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Illinois Real Estate Exam 2024 (25 Questions & Answers)

Illinois real estate exam prep made easy! Bob will test your study skills with 25 free questions (with answer explanations.) Make studying for the real estate easy and pass the first try. ✅ 🎓💯Get our exam prep and our real estate crash course videos! https://www.usrealtytraining.com/exam... To help you make studying FAST and EASY we created a real estate exam prep package for Illinois. Click the link above to get hundreds of similar practice exam questions, digital flashcards, an eBook study guide, and more! Learn everything you need to know about the Illinois real estate exam: https://www.usrealtytraining.com/blog... Make sure you know what the exam covers. Here's what you should expect to see on the Illinois real estate exam: National topics: 1. Market analysis and valuation 2. Real estate financing 3. Real estate contracts 4. Property ownership 5. Real estate calculations 6. Property disclosures 7. Property management and leasing 8. Land use control and regulation 9. General principles of agency 10. The practice of real estate State topics: 1. Statutory and regulatory requirements 2. Disclosures 3. Licensing requirements The Illinois Real Estate Exam contains 140 multiple-choice questions. Out of the 140 questions, 100 will be national questions and 40 will be state questions. Each test taker will have 2 hours and 30 minutes to complete the national portion and will need to score at least 70% to pass. For the state portion, test takers will have 90 minutes and will have to score at least a 75% to pass. #realestateexam #realestateexamprep #realestateexamreview 0:00 Introduction 0:41 In Illinois, if a sponsoring broker has one licensee who is representing a seller and another licensee who is representing a buyer for the same property, the sponsoring broker is... 2:04 Naturally, he lists the property with himself. One day a buyer who Charlie represents comes in the office and wants to buy the condominium. What must Charlie do at this point? 2:59 According to provisions of the Illinois Residential Real Property Disclosure Act... 4:05 In Illinois, if a homeseller discloses a material defect of the property to the buyer after completing a binding sale contract, in accordance with the Residential Real Property Disclosure Act, the buyer... 5:34 In Illinois, the practice known as dual agency... 6:20 Lenny shows Joyce a house listed by Angela, another broker in the office. Who is considered to be Lenny's client in this situation? 8:02 Furious, the seller threatens to sue Doug for misrepresentation. Is Doug liable? 9:02 According to Illinois law, licensees must disclose facts to clients... 10:29 Upon satisfaction of a mortgage in Illinois, the lender is obligated to... 11:33 A farmer temporarily installs produce coolers in a leased farm stand in order to prevent spoilage. The coolers would be considered which of the following? 12:41 Property can be converted from real to personal property and from personal property to real property by means of which processes, respectively? 13:43 The highest form of ownership interest one can acquire in real estate is the... 14:35 The distinguishing feature of a defeasible fee simple estate is that... 15:35 Maria acquires a property from her uncle Alfonso. When Maria dies, the estate will pass to Alfonso's other niece, Serena. The type of estate that Maria has in the property is a... 16:32 A property owner has an easement appurtenant on her property. One day the property is sold to another party who is opposed to the easement. Following the closing, this particular form of easement... 17:31 The limitation prompts the owner to sell to another party. The new owner... 18:18 What is the essential purpose of legal descriptions of real property? 19:34 Which of the following is true of a loan with negative amortization? 20:33 The loan-to-value ratio is used as an underwriting mechanism because... 21:35 The method for deriving an investor's return on investment, or ROI, is by... 22:35 Which of the following are examples of closing items not prorated between buyer and seller? 24:22 The Illinois Real Estate Administration and Disciplinary Board consists of... 25:00 Agent Sylvia is developing her website for her internet advertising. To comply with regulations, her site must include... 27:22 At what point must an Illinois seller's agent disclose his agency relationship to a buyer in writing?