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Real Estate Salesperson Exam — National Portion

Commissions (IL): practice questions

Our Real Estate (National) bank has 5 questions on this topic. Here are 3 of them with answers; the full mock exam draws from every topic, like the real one.

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Question 1 · Illinois

In Illinois, when must a licensee disclose a referral to a business they own more than 1% of?

  1. At closing
  2. At the time of the referral
  3. Only if the client asks about it in writing
  4. Within 30 days
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B. At the time of the referral — 225 ILCS 454/10-10(c).

Question 2 · Illinois

May an Illinois licensee pay a referral fee to an unlicensed friend who is not a party to the deal?

  1. Yes, up to $500
  2. Yes, if disclosed
  3. No
  4. Only once per year
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C. No — 225 ILCS 454/10-15(e).

Question 3 · Illinois

If an Illinois broker is paid by both buyer and seller in one deal, what is required?

  1. Nothing
  2. Written disclosure to the client
  3. Approval from the Department before closing
  4. A refund of one fee
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B. Written disclosure to the client — 225 ILCS 454/10-10(d).

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