Name: Score:
34 Multiple choice questions
Term 1 of 34
Agent A has two buyer-clients interested in the same property. Today they both leave
messages that they wish to write offers. Agent A must:
The Illinois Real Estate License Act was passed to both protect the public and determine
the competence of those engaging in the business.
The law now requires disclosure and consent for an agent to represent more than one
buyer in a transaction. This "contemporaneous buyer" rule requires written disclosure
and allows for a buyer to request a different agent.
The 3rd and 4th are located in Illinois, while the 2nd, 3rd, and 4th describe property in
Illinois. The 2nd principal meridian is located in western Indiana.
Licensed agents must be compensated for real estate activities from the sponsoring
broker. Since Lo Chee has a license, she will be paid for ALL activities by the sponsoring
broker.
Term 2 of 34
Betty & Joe Agent are licensed with ABC Realty and wish to form a corporation in order to
receive their real estate sales commissions. Is this legal in Illinois?
Yes
No
,Term 3 of 34
Joseph, an Illinois real estate broker, has a new listing that is generating a lot of activity. One
buyer he has personally shown it to wants to make an offer. Which of the following is
INCORRECT?
A » Joseph could sell the property as a dual agent and receive both sides of the commission
B » Joseph could sell the property declaring "no agency" to the buyer and receive both sides
of the commission
C » Joseph could refer the buyer to another agent to write the offer and receive the listing
commission as well as a referral fee from the selling side
D » Joseph could become a "transactional agent", represent neither side, and receive both
sides of the commission
Illinois does not have "transactional agents." The other three scenarios are all possible,
assuming that proper disclosures are made in each case.
Although a broker may require A and B, only C is required by law.
Accept offers on behalf of the seller, assist with making counteroffers and answer
questions about the offers
The agent should speak up and correct the misinformation because the agent owes the
notice of material fact to both the buyer and seller
Term 4 of 34
The largest monetary penalty, per transaction, for a license law violation in Illinois is:
$25,000
$10,000
$50,000
$30,000
,Term 5 of 34
When posting listings on the company web page, one of the requirements that a broker must
comply with is that each listing must have the:
A » price
B » address of the property
C » number of bedrooms
D » city or geographic area of the property
Maintains an office in her home state
his security deposit, plus interest, returned within 30 days
is specifically dictated in the license law
city or geographic area of the property
Term 6 of 34
In Illinois, in a typical multiple listing service arrangement, the agent who shows a property
without any pre-arrangements regarding agency relationships is presumed to be the agent of
the:
Seller
Buyer
Decider
Lender
Term 7 of 34
Failure to pay what taxes could cause an Illinois licensee to be disciplined?
Failure to pay state income taxes
She will get no credit for her college degree
Refer buyer b to another agent to write the offer
They will be paid directly to agent a, per agent a's contract
, Term 8 of 34
A tenant lives in a 100-unit apartment building in Southern Illinois. When he vacates the
apartment, he can expect:
no refund, as he broke the lease agreement
his security deposit withheld for damages
a partial refund of his security deposit only
his security deposit, plus interest, returned within 30 days
Term 9 of 34
Salvador recently completed his Illinois real estate class. How long does he have to pass the
state exam?
one year
six years
two years
five years
Term 10 of 34
A sponsoring broker licensed in Illinois by reciprocity with another state may be exempt from
the requirement of maintaining a definite place of business in Illinois if the sponsoring broker
Operates without any physical office requirements
Has a temporary office in illinois for the duration of transactions
Maintains an office in her home state
Relies solely on online transactions without a physical presence
34 Multiple choice questions
Term 1 of 34
Agent A has two buyer-clients interested in the same property. Today they both leave
messages that they wish to write offers. Agent A must:
The Illinois Real Estate License Act was passed to both protect the public and determine
the competence of those engaging in the business.
The law now requires disclosure and consent for an agent to represent more than one
buyer in a transaction. This "contemporaneous buyer" rule requires written disclosure
and allows for a buyer to request a different agent.
The 3rd and 4th are located in Illinois, while the 2nd, 3rd, and 4th describe property in
Illinois. The 2nd principal meridian is located in western Indiana.
Licensed agents must be compensated for real estate activities from the sponsoring
broker. Since Lo Chee has a license, she will be paid for ALL activities by the sponsoring
broker.
Term 2 of 34
Betty & Joe Agent are licensed with ABC Realty and wish to form a corporation in order to
receive their real estate sales commissions. Is this legal in Illinois?
Yes
No
,Term 3 of 34
Joseph, an Illinois real estate broker, has a new listing that is generating a lot of activity. One
buyer he has personally shown it to wants to make an offer. Which of the following is
INCORRECT?
A » Joseph could sell the property as a dual agent and receive both sides of the commission
B » Joseph could sell the property declaring "no agency" to the buyer and receive both sides
of the commission
C » Joseph could refer the buyer to another agent to write the offer and receive the listing
commission as well as a referral fee from the selling side
D » Joseph could become a "transactional agent", represent neither side, and receive both
sides of the commission
Illinois does not have "transactional agents." The other three scenarios are all possible,
assuming that proper disclosures are made in each case.
Although a broker may require A and B, only C is required by law.
Accept offers on behalf of the seller, assist with making counteroffers and answer
questions about the offers
The agent should speak up and correct the misinformation because the agent owes the
notice of material fact to both the buyer and seller
Term 4 of 34
The largest monetary penalty, per transaction, for a license law violation in Illinois is:
$25,000
$10,000
$50,000
$30,000
,Term 5 of 34
When posting listings on the company web page, one of the requirements that a broker must
comply with is that each listing must have the:
A » price
B » address of the property
C » number of bedrooms
D » city or geographic area of the property
Maintains an office in her home state
his security deposit, plus interest, returned within 30 days
is specifically dictated in the license law
city or geographic area of the property
Term 6 of 34
In Illinois, in a typical multiple listing service arrangement, the agent who shows a property
without any pre-arrangements regarding agency relationships is presumed to be the agent of
the:
Seller
Buyer
Decider
Lender
Term 7 of 34
Failure to pay what taxes could cause an Illinois licensee to be disciplined?
Failure to pay state income taxes
She will get no credit for her college degree
Refer buyer b to another agent to write the offer
They will be paid directly to agent a, per agent a's contract
, Term 8 of 34
A tenant lives in a 100-unit apartment building in Southern Illinois. When he vacates the
apartment, he can expect:
no refund, as he broke the lease agreement
his security deposit withheld for damages
a partial refund of his security deposit only
his security deposit, plus interest, returned within 30 days
Term 9 of 34
Salvador recently completed his Illinois real estate class. How long does he have to pass the
state exam?
one year
six years
two years
five years
Term 10 of 34
A sponsoring broker licensed in Illinois by reciprocity with another state may be exempt from
the requirement of maintaining a definite place of business in Illinois if the sponsoring broker
Operates without any physical office requirements
Has a temporary office in illinois for the duration of transactions
Maintains an office in her home state
Relies solely on online transactions without a physical presence
