Illinois State Test- Broker Exam Q&A
How far back does a typical title search in Illinois go? - 40 Years
Who is the recorder of deeds for the county in Illinois? - County Clerk
Statutory method of proration in Illinois equation: - Yearly Charge divided by 360
State and County transfer taxes in Illinois are usually paid by: - The Seller
Which of the following best describes the status of the common law of agency in Illinois as it relates to broker/client relationships? - It has been replaced by statutory rules
Acts that a licensee may perform for a consumer that are informative only are referred under Illinois law as: - Ministerial
Under Illinois law, the person who receives brokerage services but is not represented by the broker is referred to as a: - Consumer
Illinois law required brokers to deliver true copies of all documents to the parties within how many hours of their signing? - 24 Hours
Illinois law does not recognize? - Undisclosed dual agency
Under Illinois law, a licensee owes a third party: - Disclosure of all known adverse facts about the property's physical condition
Illinois Real Estate License Act is administered by the: - Department of Financial and Professional Regulation (IDFPR)
Who may legally collect a commission from a seller on a sale of real estate in Illinois?
- A licensed managing broker ONLY
Chicago Bar Association et al. v. Quinlan and Tyson, Inc. held that: - Real Estate licensees cannot draft legal documents
What is true of listing agreements in Illinois? - All exclusive listing agreements must be in writing to be legal.
How far back does a typical title search in Illinois go? - 40 Years
Who is the recorder of deeds for the county in Illinois? - County Clerk
Statutory method of proration in Illinois equation: - Yearly Charge divided by 360
State and County transfer taxes in Illinois are usually paid by: - The Seller
Which of the following best describes the status of the common law of agency in Illinois as it relates to broker/client relationships? - It has been replaced by statutory rules
Acts that a licensee may perform for a consumer that are informative only are referred under Illinois law as: - Ministerial
Under Illinois law, the person who receives brokerage services but is not represented by the broker is referred to as a: - Consumer
Illinois law required brokers to deliver true copies of all documents to the parties within how many hours of their signing? - 24 Hours
Illinois law does not recognize? - Undisclosed dual agency
Under Illinois law, a licensee owes a third party: - Disclosure of all known adverse facts about the property's physical condition
Illinois Real Estate License Act is administered by the: - Department of Financial and Professional Regulation (IDFPR)
Who may legally collect a commission from a seller on a sale of real estate in Illinois?
- A licensed managing broker ONLY
Chicago Bar Association et al. v. Quinlan and Tyson, Inc. held that: - Real Estate licensees cannot draft legal documents
What is true of listing agreements in Illinois? - All exclusive listing agreements must be in writing to be legal.
