Illinois Real Estate Broker Examination

Which Illinois state agency is responsible for issuing and regulating real estate licenses?

• AIllinois Real Estate Commission
• BIllinois Department of Financial and Professional Regulation (IDFPR)
• CIllinois Department of Commerce and Economic Opportunity
• DIllinois Secretary of State

Under the Illinois Real Estate License Act of 2000 (225 ILCS 454), what is the entry-level license called for someone who wants to sell real estate?

• ASalesperson license
• BBroker license
• CAssociate broker license
• DReal estate agent license

How many hours of pre-license education does Illinois require to obtain a broker license?

• A45 hours
• B75 hours
• C90 hours
• D120 hours

What is the format of the Illinois real estate broker licensing exam administered by PSI?

• A140 questions total (100 national + 40 state), scored separately, passing 70% national an…
• B120 questions, one combined section, 75% passing score
• C100 questions, one combined section, 70% passing score
• D80 questions, one combined section, 80% passing score

Within the first renewal period, how many hours of post-license education must a new Illinois broker complete?

• A12 hours
• B24 hours
• C30 hours
• D45 hours

How often must an Illinois real estate broker renew their license, and how many continuing education hours are required?

• AEvery year, 12 hours including core curriculum
• BEvery 2 years, 12 hours (6 core and 6 elective)
• CEvery 2 years, 30 hours including core curriculum
• DEvery 4 years, 48 hours including core curriculum

To become a managing broker in Illinois, a broker must have held an active license for at least how many years and complete what additional education?

• A1 year of experience and 30-hour managing broker course
• B2 years of experience and 45-hour managing broker course
• C3 years of experience and 60-hour managing broker course
• D5 years of experience and 90-hour managing broker course

What are the three license categories under the Illinois Real Estate License Act of 2000?

• ASalesperson, broker, and managing broker
• BBroker, managing broker, and leasing agent
• CAssociate, broker, and supervising broker
• DTrainee, salesperson, and broker

How many hours of pre-license education are required for an Illinois residential leasing agent license?

• A10 hours
• B15 hours
• C20 hours
• D30 hours

Under Illinois law, which broker is responsible for maintaining trust accounts and supervising all licensees in an office?

• AAny licensed broker in the office
• BThe sponsoring broker only
• CThe managing broker
• DThe office administrator

Under Illinois advertising rules, whose name must appear in all real estate advertising?

• AThe individual broker's name only
• BThe managing broker's name only
• CThe sponsoring broker's licensed name
• DBoth the individual broker's and managing broker's names

What is the potential penalty for engaging in unlicensed real estate practice in Illinois?

• AA written warning from IDFPR with no further consequences
• BA civil fine up to $5,000 only
• CA Class A misdemeanor, punishable by fines and up to one year in jail
• DAutomatic enrollment in a 90-hour pre-license course

Which of the following best describes the IDFPR disciplinary process for a licensed Illinois broker accused of violating the License Act?

• AIDFPR files a formal complaint, and the licensee has the right to a hearing before an adm…
• BIDFPR immediately revokes the license without any hearing
• CThe local circuit court conducts a jury trial for the accused licensee
• DThe sponsoring broker decides the disciplinary action independently

In Illinois, what must happen to earnest money deposits received by a broker on behalf of a client?

• AThe broker may deposit the funds into their personal bank account
• BThe funds must be deposited into the sponsoring broker's trust account within a reasonabl…
• CThe funds must be immediately sent to the title company
• DThe broker may hold a personal check uncashed until closing