LEASING TEST QUESTIONS AND ANSWERS
100% CORRECT!!
,1. The leasing agent license shall expire on July 31 of:
a) Even numbered years
b) Odd numbered years
c) Each year
d) Every three years - ANSWER A
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 - ANSWER B
Leasing agent licensees must complete how many hours of containing education during
the 24 month period prior renewal:
a) 12 hours of continuing education
b) 15 hours of continuing education
c) 3 hours of continuing education
d) 8 hours of continuing education - ANSWER B
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 a loss due to a 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 - ANSWER B
The general requirements for a Residential Leasing Agent to obtain a license include:
a) Applicant must be at least 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 - ANSWER D
Which of the following is TRUE as it relates to the licensing of Residential Leasing
Agents?
a) Leasing agents may engage in either sales or rental of all property types
b) Leasing agents may engage in only the sale of residential property
c) All leasing agent applicants must be 21 years of age
d) All licensed leasing agents must be sponsored by a broker or broker firm - ANSWER
D
, 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 180 days student permit - ANSWER A c
The Real Estate Recovery Fund is maintained by IDFPR. Who is eligible to collect
damages from this account?
a) Leasing agents who have been discriminated against by their broker
b) Brokers who feel their offices has been treated unfairly by IDFPR
c) Any person who files a complaint with IDFPR
d) Any person who suffered a loss based on a licensee's conduct, as determined by
IDFPR - ANSWER D
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 - ANSWER C
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 - ANSWER d
When must escrow money be deposited by the sponsoring broker?
a) No later than 24 hours after receipt
b) No later than the next week following the transaction
c) No later than the next business day following the transaction
d) No time limit at all - ANSWER C
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 also be suspended
b) The sponsored licensees can appeal to IDFPR for a 15-day extension
c) All sponsored licenses immediately go into inactive status
100% CORRECT!!
,1. The leasing agent license shall expire on July 31 of:
a) Even numbered years
b) Odd numbered years
c) Each year
d) Every three years - ANSWER A
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 - ANSWER B
Leasing agent licensees must complete how many hours of containing education during
the 24 month period prior renewal:
a) 12 hours of continuing education
b) 15 hours of continuing education
c) 3 hours of continuing education
d) 8 hours of continuing education - ANSWER B
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 a loss due to a 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 - ANSWER B
The general requirements for a Residential Leasing Agent to obtain a license include:
a) Applicant must be at least 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 - ANSWER D
Which of the following is TRUE as it relates to the licensing of Residential Leasing
Agents?
a) Leasing agents may engage in either sales or rental of all property types
b) Leasing agents may engage in only the sale of residential property
c) All leasing agent applicants must be 21 years of age
d) All licensed leasing agents must be sponsored by a broker or broker firm - ANSWER
D
, 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 180 days student permit - ANSWER A c
The Real Estate Recovery Fund is maintained by IDFPR. Who is eligible to collect
damages from this account?
a) Leasing agents who have been discriminated against by their broker
b) Brokers who feel their offices has been treated unfairly by IDFPR
c) Any person who files a complaint with IDFPR
d) Any person who suffered a loss based on a licensee's conduct, as determined by
IDFPR - ANSWER D
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 - ANSWER C
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 - ANSWER d
When must escrow money be deposited by the sponsoring broker?
a) No later than 24 hours after receipt
b) No later than the next week following the transaction
c) No later than the next business day following the transaction
d) No time limit at all - ANSWER C
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 also be suspended
b) The sponsored licensees can appeal to IDFPR for a 15-day extension
c) All sponsored licenses immediately go into inactive status
