CHAPTER 16-B QUIZ

51. A real estate transaction closed on January 31. On the closing statement, the buyer will be credited with:

52. A broker who offers a guaranteed purchase plan must:

53. John Jones, a Licensee with Fargo Realty, has a listing on a house. The Licensee finds a ready, willing and able buyer and submits an offer to purchase. Meanwhile, the seller decides not to sell the house and asks to be released from the listing agreement with the broker. The broker agrees to release the seller from the listing contract agreement. What recourse does the Licensee have?

54. The Director of the Real Estate Division must meet which of the following requirements:

55. The commissions that a real estate broker may charge are regulated by:

56. If a managing broker of a branch office dies, the sponsoring broker must:

57. All of the following must be licensed by IDFPR, except:

58. The sales price of a parcel of property is $150,000. The sales commission is 6% of the sales price. If the commission were split 50/50 between the broker and the Licensee, less a 10% commission to the listing broker in another office, what would be the amount of commission payable to the licensee?

59. If a seller has an open listing contract with a broker, and the broker immediately erects a “for sale” sign on the seller’s property without the seller’s permission:

60. If a parcel of property is forfeited or sold because of unpaid taxes, that property could be acquired by submitting a bid under a (n):

61. A broker put his own property on the market, and is advertising that property for sale by owner. On the yard sign he only includes the statement “agent owned”. He does not indicate who his sponsoring broker is. Is this proper?

62. An exclusive right-to-sell listing contract contains which of the following?

63. Broker “A” kept his escrow account in ABC Bank, but for various reasons decided to switch banks. The new bank is the XYZ Bank. How much notice must be given to IDFPR?

64. Joe Bums dies Without a Will. After all debts are cleared, his estate amounts to $120,000. Bums is survived by his Wife and three daughters. How much money will each of the daughters receive?

65. Which of the following statements is true about a branch office manager?

66. Mary Smith, who is the wife of John Smith, is the beneficiary of property held in trust by the Illinois Land Trust. If this property is conveyed to Helen and George Jones, which of the following must occur?

67. Broker Harry listed a piece of property for a friend. The property was difficult to market because of an unusually high sales price demanded by the seller. Therefore, the listing contract was written up with no expiration date. This listing contract is:

68. A buyer and seller enter into a purchase contract, but the improvements burn down before the closing. Who is responsible for the loss?

69. Ms. Mars has two rooms in her home that she wishes to rent to women only. Under the Illinois Human Rights Act, may she do so?

70. On a piece of property that was owned as of January 2010, counties that do not participate in the accelerated tax payment system would have the first payment due:

71. In Illinois, according to law, mobile homes are taxed as:

72. Who is not required to have a real estate license?

73. Concerning government owned property, which of the following statements is most correct?

74. The Illinois (state) transfer tax on a real property sale of $250,000 with a $25,000 assumable loan is:

75. Concerning Licensee licensing fees, all of the following are true, except :

76. A builder or developer of a housing project who builds and sells units within his or her own project is required to:

77. Any unlicensed person who performs a real estate act that requires a license may be prevented from doing so by IDFPR filing a(n):

78. Brokers are allowed to operate their real estate offices out of their principal residence provided that:

79. A co-owner can seek division of a property ownership through action by:

80. An example of an enforceable lease provision is the:

81. Who must provide written consent prior to a broker advertising a property for sale?

82. Who is eligible for company benefits and medical insurance coverage?

83. No later than entering into a brokerage agreement with a client, a broker shall advise the client as to the broker’s compensation and whether the broker will share that compensation with brokers who represent other parties in a transaction.

84. A broker may be disciplined for which of the following activities?

85. Which of the following items is not necessarily part of the independent contractor’s agreement?

86. A licensee may not accept finder’s fees, commissions, discounts, or any other compensation from financial institutions, or title companies, unless the licensee:

87. The Legislative General Assembly found that the application of the common law of agency to real estate brokers, Licensees and consumers of brokerage services had resulted in misunderstandings. This resulted in consequences contrary to the best interests of the public. Concerning the “Law of Agency” all of the following are true, except:

88. Under the Agency – Brokerage Relationships Law, a “client may be defined as:

89. The agency law defines a “customer” as a person who is:

90. The responsibility for the activities of an employed “unlicensed assistant” rests with the:

91. The term “ministerial acts” includes all of the following, except:

92. Real estate licensees are permitted to employ:

93. Setting an appointment to view property; describing a property or the property’s condition in response to a consumer’s inquiry, and showing a client through a property being sold by an owner on behalf of the owner are considered to be:

94. What is the difference between a sponsor card and a pocket card?

95. Illinois law requires a licensee to promote the best interests of the client. This would include all of the following except:

96. A licensee’s ‘unlicensed assistant’ may not:

97. All of the following are activities an employed ‘unlicensed assistant’ may perform, except:

98. A licensee must disclose in writing to a customer when the Licensee is not acting as the customer’s agent

99. Once a broker has terminated a Licensee’s license:

100. All of the following are what a licensee can do for clients when acting as a dual agent. except: