1 of 157
Term
Kelly is working as a dual agent for Tom and Nancy Dresden, who
are selling their 1982 ranch, and Merle and Judy Sheppard, who are
interested in buying it. She ran into the Dresdens today when she
stopped for coffee, and they had some questions for her. Which of
the following questions is she allowed to answer, given her dual
agent role?
Give this one a try later!
Is the buyer pre-approved for a
Should we accept this offer?
mortgage?
How much should our counter-offer Should we offer to pay for closing
be? costs?
, Don't know?
2 of 157
Term
Which of the following is an Illinois licensee working as a dual agent
allowed to disclose to the seller?
Give this one a try later!
The buyer is pre-approved for
The buyer has a limited budget
a mortgage
The buyer is considering multiple The seller is willing to lower the
properties price
Don't know?
3 of 157
Term
The State of Illinois placed a lien on Margo's property that must be
resolved upon Margo's death or when Margo's property no longer
meets certain criteria. What type of lien is this?
Give this one a try later!
, A property tax lien A mortgage lien
A senior citizens tax deferral
A mechanic's lien
program lien
Don't know?
4 of 157
Term
Which of these statements about retaining transaction records in
Illinois is true?
Give this one a try later!
Transaction records maintained Transaction records maintained
electronically do not require electronically must be backed up
backup. annually.
Transaction records Transaction records maintained
maintained electronically must electronically must be deleted after
be backed up at least monthly. one year.
Don't know?
5 of 157
Term
, In Illinois, what's the permitted homestead exemption for homestead
land owned by one person?
Give this one a try later!
$15,000 $20,000
$10,000 $25,000
Don't know?
6 of 157
Term
Reich Real Estate has discovered that their licensee, Ivan, has been
stealing money from clients by depositing their earnest money into
his own account. What will likely be the consequence?
Give this one a try later!
Ivan's license could be Ivan's license will be automatically
suspended without a hearing. revoked.
Ivan's license could be suspended Ivan will receive a warning without
after a hearing. any action.
Don't know?
7 of 157
Term
Kelly is working as a dual agent for Tom and Nancy Dresden, who
are selling their 1982 ranch, and Merle and Judy Sheppard, who are
interested in buying it. She ran into the Dresdens today when she
stopped for coffee, and they had some questions for her. Which of
the following questions is she allowed to answer, given her dual
agent role?
Give this one a try later!
Is the buyer pre-approved for a
Should we accept this offer?
mortgage?
How much should our counter-offer Should we offer to pay for closing
be? costs?
, Don't know?
2 of 157
Term
Which of the following is an Illinois licensee working as a dual agent
allowed to disclose to the seller?
Give this one a try later!
The buyer is pre-approved for
The buyer has a limited budget
a mortgage
The buyer is considering multiple The seller is willing to lower the
properties price
Don't know?
3 of 157
Term
The State of Illinois placed a lien on Margo's property that must be
resolved upon Margo's death or when Margo's property no longer
meets certain criteria. What type of lien is this?
Give this one a try later!
, A property tax lien A mortgage lien
A senior citizens tax deferral
A mechanic's lien
program lien
Don't know?
4 of 157
Term
Which of these statements about retaining transaction records in
Illinois is true?
Give this one a try later!
Transaction records maintained Transaction records maintained
electronically do not require electronically must be backed up
backup. annually.
Transaction records Transaction records maintained
maintained electronically must electronically must be deleted after
be backed up at least monthly. one year.
Don't know?
5 of 157
Term
, In Illinois, what's the permitted homestead exemption for homestead
land owned by one person?
Give this one a try later!
$15,000 $20,000
$10,000 $25,000
Don't know?
6 of 157
Term
Reich Real Estate has discovered that their licensee, Ivan, has been
stealing money from clients by depositing their earnest money into
his own account. What will likely be the consequence?
Give this one a try later!
Ivan's license could be Ivan's license will be automatically
suspended without a hearing. revoked.
Ivan's license could be suspended Ivan will receive a warning without
after a hearing. any action.
Don't know?
7 of 157
