Exam (elaborations)
ILLINOIS LEASING AGENT EXAM PREP
- Course
- Institution
ILLINOIS LEASING AGENT EXAM PREP
[Show more]
Content preview
ILLINOIS LEASING AGENT EXAM PREPThe leasing agent license shall expire on July 31st of: - Answer- even numbered years
Sponsoring brokers must submit the 45 day sponsor card to IDFPR within: - Answer- 24
hours of employment
Leasing agent licensees must complete how many hours of containing education during
the 24 month period prior renewal: - Answer- 8 hours of continuing education
The real estate recovery fund is: - Answer- a fund at IDFPR to reimburse persons who suffer loss due to a licensees actions.
The general requirements for a residential leasing agent to obtain a license include: - Answer- applicant must be 18 years of age, must have a highschool diploma or GED, must have a sponsoring broker or firm.
True or False; All licensed agents must be sponsored by a sponsored broker or firm? - Answer- true
True or False; Leasing agents must be 21 years of age and only engage in the sale of residential property? - Answer- false
Disciplinary actions for leasing agents: - Answer- Shall conform with disciplainary actions for licensed real estate brokers
An applicant shall not practice as a student leasing agent _____________. - Answer- more than once in a 24 month period.
Which of the following is true about sponsor cards?
A-sponsor cards are only issued for residential leasing agents
B-all sponsor cards are issued by IDFPR
C- It is a temporary 45 day permit issued by the sponsoring broker
D-it is a 180day student permit - Answer- c
The real estate recovery fund is maintained by IDFPR, who is eligible to collect damages from this account? - Answer- Any person who suffered a loss based on a licensees conduct.
How many times can a person take the state licensing exam before they have to repeat the course again? - Answer- 4 times
The IDFPR requires escrow records to be maintained by the sponsoring broker: - Answer- 5 years When must escrow money be deposited by the sponsoring broker? - Answer- No later than the next business day following the transaction.
Where is the original license for a leasing agent kept? - Answer- In the sponsoring brokers principal office
Mary is sponsoring broker, she was found guilty of a license act violation. Her license was suspended. What is the status of the licenses that were sponsored by Mary? - Answer- All sponsored licensees immediately go into inactive status.
Which of the following is not a blind ad? - Answer- An advertisement for rental property with the brokerage company name and phone number listed on the ad.
A licensee seeking an apartment encountered discrimination based on his age. Which one of the following statements is correct regarding the real estate recovery fund?
A- the licensee may not file a complaint with IDFPR because of the real estate recovery fund is for members of the general public and not licensees.
B- the licensee may not file a complaint because there is no witness to the discrimination when the licensee claims that discrimination took place
C-the licensee may file a complaint and a hearing will be conducted by IDFPR to determine if any discrimination took place
D- the licensee may file a complaint with IDFPR because the discrimination took place five years ago and the case was opened within the required time period. - Answer- c
A licensee owns 1% of a residential property that is being advertised for rent. What is the maximum amount of ownership that a license you can have any property before disclosure is required? - Answer- There is no minimum or maximum percentage of ownership that is required.
A student leasing agent was hired on January 15. The sponsoring broker did not complete the 120 day student permit until January 30. When does the 120 day period begin? - Answer- The permit begins the day of the sponsoring broker completes the 120
day permit online and IDFPR.
A sponsor card can be issued by a sponsoring broker to a student after they pass the state exam. Which license category does the sponsor card apply to? - Answer- Leasing agents, brokers, and managing brokers.
Which of the following is not a violation of the license act?
A-failure to maintain good record keeping.
B-residential leasing agent decides to not renew their lease
C-call mingling money/property of business or personal funds.
D-failure to comply with requests from IDFPR within 30 days. - Answer- b
A managing broker must notify IDFPR in all of the following circumstances except;
A-a branch office was closed
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller GEEKA. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79373 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now