Illinois Real Estate Practice Exam

A listing agreement provides for the payment of a commission to the broker even if the owner sells the property without the broker's help. This type of listing agreement is called? - Answer- An exclusive-right-to-sell listing. In Illinois, managing broker licenses are renewed every two years by? - Answer- April 30 in odd-numbered years. When acting as a dual agent, what information can a licensee provide without the permission of the client? - Answer- Information about comparable properties that have sold Which of these would a licensee, who is an independent contractor, receive from the employing broker? - Answer- Commissions based on sales transactions A property owner subdivided a piece of property, selling the front half and retaining the back half. The back half of the property retained by the owner does not have access to any roads. The type of easement the courts might grant in this situation is an? - Answer- Easement by necessity. The essential characteristic of condominium ownership is best described as? - Answer- Units individually owned and common areas of the building jointly owned. Which of these is exempt from licensing under the Real Estate License Act of 2000? - Answer- Attorneys-in-fact acting under power of attorney Advertising by a sponsored licensee in Illinois must - Answer- Include the name of the sponsoring broker's business. What is the cost of installing a fence around a rectangular shaped lot if the cost of the fence is $3.25 per linear foot and the lot is 80 ft. wide and 120 ft. deep? - Answer- $1,300 A seller has a listing agreement with a real estate company. A second real estate company brings a buyer for the house. If the seller owes a commission to the second real estate company who brought the buyer and not the first company, what type of listing agreement must the seller have had with the first company? - Answer- An open listing A homebuyer obtains a loan to finance the purchase of the house as well as personal property. This type of loan is called a - Answer- Package loan. In I