A candidate fails the managing broker examination four consecutive times. What must the candidate do before taking it again?68 Ill. Adm. Code 1450.510(b)
A candidate receives a passing score on the managing broker examination. How long does the candidate have to apply to the Division and meet all the requirements for licensure?68 Ill. Adm. Code 1450.520(b)
An Illinois broker applies for a managing broker license by examination. What must the applicant certify about time as a broker?68 Ill. Adm. Code 1450.520(a)(7)
Show all 50 questions (47 more)
Illinois Real Estate License Act 15
A broker wants to pay an unlicensed assistant a bonus for each sale that closes. What do the rules say about the assistant's pay?68 Ill. Adm. Code 1450.740(a)
A buyer and seller sign a contract on Tuesday and the sponsoring broker accepts the earnest money that day. By when must it be in the escrow account?68 Ill. Adm. Code 1450.750(d)(1)
A buyer signs a real estate contract at a licensee's office. Within how many hours of the signing must a true copy be delivered to the buyer?68 Ill. Adm. Code 1450.775(c)
A designated managing broker puts her name on a postcard that markets the firm. What must the postcard show about her?68 Ill. Adm. Code 1450.715(f)
A firm advertises a farm "at absolute auction". What makes that advertising deceptive under the Department's rules?68 Ill. Adm. Code 1450.715(a)(4)
A homeowner's property is exclusively listed with another sponsoring broker. When may a licensee discuss a possible future listing with that homeowner straight away?68 Ill. Adm. Code 1450.770(b)(3)
A listing agreement for a single-family house has a protection period after it ends. What else must the agreement say about that period?68 Ill. Adm. Code 1450.770(n)
A managing broker lends his license to a firm as its designated managing broker but takes no part in running it. How do the rules class this?68 Ill. Adm. Code 1450.900(p)
A managing broker who also holds an appraiser license prepares a broker price opinion. Whose license number goes on its first page?68 Ill. Adm. Code 1450.790(a)
A sponsoring broker manages an apartment building and receives the tenants' security deposits. A tenant's lease waives the escrow account requirement. How must the waiver appear in the lease?68 Ill. Adm. Code 1450.750(l)
A written listing agreement is to run for three years. What must its duration clause give the owner?68 Ill. Adm. Code 1450.770(d)(7)
After both parties sign a contract, the closing date in it is changed by hand. When may a licensee process the altered contract?68 Ill. Adm. Code 1450.775(b)
An exclusive listing agreement leaves out the language on minimum services, or waives those services. How is the agreement treated?68 Ill. Adm. Code 1450.770(b)(2)
What must the written employment or independent contractor agreement between a sponsoring broker and a sponsored licensee include, at a minimum?68 Ill. Adm. Code 1450.735(b)
Which task may an unlicensed assistant carry out under a licensee's supervision?68 Ill. Adm. Code 1450.740(b)(17)
Additional Illinois laws and regulations 7
A broker is owed a commission on the sale of an office building under a written agreement signed by the owner. When does the broker's lien attach to the building?770 ILCS 15/10(b)
A landlord refuses to rent to an applicant because of the lawful manner in which she supports herself, though she can pay the rent. Which basis in the Illinois Human Rights Act makes the refusal a civil rights violation?775 ILCS 5/3-102
A mortgage on an owner-occupied house is foreclosed. Leaving aside abandoned or low-value property, when does the owner's redemption period end?735 ILCS 5/15-1603(b)(1)
A seller orally agrees to sell a vacant lot and later refuses to close. Why can the buyer not enforce the agreement under the Frauds Act?740 ILCS 80/2
A tenant asks for an exception to a no-pets policy for an assistance animal. When may the housing provider require documentation of the disability and the need for the animal?310 ILCS 120/10(a)
At what rate does the State of Illinois tax the privilege of transferring title to real estate?35 ILCS 200/31-10
What does the Radon Resistant Construction Act require of new homes built in Illinois?420 ILCS 52/20
Disclosures 5
A landlord leases a basement apartment. The landlord must disclose in writing, before the lease is signed, whether the unit has flooded in how many past years?765 ILCS 705/25(c)
A listing licensee is about to help an unrepresented buyer write an offer on the listed house. What must the licensee give the buyer first?68 Ill. Adm. Code 1450.770(i)(1)
A managing broker holds the beneficial interest in a land trust that is selling a two-flat. What must the broker do before initiating the transaction?68 Ill. Adm. Code 1450.765(b)
A seller hands over the Residential Real Property Disclosure Report, which discloses a material defect, after all parties have signed the contract. Within how many business days of receiving it may the buyer terminate?765 ILCS 77/40(a)
What does the Illinois Radon Awareness Act require of a seller of residential real property?420 ILCS 46/10(a)
Managing broker topics 20
A break-in at the office destroys the firm's escrow records. Within how many hours must the sponsoring broker report the loss to the Division's enforcement division?68 Ill. Adm. Code 1450.755(d)
A buyer and a seller dispute in writing who should get the earnest money. Which course is open to the sponsoring broker holding it?68 Ill. Adm. Code 1450.750(h)(1)
A corporation applies for a real estate license. Two of its officers hold no real estate license. What must those officers submit?68 Ill. Adm. Code 1450.600(c)(3)
A managing broker licensed in another state applies for an Illinois managing broker license by endorsement. Besides the Illinois-specific examination, which course must be completed?68 Ill. Adm. Code 1450.570(a)
A newly licensed broker has not yet finished the 45 hours of post-license education. What authority does that broker have over contracts for the firm?68 Ill. Adm. Code 1450.705(d)
A rental finding service gives a client a listing for an apartment that turns out to be off the market. After how many days unavailable is a listing prima facie proof of not being current?68 Ill. Adm. Code 1450.785(b)(6)
A sale closes on Thursday. Absent other written direction from all principals, when may the sponsoring broker take its earned commission out of the escrow account?68 Ill. Adm. Code 1450.750(g)(2)
A sponsoring broker collects rent for an owner under a written property management agreement and sends it on to the owner. How do the special account rules class that rent?68 Ill. Adm. Code 1450.750(a)(2)
A sponsoring broker decides to cease operations. At least how many days before it ceases must it give written notice to its sponsored licensees and active clients?68 Ill. Adm. Code 1450.700(e)
A sponsoring broker keeps its transaction and escrow records electronically. How often, at the least, must a back-up be made?68 Ill. Adm. Code 1450.755(b)
A sponsoring broker's license is revoked. What happens to the licenses of its sponsored licensees on the effective date?68 Ill. Adm. Code 1450.915(a)(1)
By a post-judgment order, what is the most an aggrieved person may recover from the Real Estate Recovery Fund, with costs of suit and attorney's fees?68 Ill. Adm. Code 1450.945(f)
Escrow records are kept for 5 years. For how many of the most recent years must they be kept in the sponsoring broker's own office or place of business?68 Ill. Adm. Code 1450.755(a)(2)
How far ahead of the scheduled closing may escrow moneys be transferred to the closing agent for the transaction?68 Ill. Adm. Code 1450.750(g)(5)
How much of its own money may a sponsoring broker keep in an escrow account?68 Ill. Adm. Code 1450.750(b)(5)
What must the website of a virtual office display?68 Ill. Adm. Code 1450.610(c)(3)
Which escrow record shows the receipt and disbursement of funds for one transaction, kept apart from every other transaction?68 Ill. Adm. Code 1450.750(i)(2)
Which place counts as a physical office of a sponsoring broker under the rules?68 Ill. Adm. Code 1450.610(b)(2)
Which sponsoring broker is excused from establishing a written company policy?68 Ill. Adm. Code 1450.700(a)
Within how many days after receiving the monthly bank statement must a sponsoring broker reconcile each escrow account that had activity?68 Ill. Adm. Code 1450.750(i)(3)
How this list was compiled: Written from the Department's rules for the Real Estate License Act of 2000, 68 Ill. Adm. Code 1450, as published by the Joint Committee on Administrative Rules of the Illinois General Assembly at https://www.ilga.gov/agencies/JCAR/Sections?PartID=06801450 (Section 1450.770 as amended effective July 13, 2026), and from the Illinois Compiled Statutes as published by the Illinois General Assembly at https://www.ilga.gov/ (35 ILCS 200/31-10; 310 ILCS 120/10; 420 ILCS 46/10; 420 ILCS 52/20; 735 ILCS 5/15-1603; 740 ILCS 80/2; 765 ILCS 77/40; 765 ILCS 705/25; 770 ILCS 15/10; 775 ILCS 5/1-103 and 5/3-102), all read 2026-10-13. The spread of topics follows the managing broker column of the state-specific portion content outline in the Real Estate Exam Candidate Bulletin for the Illinois Department of Financial and Professional Regulation (https://test-takers.psiexams.com/api/content/bulletin/4655), which the Department links from https://idfpr.illinois.gov/profs/realest.html. Licence: Own work. Questions, answer choices and explanations were written for this site from the rule and statute text; nothing is copied from another practice test, a prep book or the state exam.
How it works
This unofficial Illinois real estate managing broker practice test has 50 of our own questions, from the Department's Part 1450 rules and Illinois statutes. It is not affiliated with the Illinois Department of Financial and Professional Regulation.
Read the full guide
The managing broker's outline
The Candidate Bulletin's state-specific outline gives managing brokers 50 questions: licensing requirements 3, the Illinois Real Estate License Act 15, additional Illinois laws and regulations 7, disclosures 5 and managing broker topics 20. This bank holds each at that count.
Twenty questions only a managing broker gets
Two fifths of the exam is asked of managing brokers only: the sponsoring broker's company policy, supervising new licensees, special accounts and their records, entity licenses, endorsement, the Recovery Fund, rental finding services and virtual offices. The section's general topics are left out here: calculations, lending, contract issues, property management practice, antitrust and employment law.
Earned commission leaves escrow no earlier than the day the transaction closes or ends, and no later than the next business day (Section 1450.750).
Each escrow account with activity is reconciled within 10 days after the monthly bank statement arrives (Section 1450.750).
A sponsoring broker gives licensees and clients at least 14 days of written notice before ceasing operations (Section 1450.700).
Questions and answers
How many questions are on the Illinois managing broker exam?
The Candidate Bulletin's summary table lists one state portion for managing brokers: 50 questions worth 50 points in 90 minutes. Five to ten unscored experimental questions may be added.
What score passes the Illinois managing broker exam?
The bulletin gives 75%. A managing broker candidate may sit the examination up to four times in the two-year eligibility period; after four consecutive failures the pre-license education is repeated (Section 1450.510).
Who can take the Illinois managing broker exam?
The bulletin's main route asks for age 20, an active Illinois broker license held active for 2 of the last 3 years, and 45 class hours in managing broker courses, which stay valid for two years.
Are these the real Illinois managing broker exam questions?
No. Every question was written for this page from the Department's rules and the Illinois Compiled Statutes, and each answer is checked against the section it cites.