ILLINOIS LEASING AGENT LICENSE

ILLINOIS LEASING AGENT LICENSE

ACTUAL EXAM WITH 140 QUESTIONS

AND VERIFIED CORRECT ANSWERS |

ALREADY GRADED A+ | GUARANTEED

PASS | ILLINOIS LEASING AGENT LICENSE

FINAL LATEST EXAM

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

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

Under agency law in Illinois disclosed dual agency is? - ANSWER- Legal with the consent of all parties.

How many days must an aggrieved person give written notice to the Department within 30 days of the entry of any judgment that may result in collection from the Real Estate Recovery Fund? - ANSWER- 30 Days

Per section 15-75 of the Illinois Real Estate License Act, there are minimum services required when there is an exclusive brokerage agreement in place. Which of the following of these examples is NOT required? - ANSWER- Concealing 1 / 3

adverse facts pertaining to the physical condition of the property at the client seller's request that is known by the licensee but not by the prospective buyer.

Is Illinois a Community Property state? - ANSWER- No.

All escrow funds received by the Sponsoring/Managing Broker shall be deposited into the broker's escrow account when? - ANSWER- No later than the next business day.

Who appoints the members of the Illinois Real Estate Administration and Disciplinary Board? - ANSWER- The Governor.

To become a managing broker in Illinois a licensee must have had an active real

estate license for at least: - ANSWER- Two of the past 3 Years.

Which Illinois fund was established for research and education at state institutions of higher education or other organizations for research and for education to further the advancement of education in the real estate industry? - ANSWER- Real Estate Research and Education Fund

A managing broker who has supervisory responsibilities for licensees in one or, in the case of a multi-office company, more than one office and who has been appointed as such by the sponsoring broker registered with the Department is called what? - ANSWER- Designated Managing Broker

There are many protected classes according to Illinois Fair Housing law and the Illinois Human Rights Act. Which of the following is not a protected class? - ANSWER- Credit

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A broker named Thomas works for Linda, owner of L&L Realty. Thomas decides to spend some of his own money to take out an extra ad for a property he really wants to sell. Which of the following statements about his ad and this situation is true? - ANSWER- The ad must be under the sponsoring broker's name but can include Thomas's name.

What is the purpose of the Real Estate Recovery Fund? - ANSWER- To provide a means of compensation for actual monetary losses suffered by individuals as a result of the acts of a licensee who violated the license law.

How many members are there in Illinois Real Estate Administration and Disciplinary Board in total? - ANSWER- 15

How long must a member of the Illinois Real Estate Administration and Disciplinary Board be a resident of the state of Illinois? - ANSWER- 6 Years.

Mary and Jenny work for M&J Realtors. Jenny is selling a property at 200 Greenhaven St, and Mary has an interested buyer. If Mary and Jenny put together this deal, per Illinois law, this is considered what? - ANSWER- An in-house deal.

Practicing real estate without a license, and could result in being fined up to what?

• ANSWER- $25,000 per event.

How long must real estate brokers keep records in Illinois? - ANSWER- 5 Years.

The ruling of Chicago Bar Association, et al. v. Quinlan and Tyson, Inc has to deal with what? - ANSWER- Placing certain limitations on real estate licensees in drafting a contract of sale.

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