ILLINOIS LEASING AGENT Exam Questions
and Answers with Rationales, Latest Version
2026, Top Rated
**1. What does an Illinois Residential Leasing Agent license primarily
allow the holder to do? **
A. List and sell residential and commercial properties
B. Lease residential property only, under the supervision of a
sponsoring managing broker
C. Manage commercial properties independently
D. Perform property appraisals
**Answer: B**
**Rationale**: The Illinois Residential Leasing Agent license (under the
Real Estate License Act of 2000) is a limited license. It authorizes only
residential leasing activities and requires sponsorship by a managing
broker. It does not permit sales, listings, or commercial work.
**2. Under the Chicago Residential Landlord and Tenant Ordinance
(RLTO), security deposits must generally be held in:**
A. The landlord’s personal checking account
B. A federally insured interest-bearing account in an Illinois financial
institution, separate from the landlord’s funds
C. A non-interest-bearing escrow account at any bank
,D. Cash in a safe on the property
**Answer: B**
**Rationale**: RLTO requires security deposits to be held in a separate,
federally insured interest-bearing account in Illinois. They cannot be
commingled with the landlord’s assets. A written receipt must be
provided, and interest is paid at the rate set annually by the City
Comptroller.
**3. A Chicago landlord receives a security deposit and the tenant
vacates the unit. If the landlord plans to make deductions, they must
provide an itemized statement within how many days?**
A. 7 days
B. 21 days
C. 30 days
D. 45 days
**Answer: C**
**Rationale**: Under RLTO (and similar to the Illinois Security Deposit
Return Act for buildings with 5+ units), landlords must provide an
itemized list of damages/deductions within 30 days and return any
balance within 45 days of the tenant vacating. Violations can result in
penalties of twice the deposit plus attorney fees.
,**4. Which of the following is NOT a protected class under the federal
Fair Housing Act but is protected under the Illinois Human Rights Act?**
A. Race
B. Familial status
C. Source of income
D. Disability
**Answer: C**
**Rationale**: Federal FHA protects race, color, religion, sex, national
origin, familial status, and disability. Illinois adds protections including
source of income, ancestry, age (40+), marital status, military status,
sexual orientation, gender identity, and others. Source-of-income
discrimination (e.g., rejecting Section 8) is illegal in Illinois.
**5. A leasing agent receives a security deposit check from a
prospective tenant on Monday. The owner accepts the lease on
Wednesday morning. By when must the agent deposit the funds into
the escrow account?**
A. End of business Monday
B. End of business Wednesday
C. End of business Thursday (next business day after acceptance)
D. Within 5 business days
, **Answer: C** (or as soon as practicable per general escrow rules)
**Rationale**: Earnest money/security deposits must be deposited
promptly into the broker’s escrow account (typically by the close of the
next business day after acceptance). All funds related to licensed
activity must flow through the sponsoring broker.
**6. Steering in fair housing refers to:**
A. Directing prospective tenants to certain units based on protected
class characteristics
B. Showing only luxury units to high-income applicants
C. Charging different rents based on credit score
D. Requiring larger deposits from families with children
**Answer: A**
**Rationale**: Steering (e.g., showing families with children only
ground-floor units or certain buildings) is a form of illegal discrimination
under federal and Illinois fair housing laws.
**7. Which of the following leases must be in writing to be enforceable
under the Statute of Frauds?**
A. A month-to-month lease
B. A lease for one year or less
C. A lease for more than one year
and Answers with Rationales, Latest Version
2026, Top Rated
**1. What does an Illinois Residential Leasing Agent license primarily
allow the holder to do? **
A. List and sell residential and commercial properties
B. Lease residential property only, under the supervision of a
sponsoring managing broker
C. Manage commercial properties independently
D. Perform property appraisals
**Answer: B**
**Rationale**: The Illinois Residential Leasing Agent license (under the
Real Estate License Act of 2000) is a limited license. It authorizes only
residential leasing activities and requires sponsorship by a managing
broker. It does not permit sales, listings, or commercial work.
**2. Under the Chicago Residential Landlord and Tenant Ordinance
(RLTO), security deposits must generally be held in:**
A. The landlord’s personal checking account
B. A federally insured interest-bearing account in an Illinois financial
institution, separate from the landlord’s funds
C. A non-interest-bearing escrow account at any bank
,D. Cash in a safe on the property
**Answer: B**
**Rationale**: RLTO requires security deposits to be held in a separate,
federally insured interest-bearing account in Illinois. They cannot be
commingled with the landlord’s assets. A written receipt must be
provided, and interest is paid at the rate set annually by the City
Comptroller.
**3. A Chicago landlord receives a security deposit and the tenant
vacates the unit. If the landlord plans to make deductions, they must
provide an itemized statement within how many days?**
A. 7 days
B. 21 days
C. 30 days
D. 45 days
**Answer: C**
**Rationale**: Under RLTO (and similar to the Illinois Security Deposit
Return Act for buildings with 5+ units), landlords must provide an
itemized list of damages/deductions within 30 days and return any
balance within 45 days of the tenant vacating. Violations can result in
penalties of twice the deposit plus attorney fees.
,**4. Which of the following is NOT a protected class under the federal
Fair Housing Act but is protected under the Illinois Human Rights Act?**
A. Race
B. Familial status
C. Source of income
D. Disability
**Answer: C**
**Rationale**: Federal FHA protects race, color, religion, sex, national
origin, familial status, and disability. Illinois adds protections including
source of income, ancestry, age (40+), marital status, military status,
sexual orientation, gender identity, and others. Source-of-income
discrimination (e.g., rejecting Section 8) is illegal in Illinois.
**5. A leasing agent receives a security deposit check from a
prospective tenant on Monday. The owner accepts the lease on
Wednesday morning. By when must the agent deposit the funds into
the escrow account?**
A. End of business Monday
B. End of business Wednesday
C. End of business Thursday (next business day after acceptance)
D. Within 5 business days
, **Answer: C** (or as soon as practicable per general escrow rules)
**Rationale**: Earnest money/security deposits must be deposited
promptly into the broker’s escrow account (typically by the close of the
next business day after acceptance). All funds related to licensed
activity must flow through the sponsoring broker.
**6. Steering in fair housing refers to:**
A. Directing prospective tenants to certain units based on protected
class characteristics
B. Showing only luxury units to high-income applicants
C. Charging different rents based on credit score
D. Requiring larger deposits from families with children
**Answer: A**
**Rationale**: Steering (e.g., showing families with children only
ground-floor units or certain buildings) is a form of illegal discrimination
under federal and Illinois fair housing laws.
**7. Which of the following leases must be in writing to be enforceable
under the Statute of Frauds?**
A. A month-to-month lease
B. A lease for one year or less
C. A lease for more than one year
