5/30/25, 10:39 AM Real Estate Final Exam - Illinois ACTUAL EXAM QUESTIONS WITH COMPLETE SOLUTION GUIDE) (MULTIPLE CHOICES…
Real Estate Final Exam - Illinois ACTUAL EXAM
QUESTIONS WITH COMPLETE SOLUTION
GUIDE) (MULTIPLE CHOICES) A+ GRADED 100%
VERIFIED
Save
Terms in this set (68)
The purpose of a C. ensure that judgements against licensees will be
recovery fund is to: collectible within certain limits.
A. protect damaged
licensees from clients
who fail to pay earned
commission.
B. assist in the liquidity of
a troubled brokerage
through low-interest
loans.
C. ensure that
judgements against
licensees will be
collectible within certain
limits.
D. replenish losses in
escrow accounts of
brokerages found to
have mismanaged
monies.
https://quizlet.com/1049643367/real-estate-final-exam-illinois-actual-exam-questions-with-complete-solution-guide-multiple-choices-a-graded-10… 1/26
,5/30/25, 10:39 AM Real Estate Final Exam - Illinois ACTUAL EXAM QUESTIONS WITH COMPLETE SOLUTION GUIDE) (MULTIPLE CHOICES…
A licensee has a vacancy B. the licensee must disclose her status as a licensee
on an apartment building even though she is not directly involved in making
she owns as a partner any management decisions.
with an unlicensed family
member. The unlicensed
partner is responsible for
all property management
aspects, including the
rental of units. In this
case:
A. the licensee does not
have to disclose her
status as a licensee
because she is not
involved in any property
management decisions.
B. the licensee must
disclose her status as a
licensee even though she
is not directly involved in
making any management
decisions.
C. the licensee is not
required to disclose her
status as a licensee
because she has an
ownership interest with
an unlicensed person.
D. the licensee's
ownership status does
not need to be disclosed
because this is a private
matter not involving the
licensee's brokerage firm.
https://quizlet.com/1049643367/real-estate-final-exam-illinois-actual-exam-questions-with-complete-solution-guide-multiple-choices-a-graded-10… 2/26
, 5/30/25, 10:39 AM Real Estate Final Exam - Illinois ACTUAL EXAM QUESTIONS WITH COMPLETE SOLUTION GUIDE) (MULTIPLE CHOICES…
Which term is most C. intestate
closely associated with
the Illinois statute of
descent and distribution?
A. testate
B. community property
C. intestate
D. voluntary alienation
A forklift operator died C. his wife will get half of the estate, and the
intestate, leaving his wife children will split the other half.
and two children.
According to the Illinois
law of descent and
distribution:
A. his wife and two
children will split the
estate equally.
B. his wife will get the
entire estate.
C. his wife will get half of
the estate, and the
children will split the
other half.
D. the entire estate will
escheat to the county in
which the property is
located, leaving his wife
and children with
nothing.
https://quizlet.com/1049643367/real-estate-final-exam-illinois-actual-exam-questions-with-complete-solution-guide-multiple-choices-a-graded-10… 3/26
Real Estate Final Exam - Illinois ACTUAL EXAM
QUESTIONS WITH COMPLETE SOLUTION
GUIDE) (MULTIPLE CHOICES) A+ GRADED 100%
VERIFIED
Save
Terms in this set (68)
The purpose of a C. ensure that judgements against licensees will be
recovery fund is to: collectible within certain limits.
A. protect damaged
licensees from clients
who fail to pay earned
commission.
B. assist in the liquidity of
a troubled brokerage
through low-interest
loans.
C. ensure that
judgements against
licensees will be
collectible within certain
limits.
D. replenish losses in
escrow accounts of
brokerages found to
have mismanaged
monies.
https://quizlet.com/1049643367/real-estate-final-exam-illinois-actual-exam-questions-with-complete-solution-guide-multiple-choices-a-graded-10… 1/26
,5/30/25, 10:39 AM Real Estate Final Exam - Illinois ACTUAL EXAM QUESTIONS WITH COMPLETE SOLUTION GUIDE) (MULTIPLE CHOICES…
A licensee has a vacancy B. the licensee must disclose her status as a licensee
on an apartment building even though she is not directly involved in making
she owns as a partner any management decisions.
with an unlicensed family
member. The unlicensed
partner is responsible for
all property management
aspects, including the
rental of units. In this
case:
A. the licensee does not
have to disclose her
status as a licensee
because she is not
involved in any property
management decisions.
B. the licensee must
disclose her status as a
licensee even though she
is not directly involved in
making any management
decisions.
C. the licensee is not
required to disclose her
status as a licensee
because she has an
ownership interest with
an unlicensed person.
D. the licensee's
ownership status does
not need to be disclosed
because this is a private
matter not involving the
licensee's brokerage firm.
https://quizlet.com/1049643367/real-estate-final-exam-illinois-actual-exam-questions-with-complete-solution-guide-multiple-choices-a-graded-10… 2/26
, 5/30/25, 10:39 AM Real Estate Final Exam - Illinois ACTUAL EXAM QUESTIONS WITH COMPLETE SOLUTION GUIDE) (MULTIPLE CHOICES…
Which term is most C. intestate
closely associated with
the Illinois statute of
descent and distribution?
A. testate
B. community property
C. intestate
D. voluntary alienation
A forklift operator died C. his wife will get half of the estate, and the
intestate, leaving his wife children will split the other half.
and two children.
According to the Illinois
law of descent and
distribution:
A. his wife and two
children will split the
estate equally.
B. his wife will get the
entire estate.
C. his wife will get half of
the estate, and the
children will split the
other half.
D. the entire estate will
escheat to the county in
which the property is
located, leaving his wife
and children with
nothing.
https://quizlet.com/1049643367/real-estate-final-exam-illinois-actual-exam-questions-with-complete-solution-guide-multiple-choices-a-graded-10… 3/26
