Leasing Agent Chapter 5: License Law and Agency
questions with verified answers
A leasing agent is allowed to engage in leasing transactions that involve:
a. residential property.
b. commercial property.
c. industrial property.
d. all kinds of property. Ans✓✓✓ a. residential property.
A licensee has just collected a commission from the owner of a home she has
sold. She would be in violation of license law unless:
a. she holds a residential leasing agent license.
b. she holds a valid real-estate broker's license.
c. she is a close relative of the owner paying the commission.
d. she is both real-estate licensee and an attorney Ans✓✓✓ b. she holds a valid
real-estate broker's license.
A licensee is considered to be on "_____________" status when not sponsored by
a licensed managing broker. Ans✓✓✓ inoperative status
A real estate broker steals $1 million in earnest money and cannot be found. The
total amount of money to be recovered from the Recovery Fund will be limited to
the following amount:
a. $10,000.
b. $100,000.
c. $500,000.
d. $50,000. Ans✓✓✓ b. $100,000.
, A real estate license can be revoked for:
a. the loss of a pocket card.
b. intentionally misleading someone into signing a contract.
c. submitting an absurd offer to the seller of a property.
d. closing a deal after midnight. Ans✓✓✓ b. intentionally misleading someone
into signing a contract.
According to state rules, the option to work for up to 120 days as a sponsored but
unlicensed leasing agent is available no more than once during any Ans✓✓✓
two-year period.
After leasing agents first renewal, residential leasing agents are required to
complete Ans✓✓✓ six hours of continuing education during each succeeding
two-year renewal cycle
Agency Ans✓✓✓ The legal relationship created when one person represents
another.
An aggrieved party wishing to recover a loss from the recovery fund must first
receive a judgment from a court. The suit for judgment must be started within
JOW MANY YEARS Ans✓✓✓ 2years
An Illinois managing broker must enter into written agreements of employment
with the licensees he or she sponsors. These agreements must include:
a. how vacation will be earded.
questions with verified answers
A leasing agent is allowed to engage in leasing transactions that involve:
a. residential property.
b. commercial property.
c. industrial property.
d. all kinds of property. Ans✓✓✓ a. residential property.
A licensee has just collected a commission from the owner of a home she has
sold. She would be in violation of license law unless:
a. she holds a residential leasing agent license.
b. she holds a valid real-estate broker's license.
c. she is a close relative of the owner paying the commission.
d. she is both real-estate licensee and an attorney Ans✓✓✓ b. she holds a valid
real-estate broker's license.
A licensee is considered to be on "_____________" status when not sponsored by
a licensed managing broker. Ans✓✓✓ inoperative status
A real estate broker steals $1 million in earnest money and cannot be found. The
total amount of money to be recovered from the Recovery Fund will be limited to
the following amount:
a. $10,000.
b. $100,000.
c. $500,000.
d. $50,000. Ans✓✓✓ b. $100,000.
, A real estate license can be revoked for:
a. the loss of a pocket card.
b. intentionally misleading someone into signing a contract.
c. submitting an absurd offer to the seller of a property.
d. closing a deal after midnight. Ans✓✓✓ b. intentionally misleading someone
into signing a contract.
According to state rules, the option to work for up to 120 days as a sponsored but
unlicensed leasing agent is available no more than once during any Ans✓✓✓
two-year period.
After leasing agents first renewal, residential leasing agents are required to
complete Ans✓✓✓ six hours of continuing education during each succeeding
two-year renewal cycle
Agency Ans✓✓✓ The legal relationship created when one person represents
another.
An aggrieved party wishing to recover a loss from the recovery fund must first
receive a judgment from a court. The suit for judgment must be started within
JOW MANY YEARS Ans✓✓✓ 2years
An Illinois managing broker must enter into written agreements of employment
with the licensees he or she sponsors. These agreements must include:
a. how vacation will be earded.
