Exam (elaborations)
LEASING EXAM UNIT 14 QUESTIONS AND ANSWERS
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LEASING EXAM UNIT 14 QUESTIONS AND ANSWERS
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Name: Score:37 Multiple choice questions
Term 1 of 37
In Illinois which of these needs to hold a real estate license?
True
may obtain a limited leasing agent license by completing 15 hours of instruction ad
passing a written exam
False (120)
A person who employs fewer than 3 apartment leasing agents
Term 2 of 37
The Illinois Real Estate License Act allows landlords to pay a referral fee to tenants who refer a
prospective tenant for a unit in the same building or complex
True
False
Term 3 of 37
Leasing Agents have no exemptions from licensure under the Act.
True
False
,Term 4 of 37
In IL, an individual who wishes to engage only in activities related to the leasing of residential
real property
True
maintains an office in her home state
may obtain a limited leasing agent license by completing 15 hours of instruction ad
passing a written exam
a $25,000 maximum recovery from the recovery fines, plus limited court costs and
attorney fees
Term 5 of 37
Leasing agents are required to disclose their status as a licensee just as a salesperson or broker
would
True
False
Term 6 of 37
A sponsoring broker licensed in IL bu reciprocity with another state my be exempt from the
requirement of maintaining a definite place of business in IL if the sponsoring broker
maintains an office in her home state
False
may obtain a limited leasing agent license by completing 15 hours of instruction ad
passing a written exam
True
,Term 7 of 37
What is the purpose of the real estate recovery fund?
April 30 of every even-numbered year
A service that, for a fee (not a commission), matches individuals from different parts of
the country who want to exchange properties and assists them in doing so
Placing a "For Sale" sign in front of a house after asking the seller's permission and
receiving written permission to do so
-Encouraging a seller to reject an offer because the prospective buyer is a Methodist
-Advertising that individuals who attend a promotional presentation will receive a prize
without mentioning that they will also have to take a day trip to a new subdivision site
-Standing in the hallway outside the testing room and offering employment to licensees
as soon a they receive their passing score at the testing center
To provide a means of compensation for actual monetary losses suffered by the
individuals as a result of the acts of a licensee who violated the license law or committed
other illegal acts related to a real estate transaction
Term 8 of 37
Under what conditions may a sponsoring broker who lives in a state that has a reciprocal
licensing agreement with IL be issued an IL license?
False (120)
True
maintains an office in her home state
The sponsoring broker's home state has a reciprocal licensing agreement with Illinois
Term 9 of 37
Leasing Agents must take 24 hours of continuing education each year
True
False
, Term 10 of 37
IDFPR has revoked a sponsoring broker's license. The sponsoring broker may
appeal the license revocation to the local circuit court.
have the license reinstated by signing an irrevocable release of liability and filing it
within 60 days of the disciplinary action.
continue to conduct business for 90 days after the revocation by posting a bond with the
recovery fund.
allow his sponsored licensees to continue in business for 90 days because they were not
found guilty of any offense.
Term 11 of 37
An Illinois real estate broker's license can be revoked for
a. agreeing with a seller to accept a listing for more than the normal commission rate.
b. disclosing her agency relationship.
c. showing buyers with the same specifications the same properties.
d. depositing escrow money in her personal checking account.
civil penalty not to exceed $25,000 per violation
depositing escrow money in her personal account
sponsoring broker had prior knowledge of the violation
appeal the license revocation to the local circuit court
Term 12 of 37
A leasing agent may not accept compensation for the performance of leasing agent activities
except from the sponsoring broker
True
False
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