Illinois Real Estate Practice Test Questions Flashcards

Illinois Real Estate Practice Test Questions Flashcards 22.) In Illinois, once a payment is made from the real estate recovery fund because of a judgment against a licensee, that licensee isFined up to $30,000Ineligible for license renewal for up to 5 years Subject to automatic license revocationRequired to reimburse the fund within 60 days Subject to automatic license revocation 32.) Which of the following may a sponsoring broker legally do in illinois?Place a sign on the property without the seller's permissionAccept compensation from more than one party in a transaction with disclosurePay a finder's fee to a friend, who is not a real estate licensee, who referred the seller to the broker Accept compensation from more than one w disclosure 33.) In Illinois which of the following actions may be taken by a real estate licenseeFilling in the blanks on a standard form real estate contractCompleting a bill of sale in a real estate transaction Preparing a deed for closingDrafting a contract amendment agreed to by all parties Filing in the blanks 3.) A property owner dies without a will in Illinois, the owner is there will be divided in accordance withLaws in the county of residenceThe religious affiliation of the ownerThe Illinois Human Rights ActIntestate succession Intestate succession 19.) How is earnest money deposit usually applied at closing on the settlement statement?Debit the sellerDebit the buyerCredit the sellerCredit the buyer Credit to buyer 11.) The purpose of the Real Estate Recovery Fund in Illinois is toAllow an aggrieved party to recover damages sustained as a result of any real estate transactionProvide funds to a person to recover sustained damages from a real estate agentAid, assist, and fund real estate licensees who many have suffered monetary loss during an extended period of recovery due to illness or accidentSet aside a certain portion of funds to be used to recover damages sustained as a result of natural disasters affecting real estate in the state of Illinois Provide funds to a person to recover sustained damages from a real estate agent 9.) under the Illinois real estate license act of 2000, which of the following requires the owner's written consent?placing a lock box on the propertyShowing a home for salePerforming a competitive market analysis on a home Placing a "For Sale" sign on the property Placing a "For Sale" sign on the property 39.) In Illinois license who has received a brokers license and a sponsored by the brokerage firm canWrite an offer with supervision of the designated managing brokerDraft

addendums to sales contractMaintain a special account for earnest money Directly compensate a licensed personal assistance Write an offer with supervision of the designated managing broker

36.) The Illinois Department of Financial and professional regulation is pursuing discipline against a licensee based on its investigations of a consumer's complaint. In this situation, which of the following statements is true?An attorney must always represent the licenseeThe licensee must always be notified in writing of the exact statement of charges.The licensee must always pay the expenses of any investigation The licensee must always be notified in writing of the exact statement of charges.

35.) An Illinois broker had a listing for over a year. The listing is now expired and has been relisted with another agent with a different company. The original listing broker is now representing buyers who would like to buy the home.What should this broker tell their buyers?Nothing, because they are now a dual agentNothing, conf. Lasts forever!!That one seller is desperate and will look at any offerEverything they know, because they now represent the buyer Nothing, conf. Lasts forever!!

6.) Which property owners in Illinois are totally exempt from paying general real estate taxesReligious InstitutionsSenior CitizensLending InstitutionsHospitals Religious institutions 38.) 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 metes and bounds legal description of each lotNo survey, but legal and detailed platsA recorded plat of the subdivisionA record of conveyance and restrictions of the subdivision No survey, but legal and detailed plats 24.) In Illinois, the Residential Real Property Disclosure Act requiresAn owner to obtain a whole house inspectionAll licensee representation regarding property to be in writingThe seller to complete the disclosure form, unless otherwise exemptA written appraisal to be completed prior to the sales of the company The seller to complete the disclosure form, unless otherwise exempt 20.) An Illinois broker listing a property whose owner/occupant is dying of aidsShould explain this fact to all agents showing the propertyIs not required to disclose this fact to agents showing the propertyMust seek competent counsel with their attorney Should not show the property to any family with children Is not required to disclose this fact to agents showing the property 28.) Which of the following is true concerning the Illinois Residential Real Property Disclosure Act?If the property is newly constructed, the form must be completed by the builderAny answers on the formed checked "yes", the seller must mitigate those issues prior to closeIf the property has a home warranty, the seller is not required to fill out the formIf the seller refuse to give a completed disclosure form,

the buyer may terminate thecontract If the seller refuse to give a completed disclosure form, the buyer may terminate thecontract 30.) In Illinois, under what condition is a licensee permitted to withhold information concerning their interest in a property for sale?Under no conditionWhen the property is being sold under the court orderWhen another licensee handles the transactionWhen the licensee owns less than a