practice exam 3

What is the required pre-license education for an Illinois broker applicant?

• 60 hours

• 75 hours

• 90 hours

• 120 hours

Answer explanation

In Illinois, broker applicants must complete 90 hours of pre-license education, which includes specific coursework required by the state. This makes 90 hours the correct answer.

Without a written agreement, an Illinois licensee working with a buyer can only:

• Provide client-level representation

• Represent the seller by default

• Perform ministerial acts

• Act as a disclosed dual agent

Answer explanation

Without a written agreement, an Illinois licensee cannot provide client-level representation or act as a dual agent. They can only perform ministerial acts, which are non-advocacy tasks.

What is the deadline to notify IDFPR of a sponsorship termination?

• 24 hours

• 48 hours

• 72 hours

• One week

Answer explanation

The correct deadline to notify IDFPR of a sponsorship termination is 72 hours. This timeframe ensures that the necessary parties are informed promptly, allowing for proper administrative procedures.

Illinois advertising laws require:

• Only the brokers phone number

• Licensees nickname and team name

• Licensees full name and brokerage name

• Inclusion of the listing price only

Answer explanation

Illinois advertising laws require that the licensee's full name and brokerage name be included in advertisements to ensure transparency and compliance with regulations.

What is the maximum civil penalty per violation imposed by IDFPR?

• $5,000

• $10,000

• $25,000

• $50,000

Answer explanation

The maximum civil penalty per violation imposed by IDFPR is $25,000. This amount reflects the severity of violations and serves as a deterrent against non-compliance.

A licensee may act as a dual agent only when:

• Both clients agree verbally

• The managing broker authorizes it

• Written informed consent is obtained

• Only the buyer is notified

Answer explanation

A licensee can only act as a dual agent when written informed consent is obtained from both clients. This ensures that all parties are fully aware and agree to the dual agency arrangement.

If a seller receives multiple offers, the licensee must:

• Choose the best one for the seller

• Delay presenting until a deadline

• Present all offers promptly

• Disclose offers to all buyers

Answer explanation

The correct choice is to present all offers promptly. This ensures that the seller is fully informed of all options, allowing them to make the best decision without delay or bias.

The managing broker is responsible for:

• Organizing office social events

• Reviewing commission disputes

• Ensuring legal compliance by licensees

Answer explanation

The managing broker's primary role includes ensuring legal compliance by licensees, which is crucial for maintaining industry standards and protecting clients. Organizing events and reviewing disputes are secondary responsibilities.

Giving listing advice without compensation is:

• Permissible without a license

• Only legal for family members

• Illegal unless licensed

• Fine if done infrequently

Answer explanation

Giving listing advice without compensation is considered illegal unless the individual is licensed. This ensures that all real estate transactions are conducted by qualified professionals.

Confidential client information may be disclosed:

• After closing

• Only to another agent

• If required by law or authorized

• Once the listing expires

Answer explanation

Confidential client information can only be disclosed if required by law or authorized. This ensures compliance with legal standards and protects client privacy, making this the correct choice.