ILLINOIS LEASING AGENT LICENSE EXAM

ILLINOIS LEASING AGENT LICENSE
EXAM




What0is0the0name0given0to0the0Illinois0license0laws0under0which0real0estate0brokers0pr
actice?0-0ans✔Real0Estate0License0Act0of02000

Practicing0real0estate0without0a0license,0and0could0result0in0being0fined0up0to0what?0-
0ans✔$25,0000per0event.


How0long0must0real0estate0brokers0keep0records0in0Illinois?0-0ans✔50Years.

The0ruling0of0Chicago0Bar0Association,0et0al.0v.0Quinlan0and0Tyson,0Inc0has0to0deal0wi
th0what?0-
0ans✔Placing0certain0limitations0on0real0estate0licensees0in0drafting0a0contract0of0sale.


What0is0the0minimum0age0to0become0a0real0estate0broker0in0Illinois?0-0ans✔180Years.

In0terms0of0financing0involved0for0a0real0estate0purchase,0which0custom0is0practiced0in
0Illinois?0-0ans✔Lien0Theory.


Cassidy0is0selling0a0home0in0Springfield.0She0found0out0the0homeowner0named0Peter0
has0AIDS.0Is0she0required0to0disclose0the0fact0Peter0has0aids0to0the0public?0-
0ans✔No.


What0year0was0the0ruling0of0Chicago0Bar0Association,0et0al.0v.0Quinlan0and0Tyson,0In
c?0-0ans✔1966.

A0real0estate0broker0named0Matt0is0filling0in0the0blanks0on0a0real0estate0sales0contract
.0He0writes0on0the0contract0that0his0client,0the0buyer,0would0like02%0of0the0sales0price0
at0closing0to0cover0closing0costs0and0assorted0fees.0In0this0instance,0Matt0is0doing0wh
at?0-0ans✔Violating0Chicago0Bar0Association,0et0al.0v.0Quinlan0and0Tyson,0Inc.

In0Illinois,0the0relationship0in0which0the0agent0is0held0in0a0position0of0special0trust0and0
confidence0by0the0principal0is0called0a:0-0ans✔Fiduciary0relationship.

, The0Illinois0Human0Rights0Act0recognizes0and0protects0age0for0persons0above0the0ag
e0of0what?0-0ans✔400years0or0older.

According0to0Illinois0law,0licensees0must0give0disclosure0of0their0status0to0who?0-
0ans✔Clients0and0Customers


What0is0the0minimum0age0to0obtain0a0managing0broker's0license0in0Illinois?0-0ans✔20.

Illinois0has0a0real0estate0license0reciprocity0agreement0with:0-
0ans✔Some0States;0Colorado,0Connecticut,0Florida,0Georgia,0Indiana,0Iowa,0Nebraska
,0Wisconsin

An0unlicensed0employee0may0NOT0do0the0following?0-
0ans✔Negotiate0or0agree0to0any0commission,0commission0split,0management0fee,0or0r
eferral0fee0on0behalf0of0a0licensee.

If0an0Illinois0real0license0agent0places0an0ad0on0the0Internet0offering0his0services0as0a0
real0estate0agent.0Under0state0law,0at0a0minimum,0what0are0Illinois0real0licensees0requ
ired0to0include?0-0ans✔The0name0of0their0brokerage0and0franchise0(if0applicable).

Under0agency0law0in0Illinois0disclosed0dual0agency0is?0-
0ans✔Legal0with0the0consent0of0all0parties.


How0many0days0must0an0aggrieved0person0give0written0notice0to0the0Department0with
in0300days0of0the0entry0of0any0judgment0that0may0result0in0collection0from0the0Real0Es
tate0Recovery0Fund?0-0ans✔300Days

Per0section015-
750of0the0Illinois0Real0Estate0License0Act,0there0are0minimum0services0required0when0
there0is0an0exclusive0brokerage0agreement0in0place.0Which0of0the0following0of0these0e
xamples0is0NOT0required?0-
0ans✔Concealing0adverse0facts0pertaining0to0the0physical0condition0of0the0property0at0
the0client0seller's0request0that0is0known0by0the0licensee0but0not0by0the0prospective0bu
yer.

Is0Illinois0a0Community0Property0state?0-0ans✔No.

All0escrow0funds0received0by0the0Sponsoring/
Managing0Broker0shall0be0deposited0into0the0broker's0escrow0account0when?0-
0ans✔No0later0than0the0next0business0day.


Who0appoints0the0members0of0the0Illinois0Real0Estate0Administration0and0Disciplinary0
Board?0-0ans✔The0Govenor.

To0become0a0managing0broker0in0Illinois0a0licensee0must0have0had0an0active0real0est
ate0license0for0at0least:0-0ans✔Two0of0the0past030Years.