ILLINOIS REAL ESTATE STATE PORTION |
COMPREHENSIVE EXAM PREP, PRACTICE
QUESTIONS, CORRECT ANSWERS AND
STUDY GUIDE
| GRADED A+ | GUARANTEED SUCCESS
Updated 2026 Questions and Answers
100% Verified Exam Prep
, Ledger / Journal Acceptable bookkeeping/banking practices for the handling of a brokers account
Real Estate Administration and Disciplinary Board Recommends discipline for violations of the REAL ESTATE LICENSE ACT 2000
The SECRETARY of the IDFPR: Considers the recommendations of THE BOARD
Real Estate Recovery Fund The real estate recovery fund protects members of the public up to 25,000 per individual
but not exceed 100,000 per license
Repeat the entire license process A license that has lapsed for over five years cannot be renewed or reinstated the
licensee must:
Real Estate Recovery Fund A fund established to cover claims of aggrieved parties who have suffered monetary
damage through the actions of a real estate licensee.
- Statue Of Limitations gives the aggrieved party 2 YEARS
- IDFPR must take action within 5 YEARS
Statutory Right of Reinstatement -borrower wants to cure the default (bring payments up to date) and reinstate the loan as
if the loan had not been accelerated at all. MUST BE EXERCISED within 90 days / ONCE
every 5 yrs.
Note: statutory right is not in illinois, only the right of reinstatement
Exemptions to the Residential Real Property Disclosure act - transfers to a family member / spouse
- transfers of a new "never occupied" property
Real Estate Administration and Disciplinary Board - has 15 MEMBERS
- 3 must be NON - Licensed
Illinois Coordinator Of Real Estate: - must be a licensed but MUST SURRENDER the license during the term
COMPREHENSIVE EXAM PREP, PRACTICE
QUESTIONS, CORRECT ANSWERS AND
STUDY GUIDE
| GRADED A+ | GUARANTEED SUCCESS
Updated 2026 Questions and Answers
100% Verified Exam Prep
, Ledger / Journal Acceptable bookkeeping/banking practices for the handling of a brokers account
Real Estate Administration and Disciplinary Board Recommends discipline for violations of the REAL ESTATE LICENSE ACT 2000
The SECRETARY of the IDFPR: Considers the recommendations of THE BOARD
Real Estate Recovery Fund The real estate recovery fund protects members of the public up to 25,000 per individual
but not exceed 100,000 per license
Repeat the entire license process A license that has lapsed for over five years cannot be renewed or reinstated the
licensee must:
Real Estate Recovery Fund A fund established to cover claims of aggrieved parties who have suffered monetary
damage through the actions of a real estate licensee.
- Statue Of Limitations gives the aggrieved party 2 YEARS
- IDFPR must take action within 5 YEARS
Statutory Right of Reinstatement -borrower wants to cure the default (bring payments up to date) and reinstate the loan as
if the loan had not been accelerated at all. MUST BE EXERCISED within 90 days / ONCE
every 5 yrs.
Note: statutory right is not in illinois, only the right of reinstatement
Exemptions to the Residential Real Property Disclosure act - transfers to a family member / spouse
- transfers of a new "never occupied" property
Real Estate Administration and Disciplinary Board - has 15 MEMBERS
- 3 must be NON - Licensed
Illinois Coordinator Of Real Estate: - must be a licensed but MUST SURRENDER the license during the term
