ILLINOIS BROKERAGE EXAM TEST BANK — 350
PRACTICE QUESTIONS |EXAM OVERVIEW &
TESTTAKING STRATEGY
SECTION 1: ILLINOIS LICENSING LAW & REGULATIONS (Questions 160)
1. Under Illinois law, how many hours of relicensing education are required
for a Broker license?
A) 45 hours
B) 75 hours
C) 90 hours
D) 120 hours
Answer: D) 120 hours
Rationale: Illinois requires 120 qualifying education hours for a Broker license
(75 prelicense + 45 post license), compared to 75 for a Leasing Agent or 45 for
a Managing Broker upgrade.
2. Who oversees real estate licensing and discipline in Illinois?
A) Illinois Department of Financial and Professional Regulation (IDFPR)
B) Illinois Real Estate Commission (IREC)
C) Illinois Association of Realtors
D) Department of Commerce and Economic Opportunity
,Answer: A) IDFPR
Rationale: The IDFPR's Real Estate Division administers licensing,
examinations, and disciplinary actions. The IREC advises IDFPR but does not
directly issue licenses.
3. A real estate broker's license in Illinois expires every:
A) 1 year
B) 2 years
C) 3 years
D) 4 years
Answer: B) 2 years
Rationale: Broker licenses in Illinois are valid for 2 years and must be
renewed before expiration.
4. What is the minimum age to obtain a real estate broker license in Illinois?
A) 16
B) 17
C) 18
D) 21
Answer: C) 18
Rationale: Applicants must be at least 18 years old to be licensed as a broker
in Illinois.
5. What is the minimum age to obtain a Managing Broker license in Illinois?
,A) 18
B) 19
C) 20
D) 21
Answer: C) 20
Rationale: Managing Broker applicants must be at least 20 years old.
6. How many years of active broker experience are required to qualify for a
Managing Broker license?
A) 1 year
B) 2 years
C) 3 years
D) 4 years
Answer: B) 2 years
Rationale: A managing broker must have held an active broker license for at
least 2 of the preceding 3 years.
7. What is the primary purpose of the Illinois Real Estate License Act?
A) To regulate mortgage lenders
B) To protect the public in real estate transactions
C) To set property tax rates
D) To provide home inspection standards
Answer: B) To protect the public in real estate transactions
, Rationale: The act ensures that real estate practitioners are qualified and
conduct transactions ethically to protect consumers.
8. How soon must a managing broker notify the Division of Real Estate of any
change of business address?
A) 5 days
B) 10 days
C) 15 days
D) 24 hours
Answer: D) 24 hours
Rationale: A managing broker must notify the Division within 24 hours of any
change of business address of the offices they manage.
9. How soon must any changes in managing brokers, branch, or principal
offices be reported to the Division?
A) 5 days
B) 10 days
C) 15 days
D) 30 days
Answer: C) 15 days
Rationale: Changes in managing brokers, branch, or principal offices must be
reported to the Division within 15 days.
10. The initial broker's license fee for a partnership, LLC, or corporation is:
A) $55
PRACTICE QUESTIONS |EXAM OVERVIEW &
TESTTAKING STRATEGY
SECTION 1: ILLINOIS LICENSING LAW & REGULATIONS (Questions 160)
1. Under Illinois law, how many hours of relicensing education are required
for a Broker license?
A) 45 hours
B) 75 hours
C) 90 hours
D) 120 hours
Answer: D) 120 hours
Rationale: Illinois requires 120 qualifying education hours for a Broker license
(75 prelicense + 45 post license), compared to 75 for a Leasing Agent or 45 for
a Managing Broker upgrade.
2. Who oversees real estate licensing and discipline in Illinois?
A) Illinois Department of Financial and Professional Regulation (IDFPR)
B) Illinois Real Estate Commission (IREC)
C) Illinois Association of Realtors
D) Department of Commerce and Economic Opportunity
,Answer: A) IDFPR
Rationale: The IDFPR's Real Estate Division administers licensing,
examinations, and disciplinary actions. The IREC advises IDFPR but does not
directly issue licenses.
3. A real estate broker's license in Illinois expires every:
A) 1 year
B) 2 years
C) 3 years
D) 4 years
Answer: B) 2 years
Rationale: Broker licenses in Illinois are valid for 2 years and must be
renewed before expiration.
4. What is the minimum age to obtain a real estate broker license in Illinois?
A) 16
B) 17
C) 18
D) 21
Answer: C) 18
Rationale: Applicants must be at least 18 years old to be licensed as a broker
in Illinois.
5. What is the minimum age to obtain a Managing Broker license in Illinois?
,A) 18
B) 19
C) 20
D) 21
Answer: C) 20
Rationale: Managing Broker applicants must be at least 20 years old.
6. How many years of active broker experience are required to qualify for a
Managing Broker license?
A) 1 year
B) 2 years
C) 3 years
D) 4 years
Answer: B) 2 years
Rationale: A managing broker must have held an active broker license for at
least 2 of the preceding 3 years.
7. What is the primary purpose of the Illinois Real Estate License Act?
A) To regulate mortgage lenders
B) To protect the public in real estate transactions
C) To set property tax rates
D) To provide home inspection standards
Answer: B) To protect the public in real estate transactions
, Rationale: The act ensures that real estate practitioners are qualified and
conduct transactions ethically to protect consumers.
8. How soon must a managing broker notify the Division of Real Estate of any
change of business address?
A) 5 days
B) 10 days
C) 15 days
D) 24 hours
Answer: D) 24 hours
Rationale: A managing broker must notify the Division within 24 hours of any
change of business address of the offices they manage.
9. How soon must any changes in managing brokers, branch, or principal
offices be reported to the Division?
A) 5 days
B) 10 days
C) 15 days
D) 30 days
Answer: C) 15 days
Rationale: Changes in managing brokers, branch, or principal offices must be
reported to the Division within 15 days.
10. The initial broker's license fee for a partnership, LLC, or corporation is:
A) $55
