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ILLINOIS LEASING AGENT LICENSE EXAM LATEST
EXAM 2025 | QUESTIONS AND CORRECT ANSWERS |
ALREADY GRADED A+ | JUST RELEASED
What is the name given to the Illinois license laws under which real estate brokers
practice? - (answers)Real Estate License Act of 2000
Practicing real estate without a license, and could result in being fined up to
what? - (answers)$25,000 per event.
How long must real estate brokers keep records in Illinois? - (answers)5 Years.
The ruling of Chicago Bar Association, et al. v. Quinlan and Tyson, Inc has to deal
with what? - (answers)Placing certain limitations on real estate licensees in
drafting a contract of sale.
What is the minimum age to become a real estate broker in Illinois? - (answers)18
Years.
In terms of financing involved for a real estate purchase, which custom is
practiced in Illinois? - (answers)Lien Theory.
Cassidy is selling a home in Springfield. She found out the homeowner named
Peter has AIDS. Is she required to disclose the fact Peter has aids to the public? -
(answers)No.
What year was the ruling of Chicago Bar Association, et al. v. Quinlan and Tyson,
Inc? - (answers)1966.
A real estate broker named Matt is filling in the blanks on a real estate sales
contract. He writes on the contract that his client, the buyer, would like 2% of the
sales price at closing to cover closing costs and assorted fees. In this instance,
Matt is doing what? - (answers)Violating Chicago Bar Association, et al. v. Quinlan
and Tyson, Inc.
In Illinois, the relationship in which the agent is held in a position of special trust
and confidence by the principal is called a: - (answers)Fiduciary relationship.
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The Illinois Human Rights Act recognizes and protects age for persons above the
age of what? - (answers)40 years or older.
According to Illinois law, licensees must give disclosure of their status to who? -
(answers)Clients and Customers
What is the minimum age to obtain a managing broker's license in Illinois? -
(answers)20.
Illinois has a real estate license reciprocity agreement with: - (answers)Some
States; Colorado, Connecticut, Florida, Georgia, Indiana, Iowa, Nebraska,
Wisconsin
An unlicensed employee may NOT do the following? - (answers)Negotiate or
agree to any commission, commission split, management fee, or referral fee on
behalf of a licensee.
If an Illinois real license agent places an ad on the Internet offering his services as
a real estate agent. Under state law, at a minimum, what are Illinois real licensees
required to include? - (answers)The name of their brokerage and franchise (if
applicable).
Under agency law in Illinois disclosed dual agency is? - (answers)Legal with the
consent of all parties.
How many days must an aggrieved person give written notice to the Department
within 30 days of the entry of any judgment that may result in collection from the
Real Estate Recovery Fund? - (answers)30 Days
Per section 15-75 of the Illinois Real Estate License Act, there are minimum
services required when there is an exclusive brokerage agreement in place. Which
of the following of these examples is NOT required? - (answers)Concealing
adverse facts pertaining to the physical condition of the property at the client
seller's request that is known by the licensee but not by the prospective buyer.
Is Illinois a Community Property state? - (answers)No.
ILLINOIS LEASING AGENT LICENSE EXAM LATEST
EXAM 2025 | QUESTIONS AND CORRECT ANSWERS |
ALREADY GRADED A+ | JUST RELEASED
What is the name given to the Illinois license laws under which real estate brokers
practice? - (answers)Real Estate License Act of 2000
Practicing real estate without a license, and could result in being fined up to
what? - (answers)$25,000 per event.
How long must real estate brokers keep records in Illinois? - (answers)5 Years.
The ruling of Chicago Bar Association, et al. v. Quinlan and Tyson, Inc has to deal
with what? - (answers)Placing certain limitations on real estate licensees in
drafting a contract of sale.
What is the minimum age to become a real estate broker in Illinois? - (answers)18
Years.
In terms of financing involved for a real estate purchase, which custom is
practiced in Illinois? - (answers)Lien Theory.
Cassidy is selling a home in Springfield. She found out the homeowner named
Peter has AIDS. Is she required to disclose the fact Peter has aids to the public? -
(answers)No.
What year was the ruling of Chicago Bar Association, et al. v. Quinlan and Tyson,
Inc? - (answers)1966.
A real estate broker named Matt is filling in the blanks on a real estate sales
contract. He writes on the contract that his client, the buyer, would like 2% of the
sales price at closing to cover closing costs and assorted fees. In this instance,
Matt is doing what? - (answers)Violating Chicago Bar Association, et al. v. Quinlan
and Tyson, Inc.
In Illinois, the relationship in which the agent is held in a position of special trust
and confidence by the principal is called a: - (answers)Fiduciary relationship.
, 2|Page
The Illinois Human Rights Act recognizes and protects age for persons above the
age of what? - (answers)40 years or older.
According to Illinois law, licensees must give disclosure of their status to who? -
(answers)Clients and Customers
What is the minimum age to obtain a managing broker's license in Illinois? -
(answers)20.
Illinois has a real estate license reciprocity agreement with: - (answers)Some
States; Colorado, Connecticut, Florida, Georgia, Indiana, Iowa, Nebraska,
Wisconsin
An unlicensed employee may NOT do the following? - (answers)Negotiate or
agree to any commission, commission split, management fee, or referral fee on
behalf of a licensee.
If an Illinois real license agent places an ad on the Internet offering his services as
a real estate agent. Under state law, at a minimum, what are Illinois real licensees
required to include? - (answers)The name of their brokerage and franchise (if
applicable).
Under agency law in Illinois disclosed dual agency is? - (answers)Legal with the
consent of all parties.
How many days must an aggrieved person give written notice to the Department
within 30 days of the entry of any judgment that may result in collection from the
Real Estate Recovery Fund? - (answers)30 Days
Per section 15-75 of the Illinois Real Estate License Act, there are minimum
services required when there is an exclusive brokerage agreement in place. Which
of the following of these examples is NOT required? - (answers)Concealing
adverse facts pertaining to the physical condition of the property at the client
seller's request that is known by the licensee but not by the prospective buyer.
Is Illinois a Community Property state? - (answers)No.
