Illinois Leasing agent exam prep Test Questions 100% Correct Answers

Illinois Leasing agent exam prep Test Questions 100% Correct Answers The leasing agent license shall expire on July 31st of: - Answer -even numbered years Sponsoring brokers must submit the 45 day sponsor card to IDFPR within: - Answer -24 hours of employment Leasing agent licensees must complete how many hours of containing education during the 24 month period prior renewal: - Answer -8 hours of continuing education The real estate recovery fund is: - Answer -a fund at IDFPR to reimburse persons who suffer loss due to licensee’s actions. The general requirements for a residential leasing agent to obtain a license include: - Answer -applicant 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? - Answer -true True or False; Leasing agents must be 21 years of age and only engage in the sale of residential property? - Answer -false Disciplinary actions for leasing agents: - Answer -Shall conform with disciplainary actions for licensed real estate brokers An applicant shall not practice as a student leasing agent _____________. - Answer -more 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 - Answer -c The real estate recovery fund is maintained by IDFPR, who is eligible to collect damages from this account? - Answer -Any 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? - Answer -4 times the IDFPR requires escrow records to be maintained by the sponsoring broker: - Answer -5 years When must escrow money be deposited by the sponsoring broker? - Answer -No later than the next business day following the transaction. Where is the original license for a leasing agent kept? - Answer -In 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? - Answer -All sponsored licensees immediately go into inactive status. Which of the following is not a blind ad? - Answer -An 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. - Answer -c 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? - Answer -There 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? - Answer -The permit begins the day of the sponsoring broker completes the 120 day permit online and IDFPR.