Illinois Real Estate Practice Exam / Expert Strategies,
Review of Key Quizzes, and Practice Questions for
Guaranteed Success / Newest 2025/2026.
Which of the following is an example of metes and bounds description?
a. 123 Roanoke Street Any Town, ST 98765
b. "Beginning at the iron pin 30 paces from the center of the bank that runs across
the road Southwesterly from the dwelling..."
c. Lot 6 of Block 3 of the Meridian subdivision
d. S 1/2 SE 1/4 NW 1/4 Section 2 - (ANSWER)b. "Beginning at the iron pin 30
paces from the center of the bank that runs across the road Southwesterly from
the dwelling..."
An investor receives title to a property, but she never makes mortgage payments
and rents out the home until foreclosure occurs. What type of mortgage fraud
does this describe?
a. Equity skimming
b. False identity
c. Property flipping
d. Straw buyers - (ANSWER)a. Equity skimming
What's the name for a process that converts income to value?
,a. Capitalization
b. Conversion
c. Discounting
d. Projection - (ANSWER)a. Capitalization
When must the Residential Real Property Disclosure Act in Illinois be delivered to
a prospective buyer?
a. Before the buyer signs a purchase agreement
b. Before the property closes escrow.
c. Never. The disclosure is delivered to the seller.
d. When a prospective buyer first views a property - (ANSWER)a. Before the
buyer signs a purchase agreement
When is a transfer tax payable?
a. During the title search
b. When passing property from parent to child or between siblings
c. When the deed is recorded
d. When there is an equitable distribution between divorced spouses -
(ANSWER)c. When the deed is recorded
In Illinois, when must licensees obtain consent for dual agency representation?
,a. As the situation arises
b. Before entering into a dual agency transaction
c. In the first face-to-face meeting with a potential client
d. Prior to entering into a contract for a specific transaction - (ANSWER)b. Before
entering into a dual agency transaction
Misty asked her prospective buyer clients whether they were working with
another agent, whether they had a house to sell, and whether they had a pre-
qualification letter from their lender. This process is known as...
a. Interrogating
b. Pre-qualifying
c. Snooping
d. Vetting - (ANSWER)b. Pre-qualifying
The power of the state to claim property when the owner dies without a will and
without heirs or creditors
a. Eminent domain
b. Escheat
c. Life Estate
d. Taking - (ANSWER)b. Escheat
, Sanjiv recently signed a brokerage agreement with a landlord client. To be
considered a valid contract in Illinois, the agreement must have either a provision
for the client's right to terminate annually with a 30-day written notice or...
a. A firm expiration date
b. An automatic renewal clause
c. An option to renew clause
d. A right to early termination waiver - (ANSWER)a. A firm expiration date
Which of the following is one of your duties as a listing agent?
a. Disclose material facts to the seller only
b. Hold confidential all facts from the buyer, even material facts
c. Promote your client's interests throughout the entire transaction
d. Secure a profit for your client - (ANSWER)c. Promote your client's interests
throughout the entire transaction
Which type of events are generally on a title insurance policy's schedule of
exceptions?
a. Claims from an owner with an unrecorded deed
Review of Key Quizzes, and Practice Questions for
Guaranteed Success / Newest 2025/2026.
Which of the following is an example of metes and bounds description?
a. 123 Roanoke Street Any Town, ST 98765
b. "Beginning at the iron pin 30 paces from the center of the bank that runs across
the road Southwesterly from the dwelling..."
c. Lot 6 of Block 3 of the Meridian subdivision
d. S 1/2 SE 1/4 NW 1/4 Section 2 - (ANSWER)b. "Beginning at the iron pin 30
paces from the center of the bank that runs across the road Southwesterly from
the dwelling..."
An investor receives title to a property, but she never makes mortgage payments
and rents out the home until foreclosure occurs. What type of mortgage fraud
does this describe?
a. Equity skimming
b. False identity
c. Property flipping
d. Straw buyers - (ANSWER)a. Equity skimming
What's the name for a process that converts income to value?
,a. Capitalization
b. Conversion
c. Discounting
d. Projection - (ANSWER)a. Capitalization
When must the Residential Real Property Disclosure Act in Illinois be delivered to
a prospective buyer?
a. Before the buyer signs a purchase agreement
b. Before the property closes escrow.
c. Never. The disclosure is delivered to the seller.
d. When a prospective buyer first views a property - (ANSWER)a. Before the
buyer signs a purchase agreement
When is a transfer tax payable?
a. During the title search
b. When passing property from parent to child or between siblings
c. When the deed is recorded
d. When there is an equitable distribution between divorced spouses -
(ANSWER)c. When the deed is recorded
In Illinois, when must licensees obtain consent for dual agency representation?
,a. As the situation arises
b. Before entering into a dual agency transaction
c. In the first face-to-face meeting with a potential client
d. Prior to entering into a contract for a specific transaction - (ANSWER)b. Before
entering into a dual agency transaction
Misty asked her prospective buyer clients whether they were working with
another agent, whether they had a house to sell, and whether they had a pre-
qualification letter from their lender. This process is known as...
a. Interrogating
b. Pre-qualifying
c. Snooping
d. Vetting - (ANSWER)b. Pre-qualifying
The power of the state to claim property when the owner dies without a will and
without heirs or creditors
a. Eminent domain
b. Escheat
c. Life Estate
d. Taking - (ANSWER)b. Escheat
, Sanjiv recently signed a brokerage agreement with a landlord client. To be
considered a valid contract in Illinois, the agreement must have either a provision
for the client's right to terminate annually with a 30-day written notice or...
a. A firm expiration date
b. An automatic renewal clause
c. An option to renew clause
d. A right to early termination waiver - (ANSWER)a. A firm expiration date
Which of the following is one of your duties as a listing agent?
a. Disclose material facts to the seller only
b. Hold confidential all facts from the buyer, even material facts
c. Promote your client's interests throughout the entire transaction
d. Secure a profit for your client - (ANSWER)c. Promote your client's interests
throughout the entire transaction
Which type of events are generally on a title insurance policy's schedule of
exceptions?
a. Claims from an owner with an unrecorded deed
