Exam (elaborations)
ILLINOIS BROKER LICENSE STATE PORTION QUESTIONS AND ANSWERS
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ILLINOIS BROKER LICENSE STATE PORTION QUESTIONS AND ANSWERS
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Name: Score:24 Multiple choice questions
Term 1 of 24
True about leasing agents in Illinois?
Leasing agents can operate independently without sponsorship
Leasing agents are not required to have any formal training
Leasing agents can only work for property owners directly
Leasing agents must have a sponsoring broker
Term 2 of 24
Kelly wants her corporation to be licensed as a brokerage, but a group of salespeople
controls more than 49% of the ownership. Can Kelly apply for corporation to be run as a
brokerage?
Kelly can apply for a temporary brokerage license
Kelly can apply if she has a majority of licensed brokers
Kelly's corporation can be licensed if it has less than 50% ownership by salespeople
Under no circumstances can Kelly's corporation be licensed to run as a brokerage.
Term 3 of 24
Travis is leaving Buena Vista Realty. When he informs his managing broker, Alan, of this,
Alan must immediately endorse and surrender Travis's license.
Alan can keep travis's license until the end of the month
Alan needs to transfer the license to another broker
Alan must notify the state but can retain the license
,Term 4 of 24
Katerina fulfills all of the requirements to become a licensed real estate broker in Illinois. She
finds a sponsor, who signs the sponsor card. Katerina loses interest in real estate, and allows
he license to expire. How long does Katerina have until she loses her license altogether?
is exempt from having a real estate license.
engage in the practice of real estate as soon as she is sponsored
up to 2 years; then she must start over
ask Ned to hold his own license
Term 5 of 24
Unlicensed employee is in violation of the Illinois Real Estate License Act?
Can be charged with a Class A misdemeanor
Personal assistant Mary who fills in to open a property for marketing purposes to a
client for Broker Joe when Joe gets suddenly ill with the flu.
ask Ned to hold his own license
Individual who is employed as a resident property manager
Term 6 of 24
Any person who commits a first offense of acting as a leasing agent without being licensed
under the Illinois Real Estate License Act.
Is eligible for a real Estate License immediately
Can operate as a leasing agent without any penalties
Can be charged with a Class A misdemeanor
Must pay a fine but cannot be charged with a misdemeanor
, Term 7 of 24
Four essentials of a valid contract
Agreement, payment, delivery, and completion.
Offer and acceptance, consideration, Lawful object, and Capable parties.
Intent, negotiation, review, and execution.
Terms and conditions, signatures, witness, and notarization.
Term 8 of 24
What is the minimum age to obtain a managing broker's license in Illinois?
90
20
18
165
Term 9 of 24
Patsy has just been sponsored by managing broker George. George directs Patsy to "Go and
list some house." Patsy says she cannot because she does not have her license yet. Patsy can
only assist in administrative tasks until licensed
wait until she completes her licensing exam
cannot participate in any real estate activities
engage in the practice of real estate as soon as she is sponsored
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