IL Broker Cheat Sheet.
The night-before summary, built like the exam.

Illinois Real Estate Broker Exam — Cheat Sheet

Note: Verify every state-specific number (exam length, passing score, fees, license/CE hours, and statute citations) against the current Illinois Department of Financial and Professional Regulation (IDFPR) and your exam provider's candidate handbook before test day — those figures change and are not asserted here.

Exam Structure (typical two-part format)

• National portion — general real estate principles, practices, math, and federal law.
• State portion — Illinois license law, agency rules, and IDFPR administration.
• You generally must pass each portion separately; failing one may require retaking only that portion.

Agency & Fiduciary Duties (memory hook: OLD CAR)

• Obedience — follow lawful client instructions
• Loyalty — client's interest above your own
• Disclosure — reveal material facts to the client
• Confidentiality — protect client's private information
• Accounting — track all funds and documents
• Reasonable care & diligence

Must-Know Math Formulas

• Commission = Sale Price × Commission Rate
• Agent's split = Total Commission × Agent %
• Area (rectangle) = Length × Width; Triangle = ½ × Base × Height
• 1 acre = 43,560 sq ft (standard U.S. measure — confirm as given on your test)
• Loan-to-Value (LTV) = Loan ÷ Value
• Simple interest = Principal × Rate × Time (I = PRT)
• Capitalization: Value = Net Operating Income ÷ Cap Rate
• Gross Rent Multiplier = Price ÷ Gross Rent
• Prorations: divide the annual amount by days (360- or 365-day method — check which your provider uses), then multiply by days owed.
• Proration tip: identify who owes what up to and including the closing date, and whether the seller or buyer is debited/credited.

Legal Concepts to Nail

• Estates: fee simple (fullest ownership) vs. life estate vs. leasehold.
• Co-ownership: joint tenancy (right of survivorship) vs. tenancy in common (inheritable share) vs. tenancy by the entirety (spouses).
• Encumbrances: liens, easements, encroachments, deed restrictions.
• Deeds: general warranty (most protection) > special warranty > bargain-and-sale > quitclaim (least protection).
• Title transfer requires a valid deed that is delivered and accepted.

Federal Law (national portion favorites)

• Fair Housing: memorize the federal protected classes and prohibited acts (steering, blockbusting, redlining). Illinois adds state-specific protected classes — learn both lists.
• RESPA: governs closing-cost disclosures; prohibits kickbacks for referrals.
• TILA / TRID: Loan Estimate and Closing Disclosure timing rules.
• ADA and lead-based-paint disclosure (pre-1978 housing).

Contracts

• Valid contract elements: offer, acceptance, consideration, legal capacity, legal purpose (and, for real estate, in writing per the Statute of Frauds).
• Know the difference between bilateral (most sales contracts) and unilateral (option) contracts.
• Contingencies (financing, inspection, appraisal) must be satisfied or waived for the deal to proceed.

Financing Basics

• Points: 1 point = 1% of the loan amount.
• Understand fixed vs. adjustable-rate, conventional vs. government-backed (FHA/VA/USDA) loan traits.
• Amortization: early payments are mostly interest; principal share grows over time.

Test-Day Strategy

• Read every question fully — watch for "EXCEPT" and "NOT" qualifiers.
• Eliminate obviously wrong choices first; don't leave blanks (no penalty for guessing on most standardized tests — confirm your provider's scoring).
• For math, write the formula down before plugging in numbers and check unit consistency.
• Answer state-law questions with Illinois rules in mind even when a national general rule feels "good enough."