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Illinois Residential Leasing Agent License Exam
Exam Coverage
Exam coverage for the Illinois Residential Leasing Agent License Exam includes the laws, regulations, and professional practices required for leasing residential real estate in Illinois. It focuses on real estate licensing requirements, agency relationships, leasing procedures, property marketing, tenant screening, lease agreements, fair housing laws, and landlord-tenant rights and responsibilities. The exam also evaluates understanding of ethical standards, contract fundamentals, property management principles, disclosure requirements, trust fund handling, risk management, consumer protection regulations, and compliance with Illinois real estate statutes and administrative rules governing residential leasing activities.
Sponsoring brokers must submit the 45 day sponsor card to IDFPR within: a) 12 hours of employment b) 24 hours of employment c) 36 hours of employment d) 48 hours of employment
B) 24 hours of employment
The Real Estate Recovery Fund is a) A fund maintained by the broker for licensee violations b) A fund at IDFPR to reimburse persons who suffer loss due to licensee's actions c) A fund that every sponsoring broker is required to keep in case of violations d) A fund at the local Realtor Association to discipline licensees
B) A fund at IDFPR to reimburse persons who suffer a loss due to a licensee's actions
The general requirements for a Residential Leasing Agent to obtain a license include: A) Applicant must be 18 years of age B) Applicant must have a high school diploma of GED C) Applicant must have a sponsoring broker or broker firm D) All of the above
D) All of the above
The Residential Leasing Agent license allows the licensee to engage in: A) Only residential leasing activities for which a license is required by IDFPR B) The sale of commercial real estate C) Only HUD related residential estate D) Shopping center management and leasing
A) Only residential activities for which a license if required by IDFPR
The leasing agent license shall expire on July 31st of a) Even numbered years b) Odd numbered years c) Each year d) Every three years
A) Even numbered years
An applicant shall not practice as a Student Leasing Agent: A) More than once in a 24-month period B) More than once a year C) More than once D) More than once in a 36-month period
C) More than once
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 an 180 days student permit
C) It is a temporary 45-day permit issued by the sponsoring broker
How many times may a person take the state leasing exam before they have to repeat the course again? A) 2 times B) 3 times C) 4 times D) No limit
C) 4 times
The department of Financial and Professional Regulation requires escrow records to be maintained by the sponsoring broker for: A) 2 years B) 3 years C) 4 years D) 5 years
D) 5 years
Where is the original license for a leasing agent kept? A) In the licensee's office B) In the sponsoring broker's principal office C) In one of the sponsoring broker's branch offices D) In a file in the licensee's office
B) In the sponsoring broker's principal's office
Mary, a sponsoring broker was found to be guilty of a license act violation. Her license was suspended. What is the status of the licenses that were sponsored by Mary? A) All licenses sponsored by Mary will be suspended B) The sponsored licensees can appeal to IDFPR for a 15-day extension C) All sponsored licenses immediately go into inactive status D) Mary's suspended license does not affect the other licenses she sponsored
C) All sponsored licenses immediately go into inactive status
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 the Real Estate Recovery Fund is for members of the general public not licensees. B) The licensee may not file a complaint because there as no witness to the discrimination when the licensee claims the 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 5 years before the case was opened within the required time frame.
C) The licensee may file a complaint and a hearing will be conducted by IDFPR to determine if any discrimination took place.
