Psi state Flashcards

Psi state Flashcards (2)In a real estate transaction in illinois, a detailed closing statement must be given to thea) buyer onlyb) buyer and sellerc) buyer, seller, and sellers attorneyd) buyer, seller, brokers files and county recorder Buyer and seller When acting as a dual agent in Illinois, the licenseeA. owes loyalty to the client they have worked with for the longest period of timeB. must have consent signed after the client executes an offer to purchaseC. can show comparable sales to the buyer upon requestD. can suggest the buyer make a lower offer Can show comparable sales to the buyer upon request In Illinois, can a licensee ever legally act on behalf a lessor and lessee in a transaction?A. Yes, id 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

• Yes, If the licensee has the informed written consent of

all parties involved in the transaction 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 In illinois, when a licensee prepares a classified newspaper advertisement for a listed property, which of these must be included?A. Sponsoring broker nameB. Equal housing logoC. Room countD. Property address Sponsoring broker name In Illinois, when must the seller be given a copy of the accepted listing agreement?A. when the listing information is confirmedB. after the listing is published and entered in the multiple-isting serviceC. within 24 hours of signingD. 48 hours after the broker has approved and signed the listing Within 24 hours of signing A property owner dies without a will. In linois, the owner's estate will be divided in accordance withA. laws in the county of residence.B. the religious affiliation of the

owner.C. The Illinois human rights actD. Instate succession Instate succession it is important for a sponsored licensee to know the status of their sponsoring brokers licenseA. only if the licensee's

license will need to be renewed at the same time as the sponsoing bokers icese.B. because the licensee's license will be inactive if the sponsoring brokers license is inative.C. only if the employment agreement makes it the licensee's responsiblity.D. because all sponsored licensees must sign their sponsoring broker's renewal aplication.

• because the licensee's license will be inactive if the

sponsoring brokers license is inative.

Illinois licensees whose primary business involves commercial real estate sales and leasing are required toSatisfy continuing education requirementsResearch title defectsAct as dual agentsComplete 15 hours of property management education Satisfy continuing education requirements In Illinois, a licensee is subject to disciplinary action for failing to?A.Have the escrow account audited by an accountantB.Maintain a separate escrow account for each saleC.Pay Illinois state income taxD.Have all papers notarized Havd the escrow account audited by an accountant (1)The purpose of the Illinois Affordable Housing Act is toA) Enforce the Fair Housing Codes for low-income familiesB) Eliminate redlining in the purchase of housing for low-income familiesC) Establish lower credit standards for low-income families in home loansD) Assist low-income families in the purchase of Assist low-income families in the purchase of housing Vhich of the following persons is required to have an Illinois broker's license?A. commercial leasing agentB. an attorney who prepares sales contractsC. A person selling a relative's house for no feeD. a resident property manager who is an employee of the owner A commercial leasing agent The Illinois Department of Financial and Professional Regulation found that the advertisements of a sponsored licensee violate state law. Can the sponsoring broker be held responsible for the violation?A. No, unless the sponsoring broker reviewed the advertising before it was publishedB. No, unless the sponsoring broker pays for the advertisingC. Yes, the sponsoring broker may be responsible if they failed to properly supervise the advertisingD. Yes, because the sponsored licensees cannot place any advertisements for the sponsoring broker Yes, the sponsoring broker may be responsible if they failed to properly supervise the advertising Which property owners in Illinois are totally exempt from paying general real estate taxes?A. Religious institutionsB.Senior citizensC. Lending institutionsD.hospitals Religious institutions For a licensed broker to obtain an Illinois managing broker's license, the broker mustA. complete 45 additional hours of pre-license educationB. be actively engaged as a licensed broker for the last three years.C. establish a place of business for the expressed purpose of real estate activites.D. successfully complete a continuing education course within the last year, complete 45 additional hours of pre-license education 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