CompuCram Real Estate Simulated
Exam
All are exempt from licensing requirements under the Illinois Real Estate Act EXCEPT: -
✔️✔️A) laura the owner of a timeshare unit, who receives compensation from the
timeshare development company for her referral of twenty purchasers a year.
B)tam, who is selling an immediate family members home as part of his duties as
executor of a will.
C)vivian, a closing agent, who receives referral fees from a sponsoring broker for
providing leads that result in sale of real estate by licensees of his company.
D)garth, an attorney, who negotiates terms of a real estate transaction for. client as a
secondary matter in representing his client
What are the age and education requirements to apply for a broker license? - ✔️✔️18
years old and 75 hours of approved education
Broker Annie shared confidential information about her client Carl with another broker,
which resulted in Carl getting less for his house than he really believed to be
appropriate. What is NOT an action that Annie may face? - ✔️✔️A)carl could file a
complaint with the IDFPR
B)the IDFPR could suspend annies license
C)carl could sue annie in civil court
D)the IDFPR could bring annie up on criminal charges
Paul signs a listing agreement with ABC Realty to sell his house. Unless the listing
agreement states otherwise, the selling agent working to market Paul's property is
considered to be a - ✔️✔️A)single agent
B)designated agent
C)dual agent
D)sellers agent
Licensee Chris is selling his house. He decided to list it with his sponsoring broker to
take advantage of the company's fine reputation in the community. Which statement is
TRUE? - ✔️✔️A)since chris is selling his own house, he does not have to adhere to
any advertising rules and regulations
B)chris must disclose his license status on the property data form
C)chris must include his sponsoring brokers phone number on the yard sign
D)chris must disclose his license status on the yard sign.
The Illinois Supreme Court ruling in Quinlan and Tyson determined that real estate
licensees - ✔️✔️A)must maintain earnest money is a separate escrow account
B)can use acceptable pre-printed sales agreements
C)do not have to disclose that a murder took a place on a property
, D)cannot pay unlicenses assistants for brokerage activities
In which situation must a licensee disclose when working with two different clients who
are both making offers on the same property and, if requested, to make referrals to
other designated agents - ✔️✔️A)notification of non-agency disclosure
B)release of confidential information
C)termination of agency relationship
D)disclosure of contemporaneous offers
Which of the following is a requirement for all real estate licensees in Illinois? -
✔️✔️A)must have professional liability insurance issued bu an A-rated insurance
company
B)must be atleast 18 years old
C)must have college degree
D)good moral character
You and your seller client Homer are reviewing an offer to purchase. What are you, as
the seller's designated agent, allowed to do to the document directly? - ✔️✔️A)sign the
document on behalf of homer, return the original to the buyer and give homer a
photocopy
B)strike out the offer price and write in homers counteroffer t his direction
C)change language in the pre-printed contract because homer was unsure about what it
meant
D)fill in the commission amount that the prospective buyer left blank
Which form of advertisement is prohibited? - ✔️✔️A)coupon book
B)internet
C)billboard
D)blind
A property is listed with broker Lou for $200,000. Lou receives an offer from Gina for
$150,000 cash with a closing in 90 days; an offer from Tim at $155,000, subject to the
buyer obtaining a first mortgage for $130,000; and an offer from Shari at $190,000,
subject to the owner taking back a purchase money mortgage with closing in 30 days.
Which offer(s) should the broker disclose? - ✔️✔️A)none of the offers, as they are all
below the asking price
B)all of the offers
C)only the first offer presented until the seller makes a decision to accept or reject; then
the broker can reveal the next offer presented
D)whichever offer is the highest and the most favorable terms for the seller
Seller Dan's property is listed with Broker Lou for $200,000. After a weekend open
house, Lou first receives an offer from Gina for $150,000 cash with a closing in 90 days;
then an offer from Tim at $155,000, subject to Tim obtaining a first mortgage for
$130,000; and another offer from Shari at $190,000, subject to Seller Dan taking back a
Exam
All are exempt from licensing requirements under the Illinois Real Estate Act EXCEPT: -
✔️✔️A) laura the owner of a timeshare unit, who receives compensation from the
timeshare development company for her referral of twenty purchasers a year.
B)tam, who is selling an immediate family members home as part of his duties as
executor of a will.
C)vivian, a closing agent, who receives referral fees from a sponsoring broker for
providing leads that result in sale of real estate by licensees of his company.
D)garth, an attorney, who negotiates terms of a real estate transaction for. client as a
secondary matter in representing his client
What are the age and education requirements to apply for a broker license? - ✔️✔️18
years old and 75 hours of approved education
Broker Annie shared confidential information about her client Carl with another broker,
which resulted in Carl getting less for his house than he really believed to be
appropriate. What is NOT an action that Annie may face? - ✔️✔️A)carl could file a
complaint with the IDFPR
B)the IDFPR could suspend annies license
C)carl could sue annie in civil court
D)the IDFPR could bring annie up on criminal charges
Paul signs a listing agreement with ABC Realty to sell his house. Unless the listing
agreement states otherwise, the selling agent working to market Paul's property is
considered to be a - ✔️✔️A)single agent
B)designated agent
C)dual agent
D)sellers agent
Licensee Chris is selling his house. He decided to list it with his sponsoring broker to
take advantage of the company's fine reputation in the community. Which statement is
TRUE? - ✔️✔️A)since chris is selling his own house, he does not have to adhere to
any advertising rules and regulations
B)chris must disclose his license status on the property data form
C)chris must include his sponsoring brokers phone number on the yard sign
D)chris must disclose his license status on the yard sign.
The Illinois Supreme Court ruling in Quinlan and Tyson determined that real estate
licensees - ✔️✔️A)must maintain earnest money is a separate escrow account
B)can use acceptable pre-printed sales agreements
C)do not have to disclose that a murder took a place on a property
, D)cannot pay unlicenses assistants for brokerage activities
In which situation must a licensee disclose when working with two different clients who
are both making offers on the same property and, if requested, to make referrals to
other designated agents - ✔️✔️A)notification of non-agency disclosure
B)release of confidential information
C)termination of agency relationship
D)disclosure of contemporaneous offers
Which of the following is a requirement for all real estate licensees in Illinois? -
✔️✔️A)must have professional liability insurance issued bu an A-rated insurance
company
B)must be atleast 18 years old
C)must have college degree
D)good moral character
You and your seller client Homer are reviewing an offer to purchase. What are you, as
the seller's designated agent, allowed to do to the document directly? - ✔️✔️A)sign the
document on behalf of homer, return the original to the buyer and give homer a
photocopy
B)strike out the offer price and write in homers counteroffer t his direction
C)change language in the pre-printed contract because homer was unsure about what it
meant
D)fill in the commission amount that the prospective buyer left blank
Which form of advertisement is prohibited? - ✔️✔️A)coupon book
B)internet
C)billboard
D)blind
A property is listed with broker Lou for $200,000. Lou receives an offer from Gina for
$150,000 cash with a closing in 90 days; an offer from Tim at $155,000, subject to the
buyer obtaining a first mortgage for $130,000; and an offer from Shari at $190,000,
subject to the owner taking back a purchase money mortgage with closing in 30 days.
Which offer(s) should the broker disclose? - ✔️✔️A)none of the offers, as they are all
below the asking price
B)all of the offers
C)only the first offer presented until the seller makes a decision to accept or reject; then
the broker can reveal the next offer presented
D)whichever offer is the highest and the most favorable terms for the seller
Seller Dan's property is listed with Broker Lou for $200,000. After a weekend open
house, Lou first receives an offer from Gina for $150,000 cash with a closing in 90 days;
then an offer from Tim at $155,000, subject to Tim obtaining a first mortgage for
$130,000; and another offer from Shari at $190,000, subject to Seller Dan taking back a
