ILLINOIS REAL ESTATE BROKER EXAM 2026 95+ COMPLETE EXAM QUESTIONS AND ANSWERS 100% VERIFIED A+ GRADE ASSURED!!!!! NEW LATEST UPDATE!!!!!

FINAL EXAMINATION PAPER dd dd




dd REAL ESTATE BROKER LICENSE EXAM QUESTIONS
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STUDENT NAME: ________________________________
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COURSE: Illinois Real Estate Broker Exam
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EXAM CODE: REAL ESTATE BROKER LICENSE EXAM Q
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UESTIONS-101




EXAM INSTRUCTIONS:
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1. Print your full name and date clearly in the header above.
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2. This exam booklet contains both Test Questions (Part I) and Verified Solutions (Part II).
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3. Answer all multiple-choice questions clearly. Double-check your work.
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4. Do not break the seal or open this booklet until instructed to do so by the proctor.
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Q1. Truth in lending laws apply to which of the following loans?
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[Verified Solution]: A loan to a first-time home buyer
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Q2. To qualify as tax-deferred exchange, the property must be
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[Verified Solution]: held for productive use in trade or business
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Q3. A buyer wants a guarantee that there are no unknown encumbrances against the propert
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y he is buying. The buyer should require
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[Verified Solution]: Title Insurance
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Q4. John Jones has owned and operated a gas station for 15 years. The city has decided to re
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zone the area from commercial to residential use. Which of the following is true regarding this
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situation?
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[Verified Solution]: John has non conforming use and can continue to operate the gas station
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Q5. Regarding ownership of one's home, which of the following would be income tax deductib
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le?
[Verified Solution]: Points paid to obtain the loan
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, Q6. A broker, acting as a buyer's agent, is helping a married couple find a home that meets t
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heir needs. The wife's mother is going to live with them. They want to take title in such a way
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that if anything happens to either one of them, the remaining spouse would have a % interest i
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n the property and the mother a 1% interest. The broker should advise them to:
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[Verified Solution]: Consult with an attorney
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Q7. Which of the following factors would tend to increase the price of residential real estate i
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n a given area?
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[Verified Solution]: A large manufacturing plant opening in the city
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Q8. Which of the following is considered a tax benefit of owning investment property?
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[Verified Solution]: Sheltering other income
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Q9. Which of the following improvements would have the most positive effect on the value of
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a property?
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[Verified Solution]: Installing a second bathroom in a four bedroom house
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Q10. A broker was hired by a property manager to lease and manage properties. Each lease
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was different based on negotiations of the parties. Which of the following is true in these circu
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mstances?
[Verified Solution]: Legal counsel should be sought to write or review the lease
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Q11. A buyer gives a broker a deposit with an offer to purchase. The deposit is known as
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[Verified Solution]: Earnest money dd dddd dd




Q12. A property has suffered a loss in value due to lack of maintenance and upkeep. This wo
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uld classify as
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[Verified Solution]: physical depreciation
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Q13. The most important element for a property manager to consider in selecting rental rates
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would be
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[Verified Solution]: the rental rates for similar units in the area
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