ILLINOIS STATE LAW PRACTICE
EXAM QUESTIONS AND ANSWERS
WIT COMPLETE SOLUTIONS
ALREADY PASSED!!!
Question 1: Which of the following is a true and legally mandated requirement
regarding the execution of the residential real property disclosure act form?
A) The agent must fill out the form based on their own physical inspection of the
property.
B) The form should be completed by the seller and not the agent ✔️✔️
C) Both the buyer's agent and the listing agent must co-sign and complete the form
together.
D) The form is entirely optional and can be filled out by a third-party home
inspector.
Question 2: Agent Louisa spends the weekend showing homes to out-of-town
buyers. On Sunday evening, the buyers make an offer that the seller accepts. On
Tuesday, ABC Relocation Company calls Louisa demanding a 25% referral fee
because the buyer's employer is a client of theirs. Which of the following legal
protections would prevent the relocation company from successfully claiming this
fee?
A) The transaction has already closed and funded, making any late referral claims
invalid.
B) Louisa has an exclusive buyer agency agreement with the buyers ✔️✔️
C) The listing agent has a verbal agreement to split the commission with Louisa
instead.
D) The relocation company failed to submit a physical invoice prior to the initial
home showing.
, The illinois Human rights act prohibits discrimination against the federally
protected classes, plus which of the following? -ANSWER ✔️✔️Martial status, age,
current military status, unfavorable military discharge, ancestry, sexual orientation
and order of protection
- The easiest way to remember this is by using acronym MAMA-SO. Unfavorable
military discharge does NOT include dishonorable.
Which of the following are required documents for an illinois sponsoring broker to
receive from each sponsored agent? -ANSWER ✔️✔️A signed copy of their
employment agreement
- Every agent must a signed contract with their sponsoring broker.
Illinois leasing agent licenses may be obtained with how many classroom hours
and must be completed within how many days of beginning leasing agent activity?
-ANSWER ✔️✔️15 hours within 120 days
- The class is 15 hours and a candidate must successfully complete the course and
pass the state exam within 120 days of actually starting work.
The commercial broker lien act covers which of the following properties? -
ANSWER ✔️✔️Warehouse
- A warehouse falls under the commercial broker lien act. Vacant land, 1-6 unit
residential building and land assessed as farmland are considered commercial.
A husband and wife go to a casino and lose $200,000, mostly on a credit line they
opened with the casino. The casino starts foreclosure on the couple's home. If the
foreclosure is successful, how much will the couple be allowed to keep from the
equity in their home? -ANSWER ✔️✔️$30,000
- This law was revised on 1/1/06. Illinois law allows $15,000 per family member
protected from unsecured creditors, up to $30,000.
EXAM QUESTIONS AND ANSWERS
WIT COMPLETE SOLUTIONS
ALREADY PASSED!!!
Question 1: Which of the following is a true and legally mandated requirement
regarding the execution of the residential real property disclosure act form?
A) The agent must fill out the form based on their own physical inspection of the
property.
B) The form should be completed by the seller and not the agent ✔️✔️
C) Both the buyer's agent and the listing agent must co-sign and complete the form
together.
D) The form is entirely optional and can be filled out by a third-party home
inspector.
Question 2: Agent Louisa spends the weekend showing homes to out-of-town
buyers. On Sunday evening, the buyers make an offer that the seller accepts. On
Tuesday, ABC Relocation Company calls Louisa demanding a 25% referral fee
because the buyer's employer is a client of theirs. Which of the following legal
protections would prevent the relocation company from successfully claiming this
fee?
A) The transaction has already closed and funded, making any late referral claims
invalid.
B) Louisa has an exclusive buyer agency agreement with the buyers ✔️✔️
C) The listing agent has a verbal agreement to split the commission with Louisa
instead.
D) The relocation company failed to submit a physical invoice prior to the initial
home showing.
, The illinois Human rights act prohibits discrimination against the federally
protected classes, plus which of the following? -ANSWER ✔️✔️Martial status, age,
current military status, unfavorable military discharge, ancestry, sexual orientation
and order of protection
- The easiest way to remember this is by using acronym MAMA-SO. Unfavorable
military discharge does NOT include dishonorable.
Which of the following are required documents for an illinois sponsoring broker to
receive from each sponsored agent? -ANSWER ✔️✔️A signed copy of their
employment agreement
- Every agent must a signed contract with their sponsoring broker.
Illinois leasing agent licenses may be obtained with how many classroom hours
and must be completed within how many days of beginning leasing agent activity?
-ANSWER ✔️✔️15 hours within 120 days
- The class is 15 hours and a candidate must successfully complete the course and
pass the state exam within 120 days of actually starting work.
The commercial broker lien act covers which of the following properties? -
ANSWER ✔️✔️Warehouse
- A warehouse falls under the commercial broker lien act. Vacant land, 1-6 unit
residential building and land assessed as farmland are considered commercial.
A husband and wife go to a casino and lose $200,000, mostly on a credit line they
opened with the casino. The casino starts foreclosure on the couple's home. If the
foreclosure is successful, how much will the couple be allowed to keep from the
equity in their home? -ANSWER ✔️✔️$30,000
- This law was revised on 1/1/06. Illinois law allows $15,000 per family member
protected from unsecured creditors, up to $30,000.
