Illinois Broker Exam - State Questions and Answers

Sandy wishes to start a new real estate company, although she has never had a real estate license of any type. She must be licensed for at least XX years before she can manage an office Two An Illinois real estate agent, acting as a dual agent, is showing his listing that he knows has had water problems in the basement in the past. The seller has requested that he not divulge this information unless a buyer specifically asks about water. What is the correct action for the agent to take? The agent should speak up and correct the misinformation because the agent owes the notice of material fact to both the buyer and seller In Illinois, in a typical multiple listing service arrangement, the agent who shows a property without any pre-arrangements regarding agency relationships is presumed to be the agent of the: Buyer Under Illinois real estate law, it is required that all clients be given written disclosure of who is their: designated agent In Illinois, an agent who proposes to become a dual agent must have written agreement from both buyer and seller regarding this situation. The dual agency language: is specifically dictated in the license law The Illinois Human Rights Act prohibits discrimination against the federally-protected classes, plus which of the following? Marital status, age, current military status, unfavorable military discharge, ancestry, sexual orientation and order of protection Sponsoring brokers in Illinois must notify DFPR within XX hours of sponsoring an agent 24 The Illinois Real Estate License Act was enacted to: The Illinois Real Estate License Act was passed to both protect the public and determine the competence of those engaging in the business. Which of the following are principal meridians located in Illinois? The 3rd and 4th are located in Illinois, while the 2nd, 3rd, and 4th describe property in Illinois. The 2nd principal meridian is located in western Indiana. Failure to pay what taxes could cause an Illinois licensee to be disciplined? Failure to pay state income taxes