©THESTAR 2024/2025 ALL RIGHTS RESERVED 12:54PM.
Illinois Leasing Agent License Exam
Questions And Answers 2025 Update.
What is the name given to the Illinois license laws under which real estate brokers practice? -
Answer✔Real Estate License Act of 2000
Practicing real estate without a license, and could result in being fined up to what? -
Answer✔$25,000 per event.
How long must real estate brokers keep records in Illinois? - Answer✔5 Years.
The ruling of Chicago Bar Association, et al. v. Quinlan and Tyson, Inc has to deal with what? -
Answer✔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? - Answer✔18 Years.
In terms of financing involved for a real estate purchase, which custom is practiced in Illinois? -
Answer✔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? - Answer✔No.
What year was the ruling of Chicago Bar Association, et al. v. Quinlan and Tyson, Inc? -
Answer✔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? - Answer✔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: - Answer✔Fiduciary relationship.
The Illinois Human Rights Act recognizes and protects age for persons above the age of what? -
Answer✔40 years or older.
According to Illinois law, licensees must give disclosure of their status to who? -
Answer✔Clients and Customers
What is the minimum age to obtain a managing broker's license in Illinois? - Answer✔20.
1
, ©THESTAR 2024/2025 ALL RIGHTS RESERVED 12:54PM.
Illinois has a real estate license reciprocity agreement with: - Answer✔Some States; Colorado,
Connecticut, Florida, Georgia, Indiana, Iowa, Nebraska, Wisconsin
An unlicensed employee may NOT do the following? - Answer✔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? -
Answer✔The name of their brokerage and franchise (if applicable).
Under agency law in Illinois disclosed dual agency is? - Answer✔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? -
Answer✔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? - Answer✔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? - Answer✔No.
All escrow funds received by the Sponsoring/Managing Broker shall be deposited into the
broker's escrow account when? - Answer✔No later than the next business day.
Who appoints the members of the Illinois Real Estate Administration and Disciplinary Board? -
Answer✔The Govenor.
To become a managing broker in Illinois a licensee must have had an active real estate license
for at least: - Answer✔Two of the past 3 Years.
Which Illinois fund was established for research and education at state institutions of higher
education or other organizations for research and for education to further the advancement of
education in the real estate industry? - Answer✔Real Estate Research and Education Fund
A managing broker who has supervisory responsibilities for licensees in one or, in the case of a
multi-office company, more than one office and who has been appointed as such by the
sponsoring broker registered with the Department is called what? - Answer✔Designated
Managing Broker
There are many protected classes according to Illinois Fair Housing law and the Illinois Human
Rights Act. Which of the following is not a protected class? - Answer✔Credit
A broker named Thomas works for Linda, owner of L&L Realty. Thomas decides to spend some
of his own money to take out an extra ad for a property he really wants to sell. Which of the
2
Illinois Leasing Agent License Exam
Questions And Answers 2025 Update.
What is the name given to the Illinois license laws under which real estate brokers practice? -
Answer✔Real Estate License Act of 2000
Practicing real estate without a license, and could result in being fined up to what? -
Answer✔$25,000 per event.
How long must real estate brokers keep records in Illinois? - Answer✔5 Years.
The ruling of Chicago Bar Association, et al. v. Quinlan and Tyson, Inc has to deal with what? -
Answer✔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? - Answer✔18 Years.
In terms of financing involved for a real estate purchase, which custom is practiced in Illinois? -
Answer✔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? - Answer✔No.
What year was the ruling of Chicago Bar Association, et al. v. Quinlan and Tyson, Inc? -
Answer✔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? - Answer✔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: - Answer✔Fiduciary relationship.
The Illinois Human Rights Act recognizes and protects age for persons above the age of what? -
Answer✔40 years or older.
According to Illinois law, licensees must give disclosure of their status to who? -
Answer✔Clients and Customers
What is the minimum age to obtain a managing broker's license in Illinois? - Answer✔20.
1
, ©THESTAR 2024/2025 ALL RIGHTS RESERVED 12:54PM.
Illinois has a real estate license reciprocity agreement with: - Answer✔Some States; Colorado,
Connecticut, Florida, Georgia, Indiana, Iowa, Nebraska, Wisconsin
An unlicensed employee may NOT do the following? - Answer✔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? -
Answer✔The name of their brokerage and franchise (if applicable).
Under agency law in Illinois disclosed dual agency is? - Answer✔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? -
Answer✔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? - Answer✔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? - Answer✔No.
All escrow funds received by the Sponsoring/Managing Broker shall be deposited into the
broker's escrow account when? - Answer✔No later than the next business day.
Who appoints the members of the Illinois Real Estate Administration and Disciplinary Board? -
Answer✔The Govenor.
To become a managing broker in Illinois a licensee must have had an active real estate license
for at least: - Answer✔Two of the past 3 Years.
Which Illinois fund was established for research and education at state institutions of higher
education or other organizations for research and for education to further the advancement of
education in the real estate industry? - Answer✔Real Estate Research and Education Fund
A managing broker who has supervisory responsibilities for licensees in one or, in the case of a
multi-office company, more than one office and who has been appointed as such by the
sponsoring broker registered with the Department is called what? - Answer✔Designated
Managing Broker
There are many protected classes according to Illinois Fair Housing law and the Illinois Human
Rights Act. Which of the following is not a protected class? - Answer✔Credit
A broker named Thomas works for Linda, owner of L&L Realty. Thomas decides to spend some
of his own money to take out an extra ad for a property he really wants to sell. Which of the
2
