Illinois Real Estate Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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Question 1 1. Which act covers legislation, rules, and code for managing brokers?

Question 2 2. Which of the following is not required when a broker files to foreclose on a lien?

Question 3 3. What kind of account is an escrow account for managing brokers?

Question 4 4. Which of the following is not a responsibility of a managing broker under the Illinois Real Estate Act?

Question 5 5. What is created during the process of examination of records?

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Question 6 6. Which of the following is not an acceptable form of agency disclosure?

Question 7 7. What type of disclosure is required at the beginning of any work between a real estate agent and client?

Question 8 8. Which of the following scenarios does not require dual agency disclosure?

Question 9 9. When is a notice of no agency appropriate?

Question 10 10. When is electronic disclosure allowed?

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Question 11 11. What is not a benefit of using a land trust in Illinois?

Question 12 12. In Illinois, the land sales registration act states that any interests in out-of-state subdivision with more than _____ lots have to be registered with the Commissioner of Bands and Real Estate.

Question 13 13. In Illinois, you are able to cancel a contract of a timeshare in _____ calendar days after the contract is signed or you have received a copy of the public offering statement.

Question 14 14. Also, buyers only have _____ year(s) to revoke a contract if it doesn't meet the guidelines of the law.

Question 15 15. In Illinois the homestead law allows an individual to claim as much as _____ worth of property as a homestead?

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Question 16 16. According to Section 31-25 of the Illinois Act, the transfer tax stamp rate is _____ for each $500 of value.

Question 17 17. What fee is imposed for advertising with the written consent of the owner or the agent of each unit under the Illinois law for real estate licensees?

Question 18 18. One of the most critical areas of real estate is _____.

Question 19 19. Property taxes are collected and spent on a _____ level.

Question 20 20. When is the transfer stamp tax not imposed on the privilege of transferring?

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Question 21 21. What is not a type of covenant?

Question 22 22. Besides the Illinois Human Rights Act, what is another law that binds real estate agents?

Question 23 23. When it comes to real estate transactions all of these are violations, EXCEPT:

Question 24 24. Which are types of blockbusting?

Question 25 25. It is a violation when a _____ discriminates based on different factors.

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Question 26 26. Bob is a private homeowner. He decides that he wants to sell his property on his own. Which term best describes Bob?

Question 27 27. Which Article of the National Associates of Realtors prohibits the interference of contracts or listings?

Question 28 28. Henry is hired by a broker as a real estate agent. Which of the following is the correct way Henry should advertise his name on print material?

Question 29 29. Intestacy is when _____.

Question 30 30. Which of the following is necessary to become a real estate agent in Illinois?

Illinois Real Estate Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

Illinois Real Estate Broker License Exam: Study Guide  /  Business Courses
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