Exam (elaborations)
ILLINOIS REAL ESTATE EXAM 2024/2025 WITH 100% ACCURATE SOLUTIONS
- Course
- Institution
ILLINOIS REAL ESTATE EXAM 2024/2025 WITH 100% ACCURATE SOLUTIONS
[Show more]
Content preview
ILLINOIS REAL ESTATE EXAM 2024/2025WITH 100% ACCURATE SOLUTIONS
In Illinois, the real estate license law is administered by the...? - Precise Answer ✔✔IDFPR (Bureau of
Real Estate Professions)
How are the nine members of the Real Estate Administration and Disciplinary Board Selected? - Precise
Answer ✔✔By the governor
What is the name given to the Illinois license laws under which brokers and salespeople practice? -
Precise Answer ✔✔Real Estate License Act of 2000
After May 1, 2011, the new license categories are: - Precise Answer ✔✔Managing Broker and Broker
After April 30, 2012, as an alternative to passing the proficiency exam given by AMP, what are the
requirements for converting a salesperson's license to a broker license? - Precise Answer ✔✔30 hours of
post-licensure education, as defined by administrative rule.
In Illinois, sponsor cards are good for: - Precise Answer ✔✔45 days
What are the requirements for a newly licensed broker effective May 1, 2011? - Precise Answer ✔✔90
hours of pre-license coursework including 15 hours of situational offerings
After May 1, 2011, what must a broker do to convert a managing broker license? - Precise Answer
✔✔Complete 45 hours of post-license education
When do real estate brokers' licenses expire in Illinois? - Precise Answer ✔✔April 30 of every odd-
numbered year
,To renew a license in Illinois, brokers must..? - Precise Answer ✔✔Have completed 12 hours of
continuing education in the last two years and pay the current fee.
Licensees who allow their licenses to expire have how long to reinstate their licenses? - Precise Answer
✔✔Up to two years; then licensees must start over
What procedures must be followed to obtain a license that has been expired for more than two years? -
Precise Answer ✔✔Meet the requirements for a new license, including all pre-license education and
passing the exam
Three weeks before N begins his real estate pre-license class, he offers to help his neighbor sell her
house. The neighbor agrees to pay N a 5% commission. An offer is accepted while N is taking the class
and closes the day after N passes the exam and receives his salesperson license. The neighbor refuses to
pay N the agreed commission. Can N sue to recover payment? - Precise Answer ✔✔No. State law
prohibits lawsuits filed to collect commissions unless filed by a licensed broker - one with a license in
effect before the agreement was reached.
Which of the following conditions is NOT required to grant a nonresident broker's license in Illinois? -
Precise Answer ✔✔The broker has been active in the real estate business in her own state for one year
prior to application.
The resident property manager for Acme Apartments is responsible for negotiating leases for the
apartment. In this position, the resident manager: - Precise Answer ✔✔Is exempt from the licensing
requirements.
After failing the Illinois licensing exam three times, what does a candidate have to do to get three more
tries? - Precise Answer ✔✔Complete the entire education requirement again.
When terminating a sponsorship, the sponsoring broker must return the signed license to the DPR
within - Precise Answer ✔✔Two business days by signature restricted mail delivery.
A leasing agent license requires how many hours of classroom time? - Precise Answer ✔✔15 hours
, In order to practice real estate, Illinois requires new licensees to have which of the following in their
possession? - Precise Answer ✔✔A 45-day sponsor card, then a pocket card later
An agent is terminated by his broker for failure to pay the office bill. While the agent is looking for a new
office, he is considered to have what kind of license? - Precise Answer ✔✔Inoperative
Performing which of the following activities requires a real estate license? - Precise Answer
✔✔Negotiating Lease Terms
J was really good at locating temporary housing for friends. They have encouraged her to start a small
home business assisting people who are looking to rent. What is the first thing she should do? - Precise
Answer ✔✔Get a real estate license
Proof of continuing education is required every - Precise Answer ✔✔Two years
Of the following, who is required to hold an Illinois real estate license? - Precise Answer ✔✔A person
who represents clients in the negotiation of a real estate contract for a flat fee.
All compensation earned by a licensee must be paid: - Precise Answer ✔✔Through the licensee's
sponsoring broker
Who would be eligible after completing education for an appraiser's license? - Precise Answer ✔✔A
mom who will work part-time (no corporation, only people)
What is usually considered proof in Illinois courts that the broker has earned a commission? - Precise
Answer ✔✔The closing of a sale
A seller needs to sell quickly because he is getting transferred. Hoping to create excitement, he agrees to
a 7% commission. The listing broker's offer to the cooperating broker must be: - Precise Answer
✔✔Disclosed to the seller in writing what the compensation will be.
The office assistant for a local real estate firm is responsible for the following activities: tracking the flow
of paperwork through the office, preparing forms and advertising copy, and hiring and supervising
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller YANCHY. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $17.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79373 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
