Chicago State Reciprocity exam Flashcards

Chicago State Reciprocity exam Flashcards A developer/subdivider intends to divide a 20-acre parcel of land into 20 residential lots by installing water, sewer, and a roadway to each lot. The Illinois Plat Act requiresA) A metes and bounds legal description of each lotB) No survey, but legal and detailed platsC) A recorded plat of the subdivision ?D) A record of conveyance and restrictions of the subdivision

• A recorded plat of the subdivision ?

An Illinois real estate broker in a real estate transaction is permitted toa - Sell their personal home without disclosing license statusb- Advertise a property without permission from the ownerc - Deliver escrow moneyd - Explain legal points in a contract c - Deliver escrow money In Illinois, a real estate broker who engages in property management shall NOT act as a property manager willA) A property management certificate from the Department of Financial and Professional Regulation is obtained and displayedB) The sponsoring broker and client enter into a written brokerage agreementC) There is oral approval from the client specifying duties and compensationD) A property management certificate from a national property management organization in received

• There is oral approval from the client specifying duties

and compensation In Illinois, dual agencya- Means an agency must give 200%b - Means the same thing as sub-agencyc - Is allowed whether or not the seller and buyer understand itd - Is prohibited if the seller is a licensee selling their own property d - Is prohibited if the seller is a licensee selling their own property In Illinois, which of the following individuals must hold a real estate license?A) An individual owning three properties worth $1,000,000 or moreB) A relative who is paid to help sell property ***C) An attorney in performance of their dutiesD) The trustee of land trust

• A relative who is paid to help sell property

A buyers agent knows the answers to the following questions. Which is the licensee required to answer?A- What's the ethnicity of the seller?B - Is the seller marriedC - was their a recent suicide at the propertyD - Does the roof leak?D In Illinois, can a licensee ever legally act on behalf of a lessor and lessee in a transaction?a -Yes, if the licensee has the approval of the sponsoring brokerb - Yes, If the licensee has the informed written consent of all parties involved in the transactionc - No, because Illinois is a

designated agency stateD - No, because the Illinois Real Estate License Law prohibits such an arrangement b - Yes, If the licensee has the informed written consent of all parties involved in the transaction A house sold with real estate company A, subject to inspection. During the inspection, it is found that the furnace is emitting carbon monoxide and should be

replaced. The seller does not repair the furnace and puts the home back on the market with real estate company B.Which of the following is correct in IL?A - Both real estate companies must disclose the defect to subsequent buyer even without the sellers permissionB - neither company must disclose the confidential information, unless directed to do so by sellerC - Company A must disclose the information because it is no longer the listing company and company B can disclose only with the sellers permissionD - Company B must disclose the information it is the listing company, and company A can disclose only with sellers permission A - Both must disclose even without permission An Illinois sponsored licensee acting as a buyer's agent has prepared an offer for their client and delivered it to the

listing agent. After presenting the offer to the seller, the listing agent calls the buyer's agent and says the seller would accept the offer if the brokerage fee were reduced by $1,000. The listing agent is willing to reduce their share by $500 and asks the buyer's agent to do the same. Which of the following is the best action for the buyer's agent to take?A. Write a check for $500 payable to the sellerB.Write a check for $500 payable to the buyer.C. Discuss the issue with the designated managing broker.D. Show the buyer alternative properties.

• Discuss the issue with the designated managing broker.