into smaller
parcels.
Development -ANSWER ✔✔involves the construction of improvements on the
land
-may be on site or off site improvements
Home Inspection -ANSWER ✔✔is a profession that allows practitioners to
combine their interest in real estate with their professional skills and training in the
construction trades or in engineering.
Counseling -ANSWER ✔✔involves providing clients with competent independent
advice based on sound professional judgment
, -helps clients choose among the various alternatives involved in purchasing, using,
or investing in property.
Which act requires that all exclusive brokerage agreements be in writing? -
ANSWER ✔✔The Real Estate License Act of 2000
A sales person's license fee is:________$$ -ANSWER ✔✔$100.00
If a licensee fails to provide a specific termination date on a listing agreement, can
that result in a suspension or revocation of that licensees license? -ANSWER
✔✔Yes- a definite termination date must be included in a brokerage agreement.
Automatic extension clauses are illegal under IL law.
Illinois local units of government receive their powers of eminent domain from
what source? -ANSWER ✔✔the Illinois constitution and code of civil procedure
-Local units of government are given the power of eminent domain by the Illinois
Constitution and by the Illinois Code of Civil Procedure.
Chicago Bar Association, et al. v. quinlan and Tyson, Inc. established what
principle in Illinois real estate law? -ANSWER ✔✔Real estate licensees may only
fill in blanks and make appropriate deletions on preprinted standard form contracts.
A tax deed that is not recorded or filed within one year becomes null and void-
True or False -ANSWER ✔✔TRUE
According to IL law, the statutory ceiling on a prepayment penalty a lender can
charge on loans secured by real estate that has a greater than 9% annual interest is?
-ANSWER ✔✔THERE IS NONE
AND ANSWERS WITH COMPLETE
SOLUTIONS 100% CORRECT RATED A+
Brokerage
✔✔ Answer: The business of bringing people together in a real estate transaction
Real Estate Licensee
✔✔ Answer: A person who acts as a point of contact between parties negotiating
the sale, purchase, or rental of property
Sponsoring Broker
✔✔ Answer: The broker who employs licensees and is responsible for brokerage
services and the actions of licensees working under the firm
Appraisal
✔✔ Answer: The process of estimating a property’s market value using established
methods and professional judgment
Appraisal knowledge -ANSWER ✔✔-Most lenders require that a loan package be
accompanied by a professional appraisal performed by a licensed appraiser. The
appraisal substantiates the sales price of the home and assists the lender in
determining maximum loan amount.
-Can be used for refinancing and insurance purposes.
Property Manager -ANSWER ✔✔A property manager is a person or company
hired to maintain and manage property on behalf of it's owner.
In Illinois Property Management requires: -ANSWER ✔✔-A real estate License
,-an individual real estate Licensee must perform property management services
under the supervision of his or her sponsoring broker.
Whatever tasks are specified, the property manager must protect the owner's
investment, and maximize the owner's ROI.... TRUE OR FALSE -ANSWER
✔✔TRUE
Financing -ANSWER ✔✔is the business of providing the funds that make real
estate transactions possible.
*A growing number of real estate brokerage firms affiliate with mortgage brokers
to provide consumers with one-stop shopping real estate services.... TRUE OR
FALSE -ANSWER ✔✔TRUE
Subdivision -ANSWER ✔✔is the splitting of a single property into smaller
parcels.
Development -ANSWER ✔✔involves the construction of improvements on the
land
-may be on site or off site improvements
Home Inspection -ANSWER ✔✔is a profession that allows practitioners to
combine their interest in real estate with their professional skills and training in the
construction trades or in engineering.
Counseling -ANSWER ✔✔involves providing clients with competent independent
advice based on sound professional judgment
, -helps clients choose among the various alternatives involved in purchasing, using,
or investing in property.
Which act requires that all exclusive brokerage agreements be in writing? -
ANSWER ✔✔The Real Estate License Act of 2000
A sales person's license fee is:________$$ -ANSWER ✔✔$100.00
If a licensee fails to provide a specific termination date on a listing agreement, can
that result in a suspension or revocation of that licensees license? -ANSWER
✔✔Yes- a definite termination date must be included in a brokerage agreement.
Automatic extension clauses are illegal under IL law.
Illinois local units of government receive their powers of eminent domain from
what source? -ANSWER ✔✔the Illinois constitution and code of civil procedure
-Local units of government are given the power of eminent domain by the Illinois
Constitution and by the Illinois Code of Civil Procedure.
Chicago Bar Association, et al. v. quinlan and Tyson, Inc. established what
principle in Illinois real estate law? -ANSWER ✔✔Real estate licensees may only
fill in blanks and make appropriate deletions on preprinted standard form contracts.
A tax deed that is not recorded or filed within one year becomes null and void-
True or False -ANSWER ✔✔TRUE
According to IL law, the statutory ceiling on a prepayment penalty a lender can
charge on loans secured by real estate that has a greater than 9% annual interest is?
-ANSWER ✔✔THERE IS NONE