Illinois (Only) Real Estate Exam Practice Questions and correct answers 2026

Illinois (Only) Real Estate Exam Practice Questions and correct answers 2026 A licensee is liable for failing to disclose which of the following? That radon tests last month had proven positive 3 multiple choice options Ken tells a buyer that a lot has sufficient area for a large house, an outbuilding, and swimming pool area. The buyer purchases the property and later discovers that she cannot build everything she wanted on the property due to easements, restrictions, and setback requirements. Here, Ken would be subject to discipline for negligent misrepresentation 3 multiple choice options Joyce, a buyer, walks in to a real estate office and meets Lenny, a broker. Lenny shows Joyce a house listed by Angela, another broker in the office. Who is considered to be Lenny's client in this situation? Joyce 3 multiple choice options Illinois law of agency between real estate licensees and the general public is primarily based on Illinois statute. 3 multiple choice options An agent is informed by a local home developer that he will buy any parcel of real estate within one-half mile of a new shopping center. One of the agent's listings falls within this radius. Knowing this information, the agent is considering making a full price offer on his own listing, knowing he may be able to subsequently re-sell the property for a profit. In this case, the agent must disclose the developer's intentions prior to making the offer. 3 multiple choice options According to Illinois law, licensees must disclose facts to clients if they are material, known by the agent and impact the transaction. 3 multiple choice options According to Illinois law, a material fact that must be disclosed to clients is one that affects value, is the subject of the transaction, and is not confidential. 3 multiple choice options A buyer tells listing agent Doug that he and his wife can pay cash for the listed property. Doug happily passes that information along to the seller who subsequently accepts their offer. It is later discovered that the buyers have very little cash and have to do VA financing. Furious, the seller threatens to sue Doug for misrepresentation. Is Doug liable?