20:00

PDF|

Guide for Illinois - Real Estate Managing Broker Practice Exam

Quiz Illinois - Real Estate Managing Broker Practice Exam

Free Test
/ 10

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
Looking for more questions?Buy now

Illinois - Real Estate Managing Broker Practice Exam Practice test unlocks all online simulator questions

Thank you for choosing the free version of the Illinois - Real Estate Managing Broker Practice Exam practice test! Further deepen your knowledge on Real Estate License Exam Simulator; by unlocking the full version of our Illinois - Real Estate Managing Broker Practice Exam Simulator you will be able to take tests with over 4750 constantly updated questions and easily pass your exam. 98% of people pass the exam in the first attempt after preparing with our 4750 questions.

BUY NOW

What to expect from our Illinois - Real Estate Managing Broker Practice Exam practice tests and how to prepare for any exam?

The Illinois - Real Estate Managing Broker Practice Exam Simulator Practice Tests are part of the Real Estate License Exam Database and are the best way to prepare for any Illinois - Real Estate Managing Broker Practice Exam exam. The Illinois - Real Estate Managing Broker Practice Exam practice tests consist of 4750 questions divided by 5 topics and are written by experts to help you and prepare you to pass the exam on the first attempt. The Illinois - Real Estate Managing Broker Practice Exam database includes questions from previous and other exams, which means you will be able to practice simulating past and future questions. Preparation with Illinois - Real Estate Managing Broker Practice Exam Simulator will also give you an idea of the time it will take to complete each section of the Illinois - Real Estate Managing Broker Practice Exam practice test . It is important to note that the Illinois - Real Estate Managing Broker Practice Exam Simulator does not replace the classic Illinois - Real Estate Managing Broker Practice Exam study guides; however, the Simulator provides valuable insights into what to expect and how much work needs to be done to prepare for the Illinois - Real Estate Managing Broker Practice Exam exam.

BUY NOW

Illinois - Real Estate Managing Broker Practice Exam Practice test therefore represents an excellent tool to prepare for the actual exam together with our Real Estate License Exam practice test . Our Illinois - Real Estate Managing Broker Practice Exam Simulator will help you assess your level of preparation and understand your strengths and weaknesses. Below you can read all the quizzes you will find in our Illinois - Real Estate Managing Broker Practice Exam Simulator and how our unique Illinois - Real Estate Managing Broker Practice Exam Database made up of real questions:

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

You can prepare for the Illinois - Real Estate Managing Broker Practice Exam exams with our mobile app. It is very easy to use and even works offline in case of network failure, with all the functions you need to study and practice with our Illinois - Real Estate Managing Broker Practice Exam Simulator.

Use our Mobile App, available for both Android and iOS devices, with our Illinois - Real Estate Managing Broker Practice Exam Simulator . You can use it anywhere and always remember that our mobile app is free and available on all stores.

Our Mobile App contains all Illinois - Real Estate Managing Broker Practice Exam practice tests which consist of 4750 questions that are divided by 5 topics and also provide study material to pass the final Illinois - Real Estate Managing Broker Practice Exam exam with guaranteed success. Our Illinois - Real Estate Managing Broker Practice Exam database contain hundreds of questions and Real Estate License Exam Tests related to Illinois - Real Estate Managing Broker Practice Exam Exam. This way you can practice anywhere you want, even offline without the internet.

BUY NOW