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Illinois Real Estate Regulation: Brokers, Special Accounts & Records

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

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

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

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

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About This Quiz & Worksheet

These questions quickly test your knowledge of Illinois real estate law. You must identify specific laws and regulations from this state.

Quiz & Worksheet Goals

In this set of questions, you'll assess your understanding of:

  • The Illinois act that covers all rules relating to managing brokers
  • Requirements for a broker to file to foreclose on a lien
  • The responsibilities of a managing broker

Skills Practiced

  • Reading comprehension - ensure that you draw the most important information from the material, such as the process of examination of records
  • Information recall - access the knowledge you've gained regarding the type of account an escrow account is
  • Knowledge application - use your knowledge to answer questions about the laws and regulations of Illinois relating to real estate brokers

Additional Learning

If you are still curious about these state laws, read or watch the lesson titled Illinois Real Estate Regulations: Brokers, Special Accounts & Records. It explores:

  • The Real Estate License Act of 2000
  • Sponsoring brokers
  • The agency that enforces Illinois' real estate law
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