Psi state Multiple Choice Questions And
Already Passed Answers.
In Illinois, when must the seller be given a copy of the accepted listing agreement?
A. when the listing information is confirmed
B. after the listing is published and entered in the multiple-isting service
C. within 24 hours of signing
D. 48 hours after the broker has approved and signed the listing - Answer Within 24 hours of signing
The purpose of the Real Estate Recovery Fund in Illinois is to
A. allow an aggrieved party to recover damages sustained as a resultol any real estate transaction.
B. provide funds to a person to recover damages sustained as a result of certain linois Real Estate License
Law violations
C. Aid , assist, and fund real estate licensees who may have suffered monetary loss during an extended
perid of recovery
due to an illness or accident.
D. set aside a certain portion of funds to be used to recover damages sustained as a resulto natura/
disasters afecting
real estate in the state of Illinois. - Answer Provide funds to a person to recover damages sustained as a
result of certain Illinois Real Estate License Law violations
According to the Illinois Residential Real Property Disclosure Act, a buyer may terminate a contract if the
,A. seller fails or refuses to provide the disclosure document prior to closing
B. form indicates a material defect.
C. seller has never occupied the property.
D. seller indicates awareness of multiple defects. - Answer seller fails or refuses to provide the
disclosure document prior to closing
Before presenting a counteroffer from a seller to a buyer, an Illinois licensee encounters another
potential buyer. This second person asks the licensee to write an offer on the same property at a price
lower than the first buyer's offer. The licensee should make appropriate disclosures and
A.tell the second potential buyer the property is sold.
B. write the offer as requested and present it to the seller.
C. refuse to write the offer for less than the seller's counteroffer.
D. write the offer only after presenting the seller's counter offer to the first buyer. - Answer write the
offer as requested and present it to the seller.
In illinois, when a licensee prepares a classified newspaper advertisement for a listed property, which of
these must be included?
A. Sponsoring broker name
B. Equal housing logo
, C. Room count
D. Property address - Answer Sponsoring broker name
When acting as a dual agent in Illinois, the licensee
A. owes loyalty to the client they have worked with for the longest period of time
B. must have consent signed after the client executes an offer to purchase
C. can show comparable sales to the buyer upon request
D. can suggest the buyer make a lower offer - Answer Can show comparable sales to the buyer upon
request
Which of the following is required in an employment agreement according to the Illinois Real Estate
Licensee Act of 2000?
A. number of hours required to work each week
B. membership in a professional organization
C. an explantation of how the employee will be compensated
D. a personal reference by a currently licensed broker or managing broker - Answer . an explantation of
how the employee will be compensated
An Illinois licensee lists their neighbor's home for sale. A buyer, whom this same license is representing,
wishes to make an offer on the house. in this situation, who must provide written consent to the licensee
representing both parties?
Already Passed Answers.
In Illinois, when must the seller be given a copy of the accepted listing agreement?
A. when the listing information is confirmed
B. after the listing is published and entered in the multiple-isting service
C. within 24 hours of signing
D. 48 hours after the broker has approved and signed the listing - Answer Within 24 hours of signing
The purpose of the Real Estate Recovery Fund in Illinois is to
A. allow an aggrieved party to recover damages sustained as a resultol any real estate transaction.
B. provide funds to a person to recover damages sustained as a result of certain linois Real Estate License
Law violations
C. Aid , assist, and fund real estate licensees who may have suffered monetary loss during an extended
perid of recovery
due to an illness or accident.
D. set aside a certain portion of funds to be used to recover damages sustained as a resulto natura/
disasters afecting
real estate in the state of Illinois. - Answer Provide funds to a person to recover damages sustained as a
result of certain Illinois Real Estate License Law violations
According to the Illinois Residential Real Property Disclosure Act, a buyer may terminate a contract if the
,A. seller fails or refuses to provide the disclosure document prior to closing
B. form indicates a material defect.
C. seller has never occupied the property.
D. seller indicates awareness of multiple defects. - Answer seller fails or refuses to provide the
disclosure document prior to closing
Before presenting a counteroffer from a seller to a buyer, an Illinois licensee encounters another
potential buyer. This second person asks the licensee to write an offer on the same property at a price
lower than the first buyer's offer. The licensee should make appropriate disclosures and
A.tell the second potential buyer the property is sold.
B. write the offer as requested and present it to the seller.
C. refuse to write the offer for less than the seller's counteroffer.
D. write the offer only after presenting the seller's counter offer to the first buyer. - Answer write the
offer as requested and present it to the seller.
In illinois, when a licensee prepares a classified newspaper advertisement for a listed property, which of
these must be included?
A. Sponsoring broker name
B. Equal housing logo
, C. Room count
D. Property address - Answer Sponsoring broker name
When acting as a dual agent in Illinois, the licensee
A. owes loyalty to the client they have worked with for the longest period of time
B. must have consent signed after the client executes an offer to purchase
C. can show comparable sales to the buyer upon request
D. can suggest the buyer make a lower offer - Answer Can show comparable sales to the buyer upon
request
Which of the following is required in an employment agreement according to the Illinois Real Estate
Licensee Act of 2000?
A. number of hours required to work each week
B. membership in a professional organization
C. an explantation of how the employee will be compensated
D. a personal reference by a currently licensed broker or managing broker - Answer . an explantation of
how the employee will be compensated
An Illinois licensee lists their neighbor's home for sale. A buyer, whom this same license is representing,
wishes to make an offer on the house. in this situation, who must provide written consent to the licensee
representing both parties?
