Illinois Leasing Agent License Exam with accurate detailed solutions

Illinois Leasing Agent License Exam with accurate detailed || || || || || || || ||




solutions


What is the name given to the Illinois license laws under which real estate brokers practice? -
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✔✔Real Estate License Act of 2000 || || || || ||




Practicing real estate without a license, and could result in being fined up to what? - ✔✔$25,000
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per event. ||




How long must real estate brokers keep records in Illinois? - ✔✔5 Years.
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The ruling of Chicago Bar Association, et al. v. Quinlan and Tyson, Inc has to deal with what? -
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✔✔Placing certain limitations on real estate licensees in drafting a contract of sale. || || || || || || || || || || || ||




What is the minimum age to become a real estate broker in Illinois? - ✔✔18 Years.
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In terms of financing involved for a real estate purchase, which custom is practiced in Illinois? -
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✔✔Lien Theory. ||




Cassidy is selling a home in Springfield. She found out the homeowner named Peter has AIDS. Is
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she required to disclose the fact Peter has aids to the public? - ✔✔No.
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What year was the ruling of Chicago Bar Association, et al. v. Quinlan and Tyson, Inc? -
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✔✔1966.



A real estate broker named Matt is filling in the blanks on a real estate sales contract. He writes on
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the contract that his client, the buyer, would like 2% of the sales price at closing to cover closing
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costs and assorted fees. In this instance, Matt is doing what? - ✔✔Violating Chicago Bar
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Association, et al. v. Quinlan and Tyson, Inc. || || || || || || ||

, In Illinois, the relationship in which the agent is held in a position of special trust and confidence
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by the principal is called a: - ✔✔Fiduciary relationship.
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The Illinois Human Rights Act recognizes and protects age for persons above the age of what? -
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✔✔40 years or older. || || ||




According to Illinois law, licensees must give disclosure of their status to who? - ✔✔Clients and
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Customers


What is the minimum age to obtain a managing broker's license in Illinois? - ✔✔20.
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Illinois has a real estate license reciprocity agreement with: - ✔✔Some States; Colorado,
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Connecticut, Florida, Georgia, Indiana, Iowa, Nebraska, Wisconsin || || || || || ||




An unlicensed employee may NOT do the following? - ✔✔Negotiate or agree to any
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commission, commission split, management fee, or referral fee on behalf of a licensee. || || || || || || || || || || || ||




If an Illinois real license agent places an ad on the Internet offering his services as a real estate
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agent. Under state law, at a minimum, what are Illinois real licensees required to include? -
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✔✔The name of their brokerage and franchise (if applicable). || || || || || || || ||




Under agency law in Illinois disclosed dual agency is? - ✔✔Legal with the consent of all parties.
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How many days must an aggrieved person give written notice to the Department within 30 days
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of the entry of any judgment that may result in collection from the Real Estate Recovery Fund? -
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✔✔30 Days ||




Per section 15-75 of the Illinois Real Estate License Act, there are minimum services required
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when there is an exclusive brokerage agreement in place. Which of the following of these
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examples is NOT required? - ✔✔Concealing adverse facts pertaining to the physical condition of
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