Illinois leasing agent practice exam Questions With 100% Correct Answers

Illinois leasing agent practice exam Questions With 100% Correct Answers the leasing agent license shall expire on July 31st of: - answereven numbered years sponsoring brokers must submit the 45 day sponsor card to IDFPR within: - answer24 hours of employment leasing agent licensees must complete how many hours of containing education during the 24 month period prior renewal: - answer8 hours of continuing education The real estate recovery fund is: - answera fund at IDFPR to reimburse persons who suffer loss due to a licensees actions. The general requirements for a residential leasing agent to obtain a license include: - answerapplicant must be 18 years of age, must have a highschool diploma or GED, must have a sponsoring broker or firm. True or False; All licensed agents must be sponsored by a sponsored broker or firm? - answertrue True or False; Leasing agents must be 21 years of age and only engage in the sale of residential property? - answerfalse Disciplinary actions for leasing agents: - answerShall conform with disciplainary actions for licensed real estate brokers An applicant shall not practice as a student leasing agent _____________. - answermore than once in a 24 month period. 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 a 180day student permit - answerc The real estate recovery fund is maintained by IDFPR, who is eligible to collect damages from this account? - answerAny person who suffered a loss based on a licensees conduct. How many times can a person take the state licensing exam before they have to repeat the course again? - answer4 times the IDFPR requires escrow records to be maintained by the sponsoring broker: - answer5 years When must escrow money be deposited by the sponsoring broker? - answerNo later than the next business day following the transaction. Where is the original license for a leasing agent kept? - answerIn the sponsoring brokers principal office Mary is sponsoring broker, she was found guilty of a license act violation. Her license was suspended. What is the status of the licenses that were sponsored by Mary? - answerAll sponsored licensees immediately go into inactive status. Which of the following is not a blind ad? - answerAn advertisement for rental property with the brokerage company name and phone number listed on the ad. A licensee seeking an apartment encountered discrimination based on his age. Which one of the following statements is correct regarding the real estate recovery fund? a- the licensee may not file a complaint with IDFPR because of the real estate recovery fund is for members of the general public and not licensees. b- the licensee may not file a complaint because there is no witness to the discrimination when the licensee claims that discrimination took place c-the licensee may file a complaint and a hearing will be conducted by IDFPR to determine if any discrimination took place d- the licensee may file a complaint with IDFPR because the discrimination took place five years ago and the case was opened within the required time period. - answerc A licensee owns 1% of a residential property that is being advertised for rent. What is the maximum amount of ownership that a license you can have any property before disclosure is required? - answerThere is no minimum or maximum percentage of ownership that is required. A student leasing agent was hired on January 15. The sponsoring broker did not complete the 120 day student permit until January 30. When does the 120 day period begin? - answerThe permit begins the day of the sponsoring broker completes the 120 day permit online and IDFPR. A sponsor card can be issued by a sponsoring broker to a student after they pass the state exam. Which license category does the sponsor card apply to? - answerLeasing agents, brokers, and managing brokers. Which of the following is not a violation of the license act? a-failure to maintain good record keeping. b-residential leasing agent decides to not renew their lease