Illinois Real Estate Exam Practice Question
In Illinois, a licensee is subject to disciplinary action for FAILING to
Correct Answer: C
Rationale: In Illinois, maintaining a separate escrow account for each sale is crucial to protect clients' funds and ensure transparency in real estate transactions. Failing to do so can lead to mismanagement of funds, which is a serious violation of state regulations.
Option A, notarization of papers, while important, is not a primary requirement that triggers disciplinary action. Option B, paying state income tax, is a legal obligation but does not directly relate to a licensee's professional conduct. Option D, auditing the escrow account, is a best practice but not a strict requirement for disciplinary action.
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