Leasing License Exam Questions With 100% Correct Answers

Leasing License Exam Questions With 100% Correct Answers What is the IDFPR? - answerIllinois Department of Financial and Professional Regulation -the State entity that issues real estate licenses What are the 4 divisions of the IDFPR? - answer1. Real Estate Administration and Disciplinary Board 2. Real Estate Research and Education Fund 3. Real Estate Administration Fund 4. Peer Review Advisors How many people are on the Real Estate Administration and Disciplinary Board and who are they appointed by? - answer9 people and are appointed by the governor How long do the terms for the Real Estate Administration and Disciplinary Board last? - answer4 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? - answerfor a minimum of six years prior to appointment 6/9 of the Real Estate Disciplinary Board need to have been? - answerbrokers/salespeople for a minimum of 10 years 3 of the members of the Real Estate Disciplinary Board are..... - answernon-licensees and serve as representatives of the general public (non-voting members) How many board meetings must each member of the Real Estate Administration and Disciplinary Board have to attend in order to not be terminated? - answerat least 4 board meetings in 1 year What do members of the Real Estate Administration and Disciplinary Board recieve during their terms? - answerBoard members receive a per diem stipend and receive reimbursement of expenses while serving Who is in charge of appointing a Director of Real Estate and the Deputy Director? - answerThe Commissioner of IDFPR What is the criteria for the Director of Real Estate position and the Deputy Direction position? - answerhaving 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? - answerDirector of Real Estate What does the Deputy Director do? - answeradminister the licensing requirements of the License Act what is the Real Estate Research and Education Fund used for? - answerused 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? - answerheld in trust by the State Treasury who is the Real Estate Research and Education Fund funded by? - answerIt is funded by the Real Estate Administration Fund Real Estate Administration Fund money goes to? - answerMoney is disbursed for the operating expenses of IDFPR. IDFPR Peer Review Advisors - answerIDFPR reserves the right to contract with licensees as "peer review advisors" who would investigate complaints IDFPR Peer Review Advisors may be compensated up to _________ - answer$15,000 per year What is the duty of the IDFPR Peer Review Advisors? - answerinterviewing of parties to a complaint and to make recommendations to IDFPR (besides in areas where the advisor conducts business) What is the fine for practicing in real estate activities without a license? - answerup to $25,000 What is a Leasing Agent License? - answera 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? - answerA 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? - answera sponsoring broker or broker firm What are examples of some of the activities you can do with a leasing license? - answer1) Respond to phone inquiries from consumers regarding the availability and pricing of brokerage services 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