Illinois Leasing Agent Pre-License Terms
Agency Disclosure Ans✓✓✓ Advise customer in writing that a designated agency
relationship exists & the name of the designated agent assigned to work with that
client
Antitrust Laws Ans✓✓✓ Antitrust laws were enacted to protect the public
against large entities from taking advantage of consumers (examples: price fixing
& setting up areas of trade)
Bilateral Contract Ans✓✓✓ Two or more parties making a commitment to each
other (like an apartment lease)
Blind Ad Ans✓✓✓ A blind ad is one that contains limited information or is
missing key information required by the License Act. It may be an ad that lists only
a P. O. Box, street address or a telephone number. The License Act requires the
brokerage company name/property name to appear in all ads.
Blockbusting Ans✓✓✓ The illegal practice of prompting owners to rent or sell by
making a representation about any protected class (race, color, religion, national
origin, sex, handicap or familial status). This practice is also known as "panic
pedaling."
Branch Office Ans✓✓✓ A Branch Office License is required for each office other
than the sponsoring broker's principal place of business; Each Branch Office must
have a Managing Broker who is appointed by the sponsoring broker
Chattel Ans✓✓✓ Personal items not attached to the land (movable property)
, Civil Rights Act of 1866 Ans✓✓✓ The Civil Rights Act of 1866 was the first civil
rights act and it had no exemptions. Its protected class was "racial
discrimination."
COLAN Ans✓✓✓ * Care
* Obedience
* Loyalty
* Accountability
* Notice
Commingling Ans✓✓✓ Cannot commingle money/property of business or
personal funds
Continuing Education Ans✓✓✓ Must complete 6 hours of CE per year, minus the
first renewal period; must be state or IDFPR approved
Contract Ans✓✓✓ An agreement between two or more competent parties:
-The parties must be of sound mind
-To engage in some legal purpose
-To receive something of value in exchange
Dual Agency Ans✓✓✓ Dual agency is when a licensee represents both the seller
and the buyer or, in the case of residential leasing, both the landlord and the
prospective tenant
Agency Disclosure Ans✓✓✓ Advise customer in writing that a designated agency
relationship exists & the name of the designated agent assigned to work with that
client
Antitrust Laws Ans✓✓✓ Antitrust laws were enacted to protect the public
against large entities from taking advantage of consumers (examples: price fixing
& setting up areas of trade)
Bilateral Contract Ans✓✓✓ Two or more parties making a commitment to each
other (like an apartment lease)
Blind Ad Ans✓✓✓ A blind ad is one that contains limited information or is
missing key information required by the License Act. It may be an ad that lists only
a P. O. Box, street address or a telephone number. The License Act requires the
brokerage company name/property name to appear in all ads.
Blockbusting Ans✓✓✓ The illegal practice of prompting owners to rent or sell by
making a representation about any protected class (race, color, religion, national
origin, sex, handicap or familial status). This practice is also known as "panic
pedaling."
Branch Office Ans✓✓✓ A Branch Office License is required for each office other
than the sponsoring broker's principal place of business; Each Branch Office must
have a Managing Broker who is appointed by the sponsoring broker
Chattel Ans✓✓✓ Personal items not attached to the land (movable property)
, Civil Rights Act of 1866 Ans✓✓✓ The Civil Rights Act of 1866 was the first civil
rights act and it had no exemptions. Its protected class was "racial
discrimination."
COLAN Ans✓✓✓ * Care
* Obedience
* Loyalty
* Accountability
* Notice
Commingling Ans✓✓✓ Cannot commingle money/property of business or
personal funds
Continuing Education Ans✓✓✓ Must complete 6 hours of CE per year, minus the
first renewal period; must be state or IDFPR approved
Contract Ans✓✓✓ An agreement between two or more competent parties:
-The parties must be of sound mind
-To engage in some legal purpose
-To receive something of value in exchange
Dual Agency Ans✓✓✓ Dual agency is when a licensee represents both the seller
and the buyer or, in the case of residential leasing, both the landlord and the
prospective tenant
