Exam (elaborations)
ILLINOIS SPECIFIC BROKER EXAM QUESTIONS AND ANSWERS
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ILLINOIS SPECIFIC BROKER EXAM QUESTIONS AND ANSWERS
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Name: Score:23 Multiple choice questions
Term 1 of 23
How long are Judgments liens effective in Illinois before having to renew it?
Two Years
Five Years
Six Years
Seven Years
Term 2 of 23
Referring to mortgages, Illinois is most commonly described as
no limit, there is no legal limit specifically imposed by illinois on the rate of interest that
a lender may charge a borrower when the loan is secured by real estate.
the illinois constitution and code of civil procedure
an intermediate mortgage theory state.
a lien-theory state.
Term 3 of 23
What are State and County Transfer Taxes in IL?
when an owner divides a parcel of land into two or more parts, any of which is less than
five acres, the parts must be surveyed and recorded
Real Estate Sales Contract
Disposition of earnest money in the event of a purchaser default
.50 per $500 for the State
.25 per $500 for the County
,Term 4 of 23
Greg pays $1,000 per month for his apartment in Chicago. If he decides to refer 3 new tenants
to his building in the same year, how much is Greg entitled to receive as a referral fee?
If arson is being investigated
If beneficiary is applying for a state license
Within 10 days if complain of building violation
If selling entrusted land
If trustee is named defendant regarding the subject property
5 days , The landlord may elect to serve the tenant with five days' written notice,
demanding payment of the delinquent rent within five days after the notice is received. If
the tenant fails to pay the rent, the landlord may terminate the lease automatically and
sue for possession without further notice
False, a three-unit apartment building with the owner living in one of the units is
exempted from the Illinois Human Rights Act
$1,000, The Real Estate License Act of 2000 allows landlords to pay a referral fee to
tenants. Greg cannot receive a compensation upwards of $1,500 or the equivalent of one
month's rent, which ever is less
Term 5 of 23
How long must escrow records be kept in Illinois?
2 years
1 year
9 members are selected by the governor
5 years
Term 6 of 23
How does Illinois regulate Lead in homes?
Any and all properties built before 1978 must give a disclosure form and pamphlet. If it is
removed without a license it is a misdemeanor.
Only properties built after 1980 are required to have lead disclosures.
Lead paint is banned in all residential properties in illinois, regardless of age.
All properties must undergo lead testing every five years regardless of age.
, Term 7 of 23
What is a Government Survey?
Name and signature of grantor, description of property, and grantee name
True, Agency relationships in Illinois are governed under statutory law
The most popular survey in Illinois.
Uses the 3rd principal meridian, base lines, etc...
In Illinois, a separate license that must be obtained for each branch office a sponsoring
broker wishes to establish
Term 8 of 23
According to the law in Illinois, which disclosure must be included in a listing contract?
Disposition of earnest money in the event of a purchaser default
The listing agent's commission structure and payment terms
The buyer's right to cancel the contract without penalty
The seller's obligation to repair any damages before closing
Term 9 of 23
What Datum is used in Illinois?
NIFC
USGS
USFWS
USDA
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