ILLINOIS LAWS QUESTIONS AND
ANSWERS WITH COMPLETE
SOLUTIONS ALREADY PASSED!!!
Question 1: Under Illinois real estate law, what are the restrictions and maximum
penalties regarding the unlicensed practice of real estate activities?
A) Unlicensed individuals may operate freely as long as they only handle
residential leases under $2,000.
B) In Illinois it is illegal for any people to practice, offer, attempt to practice as a
real estate broker, managing broker, or residential leasing agent without being
licensed - Anyone who does so is subject to a fine up to $25,000 for each offense
Fine must be paid within 60days after date ✔️✔️
C) Unlicensed practice is permitted for up to six months as long as a licensed
broker supervises the work, and fines cannot exceed $500.
D) Violations only result in a written warning, and any assessed administrative fees
must be settled within one full calendar year.
Question 2: What specific licensing exemption applies to an attorney authorized to
practice law by the Illinois Supreme Court?
A) They are completely exempt from both the coursework requirements and the
state licensing examination.
) Antoine who is authorized to practice laws by the Illinois Supreme Court is
exempt form the 165 hour requirements but must still take the test and pass exam.
✔️✔️
C) They must complete the full classroom hours but are entirely exempt from
taking the final state test.
D) They are only allowed to practice real estate law and cannot participate in any
standard property transactions.
, Question 3: Which of the following statements is true regarding offers of
subagency through a Multiple Listing Service (MLS) in Illinois?
A) Offers of subagency are fully permitted as long as they are submitted in writing
to all parties.
B) Offers of subagency through a MLS are not permitted in Illinois ✔️✔️
C) Subagency is mandatory for all commercial transactions listed on a public MLS.
D) Subagency is allowed only if the buyer explicitly waives their right to
independent representation.
Question 4: What does federal law mandate regarding the disclosure of a property
occupant's HIV/AIDS status?
A) The listing agent must disclose this information if specifically asked by a
potential buyer.
B) It is illegal under federal law to disclose that a property's occupant has or had
HIV/Aids ✔️✔️
C) Disclosure is optional and left entirely to the discretion of the managing broker.
D) Federal law requires a written disclosure statement to be attached to the
standard property deed.
Illinois Laws -ANSWER ✔️✔️Act states the sponsoring brokers escrow account is
to be a non interest bearing account unless otherwise stated by the law
Illinois Laws -ANSWER ✔️✔️It is permitted by the IDFPR to list your own
personal real estate with a firm other than the one you work for if you desire and
your sponsoring broker approves.
Illinois Laws -ANSWER ✔️✔️To sue for commission in Illinois one must be a
licensed real estate sponsoring broker
ANSWERS WITH COMPLETE
SOLUTIONS ALREADY PASSED!!!
Question 1: Under Illinois real estate law, what are the restrictions and maximum
penalties regarding the unlicensed practice of real estate activities?
A) Unlicensed individuals may operate freely as long as they only handle
residential leases under $2,000.
B) In Illinois it is illegal for any people to practice, offer, attempt to practice as a
real estate broker, managing broker, or residential leasing agent without being
licensed - Anyone who does so is subject to a fine up to $25,000 for each offense
Fine must be paid within 60days after date ✔️✔️
C) Unlicensed practice is permitted for up to six months as long as a licensed
broker supervises the work, and fines cannot exceed $500.
D) Violations only result in a written warning, and any assessed administrative fees
must be settled within one full calendar year.
Question 2: What specific licensing exemption applies to an attorney authorized to
practice law by the Illinois Supreme Court?
A) They are completely exempt from both the coursework requirements and the
state licensing examination.
) Antoine who is authorized to practice laws by the Illinois Supreme Court is
exempt form the 165 hour requirements but must still take the test and pass exam.
✔️✔️
C) They must complete the full classroom hours but are entirely exempt from
taking the final state test.
D) They are only allowed to practice real estate law and cannot participate in any
standard property transactions.
, Question 3: Which of the following statements is true regarding offers of
subagency through a Multiple Listing Service (MLS) in Illinois?
A) Offers of subagency are fully permitted as long as they are submitted in writing
to all parties.
B) Offers of subagency through a MLS are not permitted in Illinois ✔️✔️
C) Subagency is mandatory for all commercial transactions listed on a public MLS.
D) Subagency is allowed only if the buyer explicitly waives their right to
independent representation.
Question 4: What does federal law mandate regarding the disclosure of a property
occupant's HIV/AIDS status?
A) The listing agent must disclose this information if specifically asked by a
potential buyer.
B) It is illegal under federal law to disclose that a property's occupant has or had
HIV/Aids ✔️✔️
C) Disclosure is optional and left entirely to the discretion of the managing broker.
D) Federal law requires a written disclosure statement to be attached to the
standard property deed.
Illinois Laws -ANSWER ✔️✔️Act states the sponsoring brokers escrow account is
to be a non interest bearing account unless otherwise stated by the law
Illinois Laws -ANSWER ✔️✔️It is permitted by the IDFPR to list your own
personal real estate with a firm other than the one you work for if you desire and
your sponsoring broker approves.
Illinois Laws -ANSWER ✔️✔️To sue for commission in Illinois one must be a
licensed real estate sponsoring broker
