Illinois Real Estate Regulation: Commissions, Fees & Taxes


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question 1 of 3

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

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1. 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?

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

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About This Quiz & Worksheet

This quiz/worksheet combo quickly assesses your knowledge of Illinois real estate laws. See if you can explain the fees and taxes relating to property.

Quiz & Worksheet Goals

In this set of quiz questions you'll measure your understanding of:

  • The rate per $500 of the Illinois transfer tax stamp
  • Where property taxes are collected and spent
  • The fee imposed in Illinois for advertising a property unit

Skills Practiced

  • Reading comprehension - ensure that you draw the most important information from the lesson, such as a critical area of real estate
  • Information recall - access the knowledge you've gained regarding where property taxes are collected and spent
  • Knowledge application - use your knowledge to answer questions about when the transfer stamp tax is not imposed on the privilege of transferring and what rate it is per $500

Additional Learning

If you would like to know more about the real estate law of this state, review the lesson titled Illinois Real Estate Regulations: Commissions, Fees & Taxes. This lesson explains:

  • Examples of finder's or referral fees
  • Regulations regarding handling of monies
  • Beneficiaries of the Affordable Housing Tax Credit