Leasing License Exam Questions With 100% Correct Answers

Leasing License Exam Questions With 100% Correct Answers What does the IDFPR stand for? - answerThe Illinois Department of Financial and Professional Regulation How can you get on the Real Estate Administration and Disciplinary Board? - answerBe appointed by the governor What does the Real Estate Research and Education Fund do? (Do not choose on test) - answerScholarships What does the Real Estate Administration Fund do? - answerPays the bills for the IDFPR What do the Peer Review Advisors do? - answerHelp out IDFPR investigate complaints on other licensees What are the three license categories? - answerBroker, Managing Broker, and Residential Leasing Agent What does a broker do? - answerCan open office if you have a managing broker as well. Fills out sponsor cards What does a managing broker do? - answerMake sure everyone completes their licenses Is it lawful for any person corporation, LLC, registered limited liability partnership, or partnership to act as a managing broker, real estate broker or leasing agent without the proper 45 day sponsor card or a license? - answerIt is not lawful How many days is the sponsor card good for? - answer45 What is the fine for practicing real estate without a license? - answerup to 25,000 Licensed activities include... - answerRents or leases Negotiates renting or leasing Supervises collection of rent Advertises as being engaged in business of buying Procures leads Opens real estate to public (open houses) What is a brokerage agreement? - answerA written or oral agreement between a sponsoring broker and a consumer for licensed activities in return for compensation What is a client? - answerA person who is being represented by a licensee What is compensation? - answerThe valuable consideration given by one person to another person in exchange for performance.Can only be paid out by broker Leasing agents may perform... - answerLeasing or renting of residential property, offer or negotiate to rent or lease a property, and collect rent or supervise collection What happens to sponsored licenses if their sponsor's license gets revoked? - answerImmediately goes inactive What are the violations for practicing unlicensed real estate and how long do you have to pay your fine? - answerClass A misdemeanor Class 4 Felony $25,000 60 days What can an unlicensed assistant do? - answerDraft ad copies and promotional materials that are approved Place advertising Place signs on property Routine calls on late payments Sit at a property for broker that is not open to public What can an unlicensed assistant not do? - answerHost open houses that are open to the public Explain contracts What are the exemptions for the license requirement? - answerAn owner Attorney Receiver or executor Resident manager Federal agency State government Railroads Resident of a residential dwelling unit What are the terms of a resident of a residential dwelling unit? - answerRefers no more than 3 lessees in a 12 month period Received compensation no more than 5k or equivalent of two months rent whichever is less Requirements to be eligible for leasing agent license - answer18 years or older Have a good moral character High school diploma or GED Have a sponsoring broker 15 hours of leasing class Pass written state exam Who gets the 120 day temporary agent student permit? - answerLeasing agents only Who can get a 45 day sponsor card? - answerLeasing agents, managing brokers, and brokers How often can an unlicensed residential leasing agent practice as a student for? - answerOnce every 24 months Example: Can fill out the permit with a company and leave but them wait two years for another temporary When can a sponsoring broker issue a 45 day sponsor card? - answerPresentation of... Passing score on exam Original license License expired less than 2 years Upon termination of employment by the sponsoring broker they shall - answerNotify terminated licensee within 24 hours notify IDFPR Upon termination of employment by the licensee they shall - answerNotify IDFPR within 24 hours All leasing agent licenses expire on... - answerJuly 31st on even years Describe a branch loacation - answerAny property that the broker manager/leases that has an office onside, records stored there, and conducts licensed activities How long do you have to report any changes in managing brokers? - answer15 days Can an office be located in a retail or financial business? - answerNo