ILLINOIS LEASING AGENT EXAM
PREP QUESTIONS AND ANSWERS
WITH COMPLETE SOLUTIONS
ALREADY PASSED!!!
Question 1: On July 31st of which specific years does a residential leasing agent
license officially expire?
A) Every calendar year without exception
B) odd-numbered years
C) even-numbered years ✔️✔️
D) Leap years only
Question 2: Within what timeframe must a sponsoring broker submit the 45-day
sponsor card to the IDFPR?
A) 24 hours of employment ✔️✔️
B) 48 hours after the employee begins working
C) 5 business days from the signing of the employment contract
D) 7 calendar days after the onboarding process
Question 3: How many hours of continuing education must a licensed leasing
agent complete during the 24-month period preceding their license renewal?
A) 4 hours of continuing education
B) 6 hours of continuing education
C) 8 hours of continuing education ✔️✔️
D) 12 hours of continuing education
,Question 4: What is the primary purpose and definition of the Real Estate
Recovery Fund?
A) A state-allocated budget used to bail out struggling brokerages from bankruptcy
B) A fund at IDFPR to reimburse persons who suffer loss due to a licensees
actions. ✔️✔️
C) A tax pool designated for the development of low-income commercial housing
D) An insurance reserve meant to cover physical damage to corporate real estate
offices
Question 5: Which of the following outlines the baseline criteria required for an
individual to qualify for a residential leasing agent license?
A) Applicant must be 21 years of age, hold a bachelor's degree, and establish an
independent LLC.
B) applicant must be 18 years of age, must have a highschool diploma or GED,
must have a sponsoring broker or firm. ✔️✔️
C) Applicant must have 2 years of sales experience, a clean credit history, and a
valid driver's license.
D) Applicant must be a resident of the state for 5 years, have a high school
diploma, and pay a standard corporate bond.
Question 6: True or False: Every licensed agent is legally required to maintain
sponsorship under a registered sponsoring broker or firm.
A) true ✔️✔️
B) false
Question 7: True or False: Individuals must be at least 21 years old to work as
leasing agents, and their professional activities are strictly confined to selling
residential real estate.
A) true
, B) 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.
PREP QUESTIONS AND ANSWERS
WITH COMPLETE SOLUTIONS
ALREADY PASSED!!!
Question 1: On July 31st of which specific years does a residential leasing agent
license officially expire?
A) Every calendar year without exception
B) odd-numbered years
C) even-numbered years ✔️✔️
D) Leap years only
Question 2: Within what timeframe must a sponsoring broker submit the 45-day
sponsor card to the IDFPR?
A) 24 hours of employment ✔️✔️
B) 48 hours after the employee begins working
C) 5 business days from the signing of the employment contract
D) 7 calendar days after the onboarding process
Question 3: How many hours of continuing education must a licensed leasing
agent complete during the 24-month period preceding their license renewal?
A) 4 hours of continuing education
B) 6 hours of continuing education
C) 8 hours of continuing education ✔️✔️
D) 12 hours of continuing education
,Question 4: What is the primary purpose and definition of the Real Estate
Recovery Fund?
A) A state-allocated budget used to bail out struggling brokerages from bankruptcy
B) A fund at IDFPR to reimburse persons who suffer loss due to a licensees
actions. ✔️✔️
C) A tax pool designated for the development of low-income commercial housing
D) An insurance reserve meant to cover physical damage to corporate real estate
offices
Question 5: Which of the following outlines the baseline criteria required for an
individual to qualify for a residential leasing agent license?
A) Applicant must be 21 years of age, hold a bachelor's degree, and establish an
independent LLC.
B) applicant must be 18 years of age, must have a highschool diploma or GED,
must have a sponsoring broker or firm. ✔️✔️
C) Applicant must have 2 years of sales experience, a clean credit history, and a
valid driver's license.
D) Applicant must be a resident of the state for 5 years, have a high school
diploma, and pay a standard corporate bond.
Question 6: True or False: Every licensed agent is legally required to maintain
sponsorship under a registered sponsoring broker or firm.
A) true ✔️✔️
B) false
Question 7: True or False: Individuals must be at least 21 years old to work as
leasing agents, and their professional activities are strictly confined to selling
residential real estate.
A) true
, B) 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.
