Exam (elaborations)
SECTION 1 ILLINOIS REAL ESTATE LICENSE ACT OF 2000 QUESTIONS AND ANSWERS
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SECTION 1 ILLINOIS REAL ESTATE LICENSE ACT OF 2000 QUESTIONS AND ANSWERS
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Name: Score:39 Multiple choice questions
Term 1 of 39
An unlicensed assistant of a licensee MAY NOT perform the following activities: a
a) create marketing materials for listings
a) assist in the preparation of financial documents
a) schedule appointments for property viewings
a) Host open houses, kiosks, or home show booths or fairs (open to the public)
Term 2 of 39
Illinois Department of Financial and Professional Regulation (IDFPR)
a federal agency that regulates banking practices.
the state entity that issues real estate licenses.
a private company that manages real estate investments.
a non-profit organization that provides housing assistance.
Term 3 of 39
Leasing agents may perform 3
13 Collect rent or supervise the collection of rent
4 Collect rent or supervise the collection of rent
3 Collect rent or supervise the collection of rent
15 Collect rent or supervise the collection of rent
,Term 4 of 39
An unlicensed assistant of a licensee MAY NOT perform the following activities: c
c) Interpret information on listings, titles, financing, contracts, closings or other
information relating to a transaction
c) manage the financial records of a transaction
c) provide customer service to clients
c) conduct market research for property values
Term 5 of 39
A Leasing Agent may not
assist clients in property management without a license.
conduct home inspections for potential buyers.
engage in any sales activities with this license or any activities require a real estate
broker's license.
offer financial advice to clients regarding investments.
Term 6 of 39
Violation
A licensee who practices real estate activities that require a license, without obtaining a
license, shall be guilty of a Class A misdemeanor and subsequent offenses for
unlicensed practice constitute a Class 4 felony.
means a person who is being represented by a licensee.
In Illinois, acts that a licensee may perform for a consumer that are informative and do
not constitute active representation.
a written or oral agreement between a sponsoring broker and a consumer for licensed
activities to be provided to a consumer in return for compensation or the right to receive
compensation from another.
,Term 7 of 39
The Real Estate Recovery Fund is:
A government fund to assist first-time homebuyers
A fund at the local Realtor Association to discipline licensees
A fund established for community development initiatives
A financial reserve for real estate investment projects
Term 8 of 39
Leasing agents may perform 2
8 Attempt, offer or negotiate to rent or lease residential property
2 Attempt, offer or negotiate to rent or lease residential property
10 Attempt, offer or negotiate to rent or lease residential property
7 Attempt, offer or negotiate to rent or lease residential property
Term 9 of 39
The Leasing Agent License allows the licensee to engage in:
Any type of real estate transaction without restrictions
Commercial leasing activities without any licensing requirements
Only residential leasing activities for which a license is required by IDFPR
Only property management tasks for residential buildings
Term 10 of 39
Disciplinary actions for leasing agents:
Follow a different set of rules than those for real estate agents
Are handled exclusively by local government authorities
Are determined solely by the individual leasing agents
Shall conform with disciplinary actions for licensed real estate brokers
, Term 11 of 39
Things An unlicensed assistant, on behalf of and under the direction of a licensee, may engage
in the following administrative activities without being in violation of the Act. a
c) Follow up on a transaction after a contract has been signed
a) Answer the telephone, take messages and forward calls to a licensee
b) submit listings and changes to a multiple listing service
d) assemble documents for a closing
Term 12 of 39
Real Estate Administration Fund
only residential leasing activities for which a license is required by idfpr
A fund at the local Realtor Association to discipline licensees
Illinois regulatory body tasked with maintaining standards of professional conduct,
discipline, and examination. This board has been appointed by the Governor.
the Fund is held in trust by the State Treasury. Money is disbursed for the operating
expenses of IDFPR
Term 13 of 39
Things An unlicensed assistant, on behalf of and under the direction of a licensee, may engage
in the following administrative activities without being in violation of the Act. c
c) analyze market trends for investment opportunities
c) Follow up on a transaction after a contract has been signed
c) organize community events for property promotion
c) create advertising campaigns for properties
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