ILLINOIS LEASING AGENT LICENSE
EXAM 2024 PREP GUIDE WITH 350
EXAM QUESTIONS AND 100%
CORRECT ANSWERS
What is a Leasing Agent License? - ANSWER-a limited scope license to engage in the leasing of residential real estate only
What is a Leasing Agent NOT allowed to do, even with a Leasing License? - ANSWER-A leasing agent may NOT engage in any sales activities with this license or any activities with commercial real estate - these require a real estate broker's license.
What duties can Leasing Agents perform with their license? - ANSWER--Leasing or renting of residential property
-Attempt, offer or negotiate to rent or lease residential property
-Collect rent or supervise the collection of rent
What MUST Leasing Agents be sponsored by? - ANSWER-a sponsoring broker or broker firm
What are examples of some of the activities you can do with a leasing license? - ANSWER-1) Respond to phone inquiries from consumers regarding the availability and pricing of brokerage services 1 / 4
2) Respond to phone inquiries from consumers regarding the price or location of property
3) Attend an open house and respond to questions about the property
4) Set appointments to view a property
5) Respond to questions from consumers who visit a licensee's office concerning services or properties
6) Accompany an appraiser or another third party to a transaction on a visit to the property
7) Describe the property in response to a consumer's questions
8) Complete factual information for a consumer on an offer to purchase on behalf of a client
9) Show a client a property being sold by an owner on their own behalf
10) Referrals to other licensees or service provider
Who is in charge of appointing a Director of Real Estate and the Deputy Director?
- ANSWER-The Commissioner of IDFPR
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What is the criteria for the Director of Real Estate position and the Deputy Direction position? - ANSWER-having a valid broker's license, which has to be surrendered to IDFPR during the course of service
What are some of the main duties of the Director of Real Estate? - ANSWER-- Serve as chairperson of the Board (non-voting member)
-Serve as liaison between IDFPR and the real estate profession/industry
-Appoints any committees to assist in carrying out the Director's responsibilities
-Responsible for supervising all real estate activities of IDFPR, subject to the Commissioner's approval
who is responsible for distributing any and all educational material to licensees? - ANSWER-Director of Real Estate
What does the Deputy Director do? - ANSWER-administer the licensing requirements of the License Act
what is the Real Estate Research and Education Fund used for? - ANSWER-used for research and education for the advancement of the real estate industry, including scholarship
Where are the real estate research and education fund and the real estate administration fund held? - ANSWER-held in trust by the State Treasury
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who is the Real Estate Research and Education Fund funded by? - ANSWER-It is funded by the Real Estate Administration Fund
Real Estate Administration Fund money goes to? - ANSWER-Money is disbursed for the operating expenses of IDFPR.
What is the IDFPR? - ANSWER-Illinois Department of Financial and Professional Regulation
-the State entity that issues real estate licenses
What are the 4 divisions of the IDFPR? - ANSWER-1. Real Estate Administration and Disciplinary Board
- Real Estate Research and Education Fund
- Real Estate Administration Fund
- Peer Review Advisors
How many people are on the Real Estate Administration and Disciplinary Board and who are they appointed by? - ANSWER-9 people and are appointed by the governor
How long do the terms for the Real Estate Administration and Disciplinary Board last? - ANSWER-4 years (no member can serve more than 2 terms)
how long must you have been an IL resident to be on the Real Estate Administration and Disciplinary Board? - ANSWER-for a minimum of six years prior to appointment
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