ILLINOIS REAL ESTATE BROKER EXAM
PRACTICE QUESTIONS WITH CORRECT
ANSWERS (VERIFIED ANSWERS) PLUS
RATIONALES 2026 Q&A | INSTANT
DOWNLOAD PDF
1. Which of the following is required to obtain a real estate broker
license in Illinois?
A. College degree
B. Completion of pre-license education
C. Proof of homeownership
D. Prior real estate sales experience
You must complete the required pre-license education as
mandated by the Illinois Department of Financial and Professional
Regulation (IDFPR).
2. The main purpose of the Illinois Real Estate License Act is to:
A. Control property prices
B. Protect the public in real estate transactions
C. Increase broker profits
D. Regulate mortgage interest rates
The act is designed to safeguard consumers and ensure ethical
practices.
3. A broker’s license in Illinois must be renewed every:
A. 1 year
B. 2 years
C. 2 years
, D. 5 years
Illinois requires broker licenses to be renewed biennially, with
continuing education completed.
4. What is the minimum age to apply for a real estate broker license
in Illinois?
A. 18
B. 21
C. 25
D. 19
Applicants must be at least 21 years old to hold a broker license.
5. Which of the following is considered an illegal practice under
Illinois law?
A. Advertising a property
B. Misrepresenting property information
C. Showing a property
D. Negotiating offers
Misrepresentation is considered fraud and violates the Illinois Real
Estate License Act.
6. When a broker acts as a dual agent, they must:
A. Only represent the seller
B. Only represent the buyer
C. Obtain informed consent from both parties
D. Ignore conflicts of interest
Dual agency requires disclosure and consent to ensure fair
treatment.
7. An earnest money deposit is:
A. A loan from the bank
B. Money given by a buyer to show good faith
C. Broker commission
, D. Property tax payment
Earnest money demonstrates the buyer’s serious intent to
purchase.
8. Illinois law requires real estate brokers to maintain records of
transactions for:
A. 1 year
B. 3 years
C. 5 years
D. 7 years
Brokers must keep transaction records for 5 years for regulatory
review.
9. The primary function of the Real Estate Recovery Fund is to:
A. Finance broker education
B. Pay broker salaries
C. Compensate consumers for licensee fraud or
misrepresentation
D. Fund property inspections
The fund protects the public if a licensee violates the law.
10. A property management agreement must be in:
A. Oral form only
B. Writing
C. Either oral or written
D. Verbal agreement signed by tenant
Written agreements provide legal clarity and comply with Illinois
law.
11. A licensee can legally advertise a property:
A. With misleading information
B. Without broker approval
C. Only with truthful information and broker supervision
PRACTICE QUESTIONS WITH CORRECT
ANSWERS (VERIFIED ANSWERS) PLUS
RATIONALES 2026 Q&A | INSTANT
DOWNLOAD PDF
1. Which of the following is required to obtain a real estate broker
license in Illinois?
A. College degree
B. Completion of pre-license education
C. Proof of homeownership
D. Prior real estate sales experience
You must complete the required pre-license education as
mandated by the Illinois Department of Financial and Professional
Regulation (IDFPR).
2. The main purpose of the Illinois Real Estate License Act is to:
A. Control property prices
B. Protect the public in real estate transactions
C. Increase broker profits
D. Regulate mortgage interest rates
The act is designed to safeguard consumers and ensure ethical
practices.
3. A broker’s license in Illinois must be renewed every:
A. 1 year
B. 2 years
C. 2 years
, D. 5 years
Illinois requires broker licenses to be renewed biennially, with
continuing education completed.
4. What is the minimum age to apply for a real estate broker license
in Illinois?
A. 18
B. 21
C. 25
D. 19
Applicants must be at least 21 years old to hold a broker license.
5. Which of the following is considered an illegal practice under
Illinois law?
A. Advertising a property
B. Misrepresenting property information
C. Showing a property
D. Negotiating offers
Misrepresentation is considered fraud and violates the Illinois Real
Estate License Act.
6. When a broker acts as a dual agent, they must:
A. Only represent the seller
B. Only represent the buyer
C. Obtain informed consent from both parties
D. Ignore conflicts of interest
Dual agency requires disclosure and consent to ensure fair
treatment.
7. An earnest money deposit is:
A. A loan from the bank
B. Money given by a buyer to show good faith
C. Broker commission
, D. Property tax payment
Earnest money demonstrates the buyer’s serious intent to
purchase.
8. Illinois law requires real estate brokers to maintain records of
transactions for:
A. 1 year
B. 3 years
C. 5 years
D. 7 years
Brokers must keep transaction records for 5 years for regulatory
review.
9. The primary function of the Real Estate Recovery Fund is to:
A. Finance broker education
B. Pay broker salaries
C. Compensate consumers for licensee fraud or
misrepresentation
D. Fund property inspections
The fund protects the public if a licensee violates the law.
10. A property management agreement must be in:
A. Oral form only
B. Writing
C. Either oral or written
D. Verbal agreement signed by tenant
Written agreements provide legal clarity and comply with Illinois
law.
11. A licensee can legally advertise a property:
A. With misleading information
B. Without broker approval
C. Only with truthful information and broker supervision
