Illinois Real Estate Exam Study Questions and Answers
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Course
Illinois Real Estate
Institution
Illinois Real Estate
In Illinois, the real estate license law is administered by the...? - IDFPR (Bureau of Real Estate Professions)
How are the nine members of the Real Estate Administration and Disciplinary Board Selected? - By the governor
What is the name given to the Illinois license laws under which brokers...
Illinois Real Estate Exam Study Questions and Answers 2024 -2025 In Illinois, the real estate license law is administered by the...? - IDFPR (Bureau of Real Estate Professions) How are the nine members of the Real Estate Administration and Disciplinary Board Selected? - By the governor What is the name given to the Illinois license laws under which brokers and salespeople practice? - Real Estate License Act of 2000 After May 1, 2011, the new license categories are: - 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? - 30 hours of post -licensure education, as defined by administrative rule. In Illinois, sponsor cards are good for: - 45 days What are the requirements for a newly licensed broker effective May 1, 2011? - 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? - Complete 45 hours of post -license education When do real estate brokers' licenses expire in Illinois? - April 30 of every odd -
numbered year To renew a license in Illinois, brokers must..? - 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? - 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? - 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? - 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? - 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: - 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? - Complete the entire education requirement again. When terminating a sponsorship, the sponsoring broker must return the signed license to the DPR within - Two business days by signature restricted mail delivery. A leasing agent license requires how many hours of classroom time? - 15 hours In order to practice real estate, Illinois requires new licensees to have which of the following in their possession? - 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? - Inoperative Performing which of the following activities requires a real estate license? - 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? - Get a real estate license Proof of continuing education is required every - Two years Of the following, who is required to hold an Illinois real estate license? - 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: - Through the licensee's sponsoring broker Who would be eligible after completing education for an appraiser's license? - 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? - 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: - 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 clerical personnel. The office assistant is: - Exempt from real estate licensing requirements. In Illinois, a personal assistant must be licensed to - Explain simple contract documents to prospective buyers. In Illinois, a personal real estate assistant - May insert factual information into forms under the agent's supervision and approval. The broker's unlicensed assistant worked late nights and weekends to help ensure the successful closing of a difficult transaction. The assistant's extra work included making several phone calls to the prospective buyers, encouraging them to accept the sel ler's counteroffer. Largely because of the assistant's efforts, the sale went through with no problem. Now the broker wants to pay the assistant a percentage of the commission "because the assistant has really earned it". Under Illinois law, the broker may : - Not pay a commission to the assistant under the facts presented here. A licensed personal assistant wishes to hold a public open house. Is this allowed in Illinois? - Yes, this is allowed if the assistant's license is held by the sponsoring broker. A sponsored licensee has decided to hire a licensed personal assistant. How is compensation paid to this licensed personal assistant? - Through the sponsoring broker. A licensee decides to hire a personal assistant who does not hold a real estate license. In this situation, which of the following is correct? - The licensee being assisted is responsible for the activities of the unlicensed personal assistant. After successfully passing the state exam, an individual is very excited about starting her real estate career as quickly as possible. Under what circumstances, if any, can she practice real estate before receiving her real estate license? - The sponsoring broker can provide a temporary sponsor card that allows her to engage in the practice of real estate for a maximum of 45 days. What is NOT required of a nonresident to obtain a broker's license? - Room in the quota system for an additional out -of-state broker (i.e., quid pro quo) An unlicensed personal assistant may: - Provide security at an open house
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