Illinois Real Estate Practice Exam

Disable ads (and more) with a membership for a one time $2.99 payment

Prepare for the Illinois Real Estate Test. Practice with flashcards and multiple choice questions, each question has hints and explanations. Get ready for your exam!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

A licensee has an exclusive right to seek listing with a seller who is looking to buy a store front. Her commission from the sale of this unit will be $4,000. She also enters into an agreement with another client who is selling his store on the same block. The commission on this exclusive right to sell listing on this property will be equal to $5,000. The agent introduces these two clients to each other and they end up exchanging properties. What is the licensee's commission:

$9,000
$8,000
$7,000
$6,000

The correct answer is: $9,000

The licensee earns commissions from both transactions due to her exclusive rights to represent each client. When the licensee introduced the seller and buyer who exchanged properties, she is entitled to receive both commissions because she represented them in their respective transactions. The licensee's commission from the sale of the storefront she was helping the buyer find amounts to $4,000. Additionally, she earns a commission of $5,000 from the sale of the store owned by the other client. By adding these two amounts together, the total commission becomes $4,000 plus $5,000, which equals $9,000. Therefore, the correct answer reflects the total commission earned by the licensee in facilitating both transactions and is $9,000.