Illinois Property Manager / Community Association
Manager (CAM) Licensing Exam Practice Questions And
Correct Answers (Verified Answers) Digital download
(PDF) Instant access after purchase
Exam Overview
Feature Details
Exam Name Illinois Property Manager / Community Association Manager (CAM)
Licensing Exam
Administering Illinois Department of Financial and Professional Regulation (IDFPR)
Body
Key Reference Illinois Real Estate License Act of 2000 (RELA), Illinois CAM Act, Fair
Housing Act
Exam Provider PSI Services LLC
License Types Leasing Agent License, Broker License, Managing Broker License,
Community Association Manager (CAM) License
Key Topics Licensing requirements, property management agreements, landlord-
tenant law, fair housing, trust accounts, agency relationships,
contracts, disclosures, ethics, risk management, CAM-specific
regulations
,SECTION 1: LICENSING REQUIREMENTS & REGULATORY FRAMEWORK (Questions
1-30)
1. Which state agency is responsible for licensing, regulating, and disciplining
Community Association Managers in Illinois?
A) Illinois Department of Insurance
B) Illinois Department of Financial and Professional Regulation (IDFPR)
C) Illinois Real Estate Commission
D) Illinois Department of Commerce
Answer: B. The Illinois Department of Financial and Professional Regulation (IDFPR) is the
state government agency responsible for the licensing, regulation, and discipline of
Community Association Managers (CAMs) in Illinois.
2. According to 2023 regulations, what professional title is no longer permitted and
must be updated to "Community Association Manager"?
A) Property Manager
B) Condominium Manager
C) Homeowners Association Manager
D) Building Supervisor
Answer: A. As of June 2, 2023, the professional title "Property Manager" is no longer
allowed and must be updated to "Community Association Manager" for those managing
community associations.
3. All Community Association Manager Firms must now be:
A) Registered with the local county clerk
, B) Licensed by IDFPR
C) Certified by the National Association of Realtors
D) Members of the Community Associations Institute
Answer: B. Under the new regulations effective June 2, 2023, all Community Association
Manager Firms must now be licensed by IDFPR.
4. Illinois permits individuals whose real estate practice is limited to leasing or
renting residential property, collecting rent, negotiating leases, and similar activities
to obtain which type of license?
A) Broker License
B) Managing Broker License
C) Limited Scope Leasing-Agent License
D) Community Association Manager License
Answer: C. Illinois permits individuals whose real estate practice is limited to leasing or
renting residential property, collecting rent, negotiating leases, and similar activities to
obtain a limited scope leasing-agent license instead of the broader-scope broker or
managing broker license.
5. The Illinois Real Estate License Act of 2000 governs which of the following
activities?
A) Residential sales and rentals only
B) Commercial sales and rentals only
C) Property management when real estate licensed activities are performed
D) All of the above
, Answer: D. The Illinois Real Estate License Act governs all real estate brokerage activities,
such as residential sales and rentals, commercial sales and rentals, property management
when real estate licensed activities are performed, farm management, etc.
6. To qualify for a real estate broker license in Illinois at the Managing Broker level,
how many hours of pre-license education are required?
A) 75 hours
B) 120 hours
C) 165 hours
D) 200 hours
Answer: C. To qualify for a real estate broker license in Illinois at the Managing Broker
level, you first need to complete 165 hours of pre-license education.
7. What is the primary purpose of the Illinois Real Estate License Act?
A) To generate revenue for the state
B) To protect the public by regulating real estate professionals
C) To limit the number of real estate agents
D) To standardize property management fees
Answer: B. The Real Estate License Act is designed to protect the public by ensuring that
real estate professionals meet minimum standards of competence and ethics.
8. A person who performs property management activities for another person and for
compensation must:
A) Have a real estate license
B) Have a property management certificate only
Manager (CAM) Licensing Exam Practice Questions And
Correct Answers (Verified Answers) Digital download
(PDF) Instant access after purchase
Exam Overview
Feature Details
Exam Name Illinois Property Manager / Community Association Manager (CAM)
Licensing Exam
Administering Illinois Department of Financial and Professional Regulation (IDFPR)
Body
Key Reference Illinois Real Estate License Act of 2000 (RELA), Illinois CAM Act, Fair
Housing Act
Exam Provider PSI Services LLC
License Types Leasing Agent License, Broker License, Managing Broker License,
Community Association Manager (CAM) License
Key Topics Licensing requirements, property management agreements, landlord-
tenant law, fair housing, trust accounts, agency relationships,
contracts, disclosures, ethics, risk management, CAM-specific
regulations
,SECTION 1: LICENSING REQUIREMENTS & REGULATORY FRAMEWORK (Questions
1-30)
1. Which state agency is responsible for licensing, regulating, and disciplining
Community Association Managers in Illinois?
A) Illinois Department of Insurance
B) Illinois Department of Financial and Professional Regulation (IDFPR)
C) Illinois Real Estate Commission
D) Illinois Department of Commerce
Answer: B. The Illinois Department of Financial and Professional Regulation (IDFPR) is the
state government agency responsible for the licensing, regulation, and discipline of
Community Association Managers (CAMs) in Illinois.
2. According to 2023 regulations, what professional title is no longer permitted and
must be updated to "Community Association Manager"?
A) Property Manager
B) Condominium Manager
C) Homeowners Association Manager
D) Building Supervisor
Answer: A. As of June 2, 2023, the professional title "Property Manager" is no longer
allowed and must be updated to "Community Association Manager" for those managing
community associations.
3. All Community Association Manager Firms must now be:
A) Registered with the local county clerk
, B) Licensed by IDFPR
C) Certified by the National Association of Realtors
D) Members of the Community Associations Institute
Answer: B. Under the new regulations effective June 2, 2023, all Community Association
Manager Firms must now be licensed by IDFPR.
4. Illinois permits individuals whose real estate practice is limited to leasing or
renting residential property, collecting rent, negotiating leases, and similar activities
to obtain which type of license?
A) Broker License
B) Managing Broker License
C) Limited Scope Leasing-Agent License
D) Community Association Manager License
Answer: C. Illinois permits individuals whose real estate practice is limited to leasing or
renting residential property, collecting rent, negotiating leases, and similar activities to
obtain a limited scope leasing-agent license instead of the broader-scope broker or
managing broker license.
5. The Illinois Real Estate License Act of 2000 governs which of the following
activities?
A) Residential sales and rentals only
B) Commercial sales and rentals only
C) Property management when real estate licensed activities are performed
D) All of the above
, Answer: D. The Illinois Real Estate License Act governs all real estate brokerage activities,
such as residential sales and rentals, commercial sales and rentals, property management
when real estate licensed activities are performed, farm management, etc.
6. To qualify for a real estate broker license in Illinois at the Managing Broker level,
how many hours of pre-license education are required?
A) 75 hours
B) 120 hours
C) 165 hours
D) 200 hours
Answer: C. To qualify for a real estate broker license in Illinois at the Managing Broker
level, you first need to complete 165 hours of pre-license education.
7. What is the primary purpose of the Illinois Real Estate License Act?
A) To generate revenue for the state
B) To protect the public by regulating real estate professionals
C) To limit the number of real estate agents
D) To standardize property management fees
Answer: B. The Real Estate License Act is designed to protect the public by ensuring that
real estate professionals meet minimum standards of competence and ethics.
8. A person who performs property management activities for another person and for
compensation must:
A) Have a real estate license
B) Have a property management certificate only
