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Quiz

1/10
Trust Accounting and Trust Fund Management
Which of the following is a primary responsibility of a managing broker in Illinois regarding trust accounts?
Select the answer
1 correct answer
A.
Setting commission rates
B.
Supervising sponsored licensees
C.
Ensuring proper handling and reconciliation of trust funds
D.
Recruiting new agents

Quiz

2/10
Agency Relationships and Disclosure Obligations
When must a licensee provide an agency disclosure to a prospective client in Illinois?
Select the answer
1 correct answer
A.
Prior to the listing presentation
B.
Before beginning to act as their designated agent
C.
Before any information is exchanged
D.
Before an offer is made or received

Quiz

3/10
Illinois Real Estate Licensing Laws and Regulations
Which of the following is a requirement for obtaining a managing broker license in Illinois?
Select the answer
1 correct answer
A.
Completion of a 30-hour managing broker endorsement curriculum
B.
Passing the Illinois Real Estate Managing Broker Examination
C.
Holding an active broker license for at least two years
D.
All of the above

Quiz

4/10
Legal and Ethical Responsibilities of Managing Brokers
What is the primary responsibility of a managing broker in an Illinois real estate office?
Select the answer
1 correct answer
A.
Setting commission rates
B.
Supervising sponsored licensees
C.
Recruiting new agents
D.
Negotiating buyer contracts

Quiz

5/10
Brokerage Operations and Supervision
Which of the following is a requirement for a managing broker in Illinois regarding office policy?
Select the answer
1 correct answer
A.
Maintaining a written office policy manual
B.
Setting commission rates
C.
Recruiting new agents
D.
Negotiating buyer contracts

Quiz

6/10
Trust Accounting and Trust Fund Management
What is the consequence of a managing broker failing to properly supervise their licensees in Illinois?
Select the answer
1 correct answer
A.
Increased office commissions
B.
Client refund obligations
C.
Disciplinary action by IDFPR
D.
Referral license revocation

Quiz

7/10
Agency Relationships and Disclosure Obligations
Which of the following is a fiduciary duty owed by a real estate broker to their client in Illinois?
Select the answer
1 correct answer
A.
Duty of loyalty
B.
Duty of obedience
C.
Duty of disclosure
D.
All of the above

Quiz

8/10
Illinois Real Estate Licensing Laws and Regulations
Which of the following is a prohibited activity for a residential leasing agent in Illinois?
Select the answer
1 correct answer
A.
Negotiating lease terms on behalf of a client
B.
Collecting security deposits
C.
Performing broker licensed activities
D.
Advertising rental properties

Quiz

9/10
Legal and Ethical Responsibilities of Managing Brokers
Which of the following is a duty of a managing broker in Illinois?
Select the answer
1 correct answer
A.
Ensuring compliance with the Real Estate License Act
B.
Supervising sponsored licensees
C.
Maintaining proper records and trust accounts
D.
All of the above

Quiz

10/10
Brokerage Operations and Supervision
As a managing broker in Illinois, what is your primary responsibility when supervising licensed real estate brokers working under your brokerage?
Select the answer
1 correct answer
A.
Ensuring all agents comply with Illinois real estate laws and ethical standards
B.
Managing the brokerage's financial accounts without oversight
C.
Allowing agents to operate independently without supervision
D.
Setting commission rates for all agents regardless of market conditions
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Info quiz:

  • Quiz name:Illinois - Real Estate Managing Broker Practice Exam
  • Total number of questions:4750
  • Number of questions for the test:50
  • Pass score:70%
  • Number of topics:5 Topics
Study topics:Number of questions:
  • Agency Relationships and Disclosure Obligations:950 Questions
  • Brokerage Operations and Supervision:950 Questions
  • Illinois Real Estate Licensing Laws and Regulations:950 Questions
  • Legal and Ethical Responsibilities of Managing Brokers:950 Questions
  • Trust Accounting and Trust Fund Management:950 Questions

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