Section 1 - Illinois Licensing
- Joe is interested in selling real estate. He owns several properties himself and wants to help his friends with
listing and selling their properties. Which of the following would apply to him?
- Joe does not need to obtain a real estate license as he already owns his own properties.
- Joe needs to obtain a real estate license to sell real estate on the behalf of others for compensation.
- Joe is limited to leasing and managing property for others without a real estate license.
- Joe only needs to obtain a residential leasing agent's license to sell or lease real property.
- Tony recently turned 20 years old and has been a real estate broker for the past two years. Tony is interested in
starting his own brokerage and becoming the designated managing broker. Does Tony qualify to become a managing broker?
- Yes.
- No, he must be at least 21 years of age.
- No, he must have a corporation formed before applying.
- No, he needs to practice as a real estate broker for 4 years first.
- Cathy had just completed six years of working with a PB Real Estate and is now ready to go work at her best
friend's brokerage which opened up in her neighborhood. Cathy made sure to meet with her future designated managing broker and had an exit interview with PB Real Estate. What step must she take next to continue working as a broker?
- No further action is need to be taken.
- Cathy must register the new sponsoring brokerage on the IDFPR's website.
- Cathy must take her 45-hour post licensing course to qualify to work for another brokerage
- Cathy should give a copy of her new license with the new brokerage to her old brokerage.
- What is the purpose of licensing real estate brokers?
- To resolve compensation disputes between agents.
- To protect the public and to establish a level of competency in the marketplace.
- To protect homeowners against loss of equity in their homes.
- To create an industry that employees many people.
- Real estate agent Charles wants to list cooperatives (co-ops) but he only has a real estate broker's license.
Which of the following should he do?
- Get a securities license to list co-ops.
- Refer his co-op opportunities to someone who deals in securities.
- Become an owner in the co-ops he lists.
- He will not need to do anything since he can sell co-ops with his broker's license.
Section 2 - Practice of Real Estate Sales in Illinois
- Listing Broker Laura is hosting an Open House for a seller. Beth comes into the Open House and explains to
Laura that she already has an agent and simply wants to take a look at the house. What should Laura do?
- Discuss dual agency with Beth.
- Tell Beth to come back to see the house with her agent.
- Tell Beth that she cannot speak to her since she is represented by another agent.
- Show Beth the property and then follow up with her agent.
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