Illinois Real Estate Exam Prep

Who can and cannot complete the property condition disclosure documents? - Answer- Disclosure documents must be completed by the seller, a family member (and signed by the seller), or seller's attorney or power of attorney. The licensee must never complete the disclosure forms. 2. What must a licensee do if he or she takes a listing on a home built prior to 1978? - Answer- The licensee must have the sellers fill out a disclosure form about their knowledge or lack of knowledge about the presence of lead-based paint in the home and ensure that the buyer receives a copy of the disclosure and the required brochure. 3. What is true about the Illinois Radon Awareness Act's requirement for radon testing and mitigation? - Answer- The Act does not obligate a seller to conduct any radon testing or mitigation activities. However, the parties may agree in their contract to mitigate. 4. What is the requirement for carbon monoxide detectors in Illinois? - Answer- Illinois dwelling units are required to have at least one carbon monoxide alarm in operating condition within 15 feet of every room used for sleeping purposes. What is the primary purpose of real estate law? - Answer- The laws are intended to regulate the industry in Illinois for the intention of protecting the public. When did the Real Estate License Act of 1983 undergo a major revision? - Answer- The Real Estate License Act of 2000 amended the existing laws. When can confidential information be shared by the licensee? - Answer- If the client permits the disclosureThe disclosure is required by lawThe information becomes public from a source other than the licensee. Which agency in Illinois has responsibility for licensing schools and instructors? Training and Development Department Division of Real Estate Standards Council Advanced Advisory Council - Answer- Division of Real Estate Which agency has oversight responsibilities regarding home inspectors? Illinois Department of Financial and Professional Regulation National Home Inspectors Federal Home Inspectors Board Fair Labor Standards Board - Answer- Illinois Department of Financial and Professional Regulation What is the purpo