Exam (elaborations)
ILLINOIS LEASING AGENT EXAM PREP
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ILLINOIS LEASING AGENT EXAM PREP
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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
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