ILLINOIS LEASING AGENT PRACTICE EXAM
2026 QUESTIONS WITH CORRECT
SOLUTIONS
● 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.
, ● 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
2026 QUESTIONS WITH CORRECT
SOLUTIONS
● 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.
, ● 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
