Illinois Specific Quick Notes

Question 1

How are members of the Illinois Real Estate Administration and Disciplinary Board selected?

Answer 1

Appointed by the governor

The Illinois Real Estate Administration and Disciplinary Board are selected by the governor.

Question 2

In Illinois, the amount of consideration used to determine transfer taxes must be shown on what form?

Answer 2

Real Estate Declaration of Transfer

The Real Property Transfer Declaration provides essential information to the county assessor to help ensure fair and uniform assessments for all property for property tax purposes.

Question 3

Jeff is an Illinois licensee. Which of the following must he ALWAYS pay in order to retain his license?

Answer 3

Jeff must pay taxes, student loans & child support to retain his Illinois real estate license. Each of the above situations, if not met, carries with it a specific penalty, imposed by IDFPR.

Question 4

What is the guideline for when agency should be disclosed in Illinois?

Answer 4

As early as possible

Question 5

How far back does a normal Illinois title search go?

Answer 5

40 years

Question 6

The general datum plane referred to by surveyors throughout Illinois is named what?

Answer 6

North American Vertical Datum.