Yha - Unit 07 Quiz (Chapters 14 & 21)

50 Questions | Total Attempts: 6999

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Course Quizzes & Trivia

90-Hour Broker Pre-License Course Quizzes


Questions and Answers
  • 1. 
    The Rules adopted by the Department of Financial and Professional Regulations (IDFPR)
    • A. 

      Serve as general guidelines only.

    • B. 

      Are used to administer and enforce the License Act.

    • C. 

      May not prescribe penalties for violations.

    • D. 

      Do not have the force and effect of the License Act.

  • 2. 
    A sponsored broker's license certificate generally must be
    • A. 

      Kept in the broker's own office.

    • B. 

      Carried by the broker at all times.

    • C. 

      Retained in the office of the sponsoring broker.

    • D. 

      Retained by the broker at his or her residence.

  • 3. 
    Before a real estate license can be suspended or revoked, the licensee is entitled to
    • A. 

      Representation in a court by the state's attorney.

    • B. 

      A hearing before the Real Estate Administration and Disciplinary Board.

    • C. 

      A probationary period.

    • D. 

      An opportunity to make restitution for any financial misdealing.

  • 4. 
    Sponsored real estate brokers may represent
    • A. 

      Any owner who employs them.

    • B. 

      Not more than one owner at a time.

    • C. 

      Only the sponsoring broker under whom they are licensed.

    • D. 

      More than one sponsoring broker, depending on the parties to the transaction.

  • 5. 
    As a sponsored real estate broke which of the following is required of you when you are selling your own property?
    • A. 

      You must list it with your sponsoring broker.

    • B. 

      You must list it with another impartial broker.

    • C. 

      You must inform all prospective purchasers that you are a real estate licensee.

    • D. 

      You must inform prospective purchasers of your real estate license only if they inquire about it.

  • 6. 
    A broker cannot legally collect commissions from both the seller and the buyer without
    • A. 

      Notifying both parties of this fact verbally after the sale has closed.

    • B. 

      Notifying both parties of this fact in writing after the sale has closed.

    • C. 

      Having exclusive listing agreements signed by both the seller and the buyer.

    • D. 

      The prior knowledge and written consent of both the seller and the buyer.

  • 7. 
    Generally, anyone who acts for another person, and for a fee, in matters concerning the sale or lease of real estate must be licensed EXCEPT a person who is
    • A. 

      Personally representing a dealer in real estate.

    • B. 

      Acting under a power of attorney.

    • C. 

      A relative of the party.

    • D. 

      A next-door neighbor of the seller.

  • 8. 
    A broker receives a check for earnest money from a buyer and deposits the money in an escrow account. By doing this the broker protects herself from a charge of
    • A. 

      Commingling.

    • B. 

      Novation.

    • C. 

      Lost or stolen funds.

    • D. 

      Embezzlement.

  • 9. 
    Under the real estate licensing law, a sponsored real estate broker is authorized to
    • A. 

      Sign a settlement statement.

    • B. 

      Collect a commission directly from the principal.

    • C. 

      Advertise a property under his or her own name.

    • D. 

      Act under the sponsoring broker's supervision.

  • 10. 
    What is the purpose of the real estate recovery fund?
    • A. 

      To protect the public from dishonest real estate licensees

    • B. 

      To provide a pool from which to collect unpaid commissions

    • C. 

      To allow an award to be given to a member of the public who has been economically injured by a licensee

    • D. 

      To pool monies from the broker's escrow accounts

  • 11. 
    Who administers the Illinois Real Estate License Act?
    • A. 

      The govenor, acting through the secretary of state

    • B. 

      The Illinois Real Estate Comission

    • C. 

      The Illinois Department of Financial and Professional Regulation

    • D. 

      The Illinois Licensure Board

  • 12. 
    Who of the following is exempt from Illinois real estate licensing requirements?
    • A. 

      A person who sells real estate options

    • B. 

      An employee of the Illinois Department of Conservation who regularly buys and sells park land

    • C. 

      A person who collects rent for the use of real estate

    • D. 

      A person who employs leasing agents

  • 13. 
    Any unlicensed person who engages in real estate activities for which a license is required is subject to a civil penalty, in addition to other statutory penalties. What is the civil penalty in Illinois?
    • A. 

      A fine of $1,000 for each offense

    • B. 

      A fine of $25,000 for each offense

    • C. 

      A fine of $10,000 for each offense

    • D. 

      A fine of $5,000 for each offense

  • 14. 
    When does a broker license expire?
    • A. 

      April 30 of each year

    • B. 

      January 31 of every even-numbered year

    • C. 

      April 30 of every odd-numbered year

    • D. 

      April 30 of every even-numbered year

  • 15. 
    When does a managing broker license expire?
    • A. 

      January 1 of each year

    • B. 

      April 30 of every even-numbered year

    • C. 

      April 30 of every odd-numbered year

    • D. 

      October 31 of every third year after his or her original licensing date

  • 16. 
    What is the statute of limitations on actions that may result in a collection from the Real Estate Recovery Fund?
    • A. 

      1 year

    • B. 

      2 years

    • C. 

      4 years

    • D. 

      6 years

  • 17. 
    Licensing for which of the following is required in Illinois?
    • A. 

      Real estate brokers who work on a part-time basis (fewer than 20 hours per week)

    • B. 

      Leasing agents

    • C. 

      Limited Liability Companies engaged in real estate activities

    • D. 

      All of these

  • 18. 
    A canidate can receive a wavier of the managing broker courses for which of the following reasons?
    • A. 

      Being a licensed attorney

    • B. 

      Being a member of the legislature

    • C. 

      Having a bachelor's degree with a major in business related courses

    • D. 

      Having a master's degree with a major in real estate related courses

  • 19. 
    The License Law of 2000 makes it possible for a canidate
    • A. 

      To act as both an independent contractor and employee of the sponsoring broker.

    • B. 

      To obtain a broker license without having prior experience as a real estate licensee.

    • C. 

      To complete 75 hours of course work as the credential for taking the broker's test.

    • D. 

      To renew his or her license every four years.

  • 20. 
    All of the following rules must be followed in the handling of earnest monies EXCEPT
    • A. 

      The monies must be placed in a non-interest bearing account.

    • B. 

      The records must be kept for ten years.

    • C. 

      The monies must be placed in a federally insured depository.

    • D. 

      The monies must be deposited in the escrow account within one business day of contract formation.

  • 21. 
    A handicapped tenant remodeled his apartment to meet his needs. Upon moving, he would LEAST LIKELY be required to return the
    • A. 

      Doorways to their normal width.

    • B. 

      Kitchen cabinets to their normal height.

    • C. 

      Electrical outlets to their normal height.

    • D. 

      Light switches to their normal height.

  • 22. 
    Managing brokers must keep escrow account records for
    • A. 

      One year.

    • B. 

      Two years.

    • C. 

      Four years.

    • D. 

      Five years.

  • 23. 
    Sponsoring brokers must submit termination documents for a previously sponsored licensee to the Department of Financial and Professional Regulation
    • A. 

      Immediately.

    • B. 

      Within 24 hours of termination.

    • C. 

      Within two days of termination.

    • D. 

      Within 15 days.

  • 24. 
    Brokers who apply for licensee renewal (after their first renewal period) must have completed how many hours of continuing education per year?
    • A. 

      Twelve

    • B. 

      Four

    • C. 

      Six

    • D. 

      Eight

  • 25. 
    If there is a dispute between the buyer and seller regarding escrow money, the sponsoring broker shall
    • A. 

      Move the funds to an interest-bearing account.

    • B. 

      Continue to hold the deposit.

    • C. 

      Return the funds to the parties within two days.

    • D. 

      Negotiate a fair and equitable distribution of funds within five business days.

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