ILLINOIS REAL ESTATE EXAM | QUESTIONS AND ANSWERS |
VERIFIED ANSWERS GRADED A+ | LATEST EXAM UPDATE
In Illinois, the real estate license law is administered by the...? - CORRECT
ANSWER - IDFPR (Bureau of Real Estate Professions)
How are the nine members of the Real Estate Administration and Disciplinary
Board Selected? - CORRECT ANSWER - By the governor
What is the name given to the Illinois license laws under which brokers and
salespeople practice? - CORRECT ANSWER - Real Estate License Act of
2000
After May 1, 2011, the new license categories are: - CORRECT ANSWER -
Managing Broker and Broker
After April 30, 2012, as an alternative to passing the proficiency exam given by
AMP, what are the requirements for converting a salesperson's license to a
broker license? - CORRECT ANSWER - 30 hours of post-licensure education,
as defined by administrative rule.
In Illinois, sponsor cards are good for: - CORRECT ANSWER - 45 days
What are the requirements for a newly licensed broker effective May 1, 2011? -
CORRECT ANSWER - 90 hours of pre-license coursework including 15
hours of situational offerings
,After May 1, 2011, what must a broker do to convert a managing broker
license? - CORRECT ANSWER - Complete 45 hours of post-license
education
When do real estate brokers' licenses expire in Illinois? - CORRECT
ANSWER - April 30 of every odd-numbered year
To renew a license in Illinois, brokers must..? - CORRECT ANSWER - Have
completed 12 hours of continuing education in the last two years and pay the
current fee.
Licensees who allow their licenses to expire have how long to reinstate their
licenses? - CORRECT ANSWER - Up to two years; then licensees must start
over
What procedures must be followed to obtain a license that has been expired for
more than two years? - CORRECT ANSWER - Meet the requirements for a
new license, including all pre-license education and passing the exam
Three weeks before N begins his real estate pre-license class, he offers to help
his neighbor sell her house. The neighbor agrees to pay N a 5% commission. An
offer is accepted while N is taking the class and closes the day after N passes
the exam and receives his salesperson license. The neighbor refuses to pay N
the agreed commission. Can N sue to recover payment? - CORRECT
ANSWER - No. State law prohibits lawsuits filed to collect commissions unless
filed by a licensed broker - one with a license in effect before the agreement was
reached.
Which of the following conditions is NOT required to grant a nonresident
broker's license in Illinois? - CORRECT ANSWER - The broker has been
active in the real estate business in her own state for one year prior to
application.
,The resident property manager for Acme Apartments is responsible for
negotiating leases for the apartment. In this position, the resident manager: -
CORRECT ANSWER - Is exempt from the licensing requirements.
After failing the Illinois licensing exam three times, what does a candidate have
to do to get three more tries? - CORRECT ANSWER - Complete the entire
education requirement again.
When terminating a sponsorship, the sponsoring broker must return the signed
license to the DPR within - CORRECT ANSWER - Two business days by
signature restricted mail delivery.
A leasing agent license requires how many hours of classroom time? -
CORRECT ANSWER - 15 hours
In order to practice real estate, Illinois requires new licensees to have which of
the following in their possession? - CORRECT ANSWER - A 45-day sponsor
card, then a pocket card later
An agent is terminated by his broker for failure to pay the office bill. While the
agent is looking for a new office, he is considered to have what kind of license?
- CORRECT ANSWER - Inoperative
Performing which of the following activities requires a real estate license? -
CORRECT ANSWER - Negotiating Lease Terms
J was really good at locating temporary housing for friends. They have
encouraged her to start a small home business assisting people who are looking
to rent. What is the first thing she should do? - CORRECT ANSWER - Get a
real estate license
, Proof of continuing education is required every - CORRECT ANSWER - Two
years
Of the following, who is required to hold an Illinois real estate license? -
CORRECT ANSWER - A person who represents clients in the negotiation of a
real estate contract for a flat fee.
All compensation earned by a licensee must be paid: - CORRECT ANSWER -
Through the licensee's sponsoring broker
Who would be eligible after completing education for an appraiser's license? -
CORRECT ANSWER - A mom who will work part-time (no corporation, only
people)
What is usually considered proof in Illinois courts that the broker has earned a
commission? - CORRECT ANSWER - The closing of a sale
A seller needs to sell quickly because he is getting transferred. Hoping to create
excitement, he agrees to a 7% commission. The listing broker's offer to the
cooperating broker must be: - CORRECT ANSWER - Disclosed to the seller
in writing what the compensation will be.
The office assistant for a local real estate firm is responsible for the following
activities: tracking the flow of paperwork through the office, preparing forms
and advertising copy, and hiring and supervising clerical personnel. The office
assistant is: - CORRECT ANSWER - Exempt from real estate licensing
requirements.
In Illinois, a personal assistant must be licensed to - CORRECT ANSWER -
Explain simple contract documents to prospective buyers.
VERIFIED ANSWERS GRADED A+ | LATEST EXAM UPDATE
In Illinois, the real estate license law is administered by the...? - CORRECT
ANSWER - IDFPR (Bureau of Real Estate Professions)
How are the nine members of the Real Estate Administration and Disciplinary
Board Selected? - CORRECT ANSWER - By the governor
What is the name given to the Illinois license laws under which brokers and
salespeople practice? - CORRECT ANSWER - Real Estate License Act of
2000
After May 1, 2011, the new license categories are: - CORRECT ANSWER -
Managing Broker and Broker
After April 30, 2012, as an alternative to passing the proficiency exam given by
AMP, what are the requirements for converting a salesperson's license to a
broker license? - CORRECT ANSWER - 30 hours of post-licensure education,
as defined by administrative rule.
In Illinois, sponsor cards are good for: - CORRECT ANSWER - 45 days
What are the requirements for a newly licensed broker effective May 1, 2011? -
CORRECT ANSWER - 90 hours of pre-license coursework including 15
hours of situational offerings
,After May 1, 2011, what must a broker do to convert a managing broker
license? - CORRECT ANSWER - Complete 45 hours of post-license
education
When do real estate brokers' licenses expire in Illinois? - CORRECT
ANSWER - April 30 of every odd-numbered year
To renew a license in Illinois, brokers must..? - CORRECT ANSWER - Have
completed 12 hours of continuing education in the last two years and pay the
current fee.
Licensees who allow their licenses to expire have how long to reinstate their
licenses? - CORRECT ANSWER - Up to two years; then licensees must start
over
What procedures must be followed to obtain a license that has been expired for
more than two years? - CORRECT ANSWER - Meet the requirements for a
new license, including all pre-license education and passing the exam
Three weeks before N begins his real estate pre-license class, he offers to help
his neighbor sell her house. The neighbor agrees to pay N a 5% commission. An
offer is accepted while N is taking the class and closes the day after N passes
the exam and receives his salesperson license. The neighbor refuses to pay N
the agreed commission. Can N sue to recover payment? - CORRECT
ANSWER - No. State law prohibits lawsuits filed to collect commissions unless
filed by a licensed broker - one with a license in effect before the agreement was
reached.
Which of the following conditions is NOT required to grant a nonresident
broker's license in Illinois? - CORRECT ANSWER - The broker has been
active in the real estate business in her own state for one year prior to
application.
,The resident property manager for Acme Apartments is responsible for
negotiating leases for the apartment. In this position, the resident manager: -
CORRECT ANSWER - Is exempt from the licensing requirements.
After failing the Illinois licensing exam three times, what does a candidate have
to do to get three more tries? - CORRECT ANSWER - Complete the entire
education requirement again.
When terminating a sponsorship, the sponsoring broker must return the signed
license to the DPR within - CORRECT ANSWER - Two business days by
signature restricted mail delivery.
A leasing agent license requires how many hours of classroom time? -
CORRECT ANSWER - 15 hours
In order to practice real estate, Illinois requires new licensees to have which of
the following in their possession? - CORRECT ANSWER - A 45-day sponsor
card, then a pocket card later
An agent is terminated by his broker for failure to pay the office bill. While the
agent is looking for a new office, he is considered to have what kind of license?
- CORRECT ANSWER - Inoperative
Performing which of the following activities requires a real estate license? -
CORRECT ANSWER - Negotiating Lease Terms
J was really good at locating temporary housing for friends. They have
encouraged her to start a small home business assisting people who are looking
to rent. What is the first thing she should do? - CORRECT ANSWER - Get a
real estate license
, Proof of continuing education is required every - CORRECT ANSWER - Two
years
Of the following, who is required to hold an Illinois real estate license? -
CORRECT ANSWER - A person who represents clients in the negotiation of a
real estate contract for a flat fee.
All compensation earned by a licensee must be paid: - CORRECT ANSWER -
Through the licensee's sponsoring broker
Who would be eligible after completing education for an appraiser's license? -
CORRECT ANSWER - A mom who will work part-time (no corporation, only
people)
What is usually considered proof in Illinois courts that the broker has earned a
commission? - CORRECT ANSWER - The closing of a sale
A seller needs to sell quickly because he is getting transferred. Hoping to create
excitement, he agrees to a 7% commission. The listing broker's offer to the
cooperating broker must be: - CORRECT ANSWER - Disclosed to the seller
in writing what the compensation will be.
The office assistant for a local real estate firm is responsible for the following
activities: tracking the flow of paperwork through the office, preparing forms
and advertising copy, and hiring and supervising clerical personnel. The office
assistant is: - CORRECT ANSWER - Exempt from real estate licensing
requirements.
In Illinois, a personal assistant must be licensed to - CORRECT ANSWER -
Explain simple contract documents to prospective buyers.
