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CHEAT SHEET · ILLINOIS REAL ESTATE BROKER

Illinois Real Estate Broker Cheat Sheet.
The night-before summary, built like the exam.

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Written by Every Exam Prep Editorial TeamSource and review policyPublished July 9, 2026Updated July 17, 2026
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01

Quick facts

the numbers to know before exam day
140
Questions
3h 30m
Time limit
75 (scaled, each portion)
Passing score
$55
Exam fee
Illinois IDFPR
Governing body
02

Full write-up

the complete guide, in prose

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."

Frequently asked questions

What are the must-know facts for the Illinois broker exam?

Memorize the short list of numbers and rules the exam tests again and again. The federal Fair Housing Act's seven protected classes: race, color, religion, national origin, sex, familial status, and disability. In finance: one discount point equals one percent of the loan amount, private mortgage insurance is typically required on conventional loans when the down payment is under twenty percent, and TILA grants a three-day right of rescission on certain refinances of a principal residence. And the OLD CAR fiduciary duties should be reflexive.

What are the most common traps on the broker exam?

The exam loves near-miss pairs. Watch for: blockbusting (inducing sales by suggesting a protected group is moving in) versus steering (directing buyers toward or away from neighborhoods based on a protected class) versus redlining (denying loans in certain areas). Remember that race discrimination under the Civil Rights Act of 1866 has no exemptions, unlike other fair housing rules. And know that customers get honesty, fair dealing, and disclosure of known material latent defects — but never fiduciary duties, which belong to clients.

Which contract rules should I have memorized cold?

Four things. A valid contract needs mutual assent, consideration, legally competent parties, and a lawful object. The Statute of Frauds requires real estate sale contracts, and leases longer than one year, to be in writing and signed by the party to be charged. Know the void/voidable/unenforceable triangle: missing an element makes a contract void, a minor's contract is voidable, and an otherwise valid but unwritten land sale is unenforceable. Finally, remember the buyer's remedies: specific performance compels conveyance because land is unique, while a liquidated damages clause lets the seller keep the earnest money on the buyer's default.

What deed and title facts show up most on the exam?

Know the deed hierarchy: a general warranty deed offers the greatest protection because the grantor warrants title against all defects arising at any time, while a quitclaim deed carries no warranties and conveys only whatever interest the grantor may have. A valid deed must be in writing, name the parties, contain a legal description, include a granting clause, and be signed by the grantor and delivered and accepted. Recording gives constructive notice to the world and establishes priority — but property tax liens and special assessments generally jump ahead of all other liens regardless of recording date.

How should I use the cheat sheet the night before the exam?

Use it as a final-pass memory check, not a substitute for real study. Read each item and try to recite the rule before looking — for example, name the three approaches to value (sales comparison, cost, and income) and state that market value is the most probable price a property should bring in a competitive and open market. Flag anything you hesitate on, review just those items in the morning, and then stop; last-minute cramming of new material hurts more than it helps.

Does a cheat sheet replace full study for the broker exam?

No — it condenses what you have already learned so you can retrieve it fast under exam pressure. Rules like RESPA prohibiting kickbacks and requiring the Loan Estimate and Closing Disclosure only stick when you have practiced applying them in question scenarios first. Use full lessons and practice questions to build understanding, then the cheat sheet to lock in recall during your final review.

Sources

  1. 1.Real Estate Regulatory Agencies Directory — ARELLO
  2. 2.Real Estate Licensing Exams (Pearson VUE) — Pearson VUE

Official sources

Primary documents used to verify the exam details shown on this page.

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