Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key

image

Play button

image

Play button

image

Progress

1/15

Click to flip

15 Cards in this Set

  • Front
  • Back
The Illinois Real Estate License Act allows licensed real estate salespersons to do all of the following EXCEPT:

A. list commercial real estate
B. list residential real estate
C. sell all types of real estate
D. manage a real estate brokerage
D. manage a real estate brokerage
Which of the following activities requires a real estate license?

A. selling your own real estate
B. selling real estate under a court order
C. acting as a resident property manager
D. selling real estate for another for compensation
D. selling real estate for another for compensation
After passing the state exam, how long does the candidate have to obtain a license before being required to retake the exam?

A. 30 days
B. 1 year
C. 3 years
D. 5 years
B. 1 year
An unlicensed assistant may:

A. host an open house
B. host a kiosk or home show booth
C. show property
D. be a signatory on an escrow account
D. be a signatory on an escrow account
The youngest an Illinois licensed salesperson could be is:

A. 16 years
B. 18 years
C. 21 years
D. 25 years
B. 18 years
The Real Estate Recovery Fund:

A. provides sales associates with lost commissions
B. provides a way for aggrievated persons to recover losses
C. pays out an unlimited amount per each act of the licensee
D. receives $5 from each licensee's registration fee
B. provides a way for aggrievated persons to recover losses
Real estate licensees are in violation of the Real Estate Licensee Act when they:

A. represent only one broker
B. provide copies of all real estate documents to all parties
C. account for all moneys entrusted to them
D. act as a real estate agent and an attorney in the same transaction
D. act as a real estate agent and an attorney in the same transaction
In a guarenteed sales plan, the broker guarentees:

A. the property will sell during the listing period
B. the property will sell for the list price
C. the seller will get at least 95 percent of the list price
D. to sell the property or the broker will purchase it
D. to sell the property or the broker will purchase it
Real Estate licensees must disclose all of the following EXCEPT:

A. dual agent representation
B. their ownership interest in listed property
C. amount of their commission
D. receipt of funds from all parties
C. amount of their commission
Broker Mary Jane Morgan is holding earnest money in a real estate transaction. They buyer has defaulted. Broker Morgan can:

A. release the earnest money to the seller
B. release the earnest money at the written direction of the seller's attorney
C. release the earnest money according to the contract
D. release the earnest money only after direction of the buyer and seller
D. release the earnest money only after direction of the buyer and seller
Which of the following statements is NOT true concerning a broker sponsor card?

A. it is a temporary 45-day work permit
B. it must be displayed in the brokers office
C. a copy must be sent to the OBRE within 24 hours of issuance
D. a managing broker can issue a sponsoring card
B. it must be displayed in the brokers office
Which of the following is INCORRECT regarding the licensing of residential leasing agents?

A. leasing agents have a grace period of 120 days before being required to have a license
B. leasing agents have a grace period of 180 days before being required to have a license
C. leasing agents may apply their 15 hours of coursework toward either a broker or salesperson license
D. leasing agents must be employed by a broker
B. leasing agents have a grace period of 180 days before being required to have a license
Which of the following statements is true in regard to escrow account and escrow funds?

A. escrow funds must be placed in a an interest-bearing account
B. escrow funds must be placed in a special account no later than the next business day after acceptance of the contract
C. branch offices cannot have escrow accounts
D. brokers receive the interest earned from escrow accounts
B. escrow funds must be placed in a special account no later than the next business day after acceptance of the contract
All of the following statements are true regarding escrow accounts, EXCEPT:

A. accounts must be reconciled within 10 days of the receipt of the monthly bank statement
B. the oRBE must be notified with the details about all special accounts
C. a broker need not have an escrow account
D. a signatory on an escrow account must be a licensed broker
D. a signatory on an escrow account must be a licensed broker
Which of the following statements is true in regard to real estate contracts?

A. licensees may fill in the blanks in a preprinted form
B. licensee may draft contracts
C. blanks in a contract may be filled in after the signing by all parties
D. binding sales contracts must be designated "Offer to Purchase"
A. licensees may fill in the blanks in a preprinted form