Free Illinois Real Estate Practice Exam Questions 2024

Illinois is known for its versatile landscapes. Nicknamed the Prairie State, it is home to farmlands, forests, wetlands, and rolling hills. It is famous for its skyscrapers and industrial areas.

You can benefit from Illinois’ diverse areas by becoming a real estate agent. But to get your license, you must take the real estate exam. The exam is not easy, but with the right preparation, you will increase your odds of passing. 

Illinois practice exam

This article will explain what to expect on the Illinois real estate exam so you are in shape to succeed.

Illinois real estate laws and regulations

The Illinois Division of Real Estate oversees Illinois real estate. The organization has laws and regulations in place that determine how the industry operates. Applicants must be familiar with these laws and regulations to pass the test. The information will also guide them throughout their careers. 

There are several Illinois laws and regulations that may appear on the exam. Here are some of the more notable ones. 

  • Disclosure Laws: Disclosure laws require sellers and their agents to provide complete and accurate information about the property’s condition. If they fail to do so, they may be charged a fine. It can also cause the deal to fall through. 
  • Adherence to Contractural: Buyers and sellers must adhere to the obligations outlined in the purchase and sales agreements. They must meet the deadlines, provide the necessary documents and disclosures, and complete the agreed-upon inspections and repairs. 
  • Title and Ownership Rights: Sellers must transfer the title of the property to buyers on closing. The title must be free of all encumbrances such as liens and restrictions. If there are any title issues, the seller must take care of them before closing. 
  • Lease Agreement Compliance: Lease agreement compliance regulates tenant-landlord relationships. It pertains to rent payments, repairs, maintenance, and evictions. It also prohibits landlords from discriminating against tenants based on race, gender, culture, and other factors. 
  • Habitability and Safety: Landlords are responsible for maintaining properties to ensure they are safe and habitable. 
  • Homestead Laws: Homestead laws allow Illinois homeowners to register their property as a homestead to keep it off limits to certain creditors. Doing so can prevent foreclosures. Illinois law allows people to claim as much as $15,000 worth of property or $30,000 if filing jointly. 
  • Property Lines and Fence Laws: Property lines and fence laws can settle disputes between neighbors. They regulate how high fences can be and who is responsible if a bordering fence needs repair. They also determine tree trimming along property lines. 
  • Adverse Possession: Also known as “squatter’s rights” Illinois law allows individuals to take over a property if they have used it and cared for it for 20 consecutive years and have not tried to hide that they are using the property. 
  • Statute of Limitations: The statute of limitations defines how much time you have to pursue legal action after a crime occurs. You have five years to file a claim for property damage. 

What’s on the Illinois real estate exam?

Applicants should know the topics covered in the real estate exam before they take the test. This information will help them focus their studies. It will let them know what to expect.

There are different topics in the exam’s state and national sections. They are as follows:

National: 

  • Property Ownership: Property ownership covers different ownership structures like joining tenancies, community property, tenancies in partnership, and tenancies in common. It also includes ownership rights such as possession, exclusion, enjoyment, disposition, and control. 
  • Land Use Controls and Regulations: Land use controls and regulations pertain to laws, zoning ordinances and restrictions, building codes, and environmental and government regulations that control how land can be used and developed. 
  • Valuation and Market Analysis: Valuation refers to the value of a property. A property’s value is typically contingent on the state of the market. Agents must understand how to read the market and learn how property value is calculated. 
  • Financing: Properties are typically financed. The buyer will make a down payment and pay the balance off over time. Applicants must understand how the lending and financing processes work. 
  • General Principles of Agency: General principles of agency refer to the client-seller relationship. They regulate the agent’s duties to the client and the actions they can take on their behalf. 
  • Contracts: Several contracts are involved in real estate transactions. Purchase agreements, lease agreements, and power of attorney are some of the most common. Applicants must understand which contracts are necessary, when they should be presented, and the information they should contain. 
  • Leasing and Property Management: Leasing and property management is relevant to tenant-landlord relationships. They ensure lease agreements are fair. They also pertain to matters like discrimination, maintenance, evictions, and rent payment. 
  • Transfer of Title: Sellers must transfer property titles to buyers at closing. The title must be free of liens, encumbrances, and restrictions. If any issues exist, they must be cleared up before the transaction is completed. 
  • Practice of Real Estate: Agents must adhere to a code of conduct to maintain their license. They must understand what is ethical and what is unacceptable. 
  • Real Estate Calculations: Agents must understand how to do calculations to determine potential gross income, capitalization rate, loan-to-value ratio, and more. These calculations are typically on the exam, so be sure to bring your calculator. 

State:

  • Purpose of Illinois License Law: Applicants must understand Illinois license law and the purpose it serves. 
  • Rules and Regulations of Illinois Real Estate Administration and Disciplinary Board of the Department: The test will cover the real estate rules and regulations enforced by the Illinois Real Estate Administration and Disciplinary Board of the Department.
  • Illinois Licensing Requirements: Licensing requirements pertain to license qualifications and what agents must do to maintain their licenses. 
  • Illinois Agency and License Disclosures: This topic covers the required disclosures of licensure for real estate-related advertisements. 

Illinois real estate exam FAQs?

Chicago,,Illinois,,Usa,Downtown,Skyline,From,Lincoln,Park,At,Twilight.Now you understand basics like the topics, rules, and regulations that are covered on the exam. But you may still have questions concerning how to apply for the exam, and how many questions are on the exam. This section will provide the answers. 

1. How long is the Illinois real estate exam? 

The Illinois real estate exam is comprised of 140 questions. You have 3.5 hours to take the test.

2. What is the passing score?

You must get a score of 75% to pass the test. You can miss 25 questions on the national portion of the exam and 10 questions on the state portion and still pass. If you miss more questions than that, you will fail. 

3. How many people pass the Illinois real estate exam?

75% of applicants pass the real estate exam on their first attempt. 

4. How long is the pre-licensing course?

Applicants must take a pre-licensing course before they take the exam. The course is 75 hours. It includes 60 hours of education and 15 mandatory interactive hours. 

5. What are the requirements for becoming a broker?

You must ensure you meet the license requirements before you take your real estate course. Agents must be at least 18 years of age and must hold a high school diploma or its equivalent. 

6. How do I register to take the exam?

You can register to take the exam at the PSI exam site. If you require special accommodations to take your exam, call them directly at 855-340-3893. 

7. How much does it cost to take the Chicago real estate exam?

As of 2023, it costs $58 to take the real estate exam. 

8. How soon after I take the course can I register for the exam?

You can take the exam within two days of meeting the course requirements. 

9. What if I have to reschedule my exam? 

You can reschedule your exam up to 48 hours before your exam date. If you reschedule after the 48-hour window or do not show up for your exam, you will lose your exam fee. 

10. When should I show up for the exam?

You should show up for the exam 30 minutes before your appointment time so you can get checked in. If you do not arrive on time, you may be prohibited from taking the test. You will also lose your exam fee. 

11. What do I need to bring with me to the exam?

You must bring one form of government-issued ID to the exam that bears your picture and signature. If you do not bring the proper ID, you may be unable to take the test, and you will lose your exam fee. 

You will also need your confirmation number and a failing score report if you are retaking the exam. 

12. Can I bring a calculator to the real estate exam? 

You do not need to take a calculator to the exam, but you can. The calculator must be silent and non-programmable. It can not have printing capabilities or an alphabetic keyboard. 

13. When will I get my results?

You will get your results immediately after taking the exam. If you pass the exam, you will simply get a ‘pass’ notification. If you fail the exam, you will receive your score and a breakdown of how you did in each section. You can use this information to improve weak areas. 

14. What if I fail the test?

If you fail the real estate exam, you can retake it up to three times in one year. If you fail on the fourth attempt, you must retake the licensing course. You must pay the $58 fee every time you take the test. 

If you pass one portion of the test, you will only need to retake the portion you didn’t pass. However, you must still pay the $58 fee. 

15. I passed the test. Now what?

After you pass your test, you must submit fingerprints for a background check. You must also ask a managing broker to sponsor your license. 

Then you must complete your online application which is available on the IDFPR website. You must also upload your pre-license transcript, your passing score report, and a confirmation that your manager confirms your sponsorship. You must also pay a $125 fee.

If all goes well, the IDFPR will approve your application and send you your license.

16. How can I increase my chances of passing the test? 

Several strategies will increase your chances of passing the test. Here are some to consider: 

  • Create a Study Schedule: Creating a study schedule will ensure you don’t overstudy or understudy. It will keep you on track to reaching your studying goals. 
  • Diversify What You Study: Change up what you study so you cover more ground. Doing so will also prevent you from focusing too much on any one topic. 
  • Challenge Yourself: Test yourself on various topics by forcing yourself to guess answers. Flashcards and sample tests are ideal for self-testing. You should also focus on topics you were having trouble with. Don’t ignore them because they are too difficult. 

17. How do I find the right real estate school? 

The real estate school you choose will play a huge role in whether you fail or pass the test. Some schools will provide an engaging format and suitable curriculum so you are in good shape to pass. Others will provide the bare minimum and will not provide a strong educational foundation. 

So how can you be sure to choose the right school? Here are some things to look for:

  • Reviews: Look at student and online reviews to determine the quality of education the school provides. 
  • Courses Offered: Choose a school that offers the courses you need to pass the test as well as some extras like exam prep and continuing education. 
  • Formats Offered: Today’s real estate schools typically offer online and in-person formats. Online formats may be more convenient, but in-person formats will engage you and get you prepared for the test. 

Illinois has a diverse and thriving real estate market. You can turn it into a lucrative career, but first, you must pass the real estate exam. 

This article offers guidelines on what’s on the test and general facts to increase your chances of earning a passing grade. Good luck getting a high score on your first attempt. 

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About the Author

Chris Heller brings 27 years of experience in real estate. Chris serves on the AgentAdvice Editorial Board and is the Chief Real Estate Officer at OJO Labs. Chris brings deep expertise having held influential industry positions including CEO of mellohome and former CEO of Keller Williams Realty International.

Last Updated: 6/11/2024