
practice exam 1

Quiz
•
Other
•
Professional Development
•
Easy
Deja Gillespie
Used 1+ times
FREE Resource
32 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is required to obtain a broker’s license in Illinois?
Be at least 18 years old
Complete 90 hours of approved education
Pass the state exam
All of the above
Answer explanation
To obtain a broker’s license in Illinois, you must be at least 18 years old, complete 90 hours of approved education, and pass the state exam. Therefore, the correct answer is 'All of the above'.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How often must a managing broker renew their license in Illinois?
Annually
Every 2 years
Every 3 years
Every 4 years
Answer explanation
In Illinois, managing brokers must renew their licenses every 3 years. This ensures that they stay updated with the latest regulations and practices in the real estate industry.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which disclosure is mandatory in residential Illinois transactions?
Radon Disclosure
Lead-Based Paint Disclosure
Residential Real Property Disclosure
All of the above
Answer explanation
In residential Illinois transactions, disclosures for Radon, Lead-Based Paint, and Residential Real Property are all mandatory. Therefore, the correct answer is 'All of the above'.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A sponsoring broker must retain escrow records for how long?
1 year
3 years
5 years
7 years
Answer explanation
A sponsoring broker must retain escrow records for 3 years to comply with regulatory requirements, ensuring proper documentation and accountability in real estate transactions.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What must be included in all Illinois real estate advertising?
Broker’s name
License number
Agent’s cell phone number
Office hours
Answer explanation
In Illinois real estate advertising, the broker's name must be included to ensure compliance with state regulations. This helps identify the responsible party in the transaction, making it essential for transparency.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is considered a ministerial act under Illinois law?
Negotiating a contract
Hosting an open house
Presenting offers
Explaining contract terms
Answer explanation
Under Illinois law, a ministerial act is a routine task that does not involve discretion. Hosting an open house fits this definition, as it is a standard procedure in real estate, unlike negotiating contracts or explaining terms.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A licensee must disclose agency relationships to a client:
After a written offer is received
At first substantive contact
At closing
Only if asked
Answer explanation
A licensee must disclose agency relationships at first substantive contact to ensure clients are informed about their representation. This is crucial for transparency and trust in the client-licensee relationship.
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