LEASING AGENT LATEST 2026 COMPREHENSIVE
QUESTIONS AND SOLUTIONS GUARANTEE A+
✔✔Tom signs an application for an apartment and places a security deposit which the
lessor's agent's broker places in an escrow account. Two days later, Tom say he has
found a better apartment for the same price and wants his money back.
a. The broker should return Tom's money
b. The broker should obtain the listing agent's permission to return Tom's money.
c. The broker should give careful consideration to the situation before making his
decision.
d. The broker who has the listing should get permission in writing from the lessor and
the potential lessee to return the earnest money. - ✔✔d. The broker who has the listing
should get permission in writing from the lessor and the potential lessee to return the
earnest money.
✔✔Illinois Law regarding security deposits for rental
a. Are different from security deposits for sale in that no ledger must be kept.
b. Being that they are for the benefit of the lessor, they do not need to be put in an
escrow account.
c. Can be used by the broker provided he returns the money when it is due with accrued
interest
d. Must be held in an escrow account and must be returned within 45 day after the
premises are vacated. - ✔✔d. Must be held in an escrow account and must be returned
within 45 day after the premises are vacated.
✔✔With respect to an agent's fiduciary duty, which of the following is true?
a. The duty of loyalty required an agent to refrain from showing an apartment to another
prospective tenant if the first client states that he would like a day or two to make a
decision as to whether or not he would like to lease the apartment.
b. the duty of confidentiality requires that when the lessor is the principal and the agent
knows there is a major fault with the apartment, the agent should not inform the lessee
c. The duty of obedience requires the principal to oblige with the client's request that he
does not want to lease to a specific ethnic group
d. The duty of loyalty requires the leasing agent to disclose all known facts about the
transaction to the agent's principal, even if the agent believes said facts could be
detrimental to the agent's own interests. - ✔✔d. The duty of loyalty requires the leasing
agent to disclose all known facts about the transaction to the agent's principal, even if
the agent believes said facts could be detrimental to the agent's own interests.
✔✔The first civil rights legislation was passed...
a. In 1850 and referred to race, religion, and national origin
b. In 1906 and referred to race only.
c. In 1866 and referred to race only.
d. In 1866 and referred to race, religion and national origin - ✔✔c. In 1866 and referred
to race only.
, ✔✔The Real Estate Administration and Disciplinary Board:
a. Has 10 members
b. Has 15 members with 12 representing the general public and 3 who have been active
brokers
c. Requires all members to have been residents for the last 5 years
d. Has 9 members, 6 of whom have been licensed brokers and 3 who represent the
general public. - ✔✔A fifteen-member Real Estate Administration and Disciplinary
Board is to be appointed by the governor. All members need to have been residents
and citizens of Illinois for at least six years prior to appointment. Twelve members need
to have been managing broker or broker licensees for at least 10 years prior to
appointment. Three members shall be public members who need to represent
consumer interests and must not be licensed under the act, not be married to a
licensee, and not own an interest in a real estate brokerage business.
✔✔In Illinois a leasing agent may receive a commission...
a. From his or her sponsoring broker only
b. From more than one broker if he obtains permission from any brokers involved.
c. From more than one broker if he registers with each of them.
d. From another broker if he or she gets permission from the State. - ✔✔a. From his or
her sponsoring broker only
✔✔A leasing agent's Real Estate license must be kept:
a. At the leasing agent's house
b. At the office he or she is associated with
c. With the office of Banks and Re
d. At the Chicago Association of Realtors. - ✔✔b. At the office he or she is associated
with
✔✔A tenant pays for his own utilities and makes one payment each month to the
landlord for rent; in addition he pays the landlord's taxes, insurance, and maintenance
on the building in accordance with the terms of the lease. Under these circumstances
the lease is a:
a. Gross
b. Graduated
c. Net
d. Percentage - ✔✔
✔✔A year ago Tom rented an apartment with a 1 year lease. When the lease expired,
the owner rented the apartment to another party. Tom refused to move. This creates:
a. A tenancy in sufferance
b. Periodic Tenancy
c. Tenancy at will
d. Estate for years - ✔✔a. A tenancy in sufferance
QUESTIONS AND SOLUTIONS GUARANTEE A+
✔✔Tom signs an application for an apartment and places a security deposit which the
lessor's agent's broker places in an escrow account. Two days later, Tom say he has
found a better apartment for the same price and wants his money back.
a. The broker should return Tom's money
b. The broker should obtain the listing agent's permission to return Tom's money.
c. The broker should give careful consideration to the situation before making his
decision.
d. The broker who has the listing should get permission in writing from the lessor and
the potential lessee to return the earnest money. - ✔✔d. The broker who has the listing
should get permission in writing from the lessor and the potential lessee to return the
earnest money.
✔✔Illinois Law regarding security deposits for rental
a. Are different from security deposits for sale in that no ledger must be kept.
b. Being that they are for the benefit of the lessor, they do not need to be put in an
escrow account.
c. Can be used by the broker provided he returns the money when it is due with accrued
interest
d. Must be held in an escrow account and must be returned within 45 day after the
premises are vacated. - ✔✔d. Must be held in an escrow account and must be returned
within 45 day after the premises are vacated.
✔✔With respect to an agent's fiduciary duty, which of the following is true?
a. The duty of loyalty required an agent to refrain from showing an apartment to another
prospective tenant if the first client states that he would like a day or two to make a
decision as to whether or not he would like to lease the apartment.
b. the duty of confidentiality requires that when the lessor is the principal and the agent
knows there is a major fault with the apartment, the agent should not inform the lessee
c. The duty of obedience requires the principal to oblige with the client's request that he
does not want to lease to a specific ethnic group
d. The duty of loyalty requires the leasing agent to disclose all known facts about the
transaction to the agent's principal, even if the agent believes said facts could be
detrimental to the agent's own interests. - ✔✔d. The duty of loyalty requires the leasing
agent to disclose all known facts about the transaction to the agent's principal, even if
the agent believes said facts could be detrimental to the agent's own interests.
✔✔The first civil rights legislation was passed...
a. In 1850 and referred to race, religion, and national origin
b. In 1906 and referred to race only.
c. In 1866 and referred to race only.
d. In 1866 and referred to race, religion and national origin - ✔✔c. In 1866 and referred
to race only.
, ✔✔The Real Estate Administration and Disciplinary Board:
a. Has 10 members
b. Has 15 members with 12 representing the general public and 3 who have been active
brokers
c. Requires all members to have been residents for the last 5 years
d. Has 9 members, 6 of whom have been licensed brokers and 3 who represent the
general public. - ✔✔A fifteen-member Real Estate Administration and Disciplinary
Board is to be appointed by the governor. All members need to have been residents
and citizens of Illinois for at least six years prior to appointment. Twelve members need
to have been managing broker or broker licensees for at least 10 years prior to
appointment. Three members shall be public members who need to represent
consumer interests and must not be licensed under the act, not be married to a
licensee, and not own an interest in a real estate brokerage business.
✔✔In Illinois a leasing agent may receive a commission...
a. From his or her sponsoring broker only
b. From more than one broker if he obtains permission from any brokers involved.
c. From more than one broker if he registers with each of them.
d. From another broker if he or she gets permission from the State. - ✔✔a. From his or
her sponsoring broker only
✔✔A leasing agent's Real Estate license must be kept:
a. At the leasing agent's house
b. At the office he or she is associated with
c. With the office of Banks and Re
d. At the Chicago Association of Realtors. - ✔✔b. At the office he or she is associated
with
✔✔A tenant pays for his own utilities and makes one payment each month to the
landlord for rent; in addition he pays the landlord's taxes, insurance, and maintenance
on the building in accordance with the terms of the lease. Under these circumstances
the lease is a:
a. Gross
b. Graduated
c. Net
d. Percentage - ✔✔
✔✔A year ago Tom rented an apartment with a 1 year lease. When the lease expired,
the owner rented the apartment to another party. Tom refused to move. This creates:
a. A tenancy in sufferance
b. Periodic Tenancy
c. Tenancy at will
d. Estate for years - ✔✔a. A tenancy in sufferance
