ILLINOIS RESIDENTIAL
LEASING AGENT LICENSE
EXAM QUESTIONS AND
ANSWERS (LATEST)
A residential lease is a contract between
A) An owner and his/her agent
B) A lessor and lessee
C) A mortgager and mortgagee
D) A tenant and the leasing agent - ANSWERS-B) A lessor and lessee
A voluntary agreement between two competent parties is known as:
A) An unenforceable contract
B) A valid contract
C) A void contract
D) An invalid contract - ANSWERS-B) A valid contract
Price fixing is an example of a violation of:
A) Fair Housing laws
B) Illinois Human Rights Act
C) Antitrust laws
D) Disclosure laws - ANSWERS-C) Antitrust laws
,Which is not an essential element to a valid contract?
A) Agreement must be in writing
B) Competent parties
C) Offer and acceptant
D) Consideration - ANSWERS-A) Agreement must be in writing
A contract entered into between a competent adult and minor is:
A) Void
B) Valid
C) Voidable by either party
D) Voidable by the minor - ANSWERS-D) Voidable by the minor
When do escrow funds need to be deposited?
A) Within 48 hours of acceptance
B) Immediately
C) The next day after acceptance
D) The next business day after acceptance - ANSWERS-D) The next
business day after acceptance
One of the essential elements to a contract is "consideration".
Consideration means:
A) All parties understand what they signed
B) Offer and acceptance
,C) Legality of object
D) Giving of something of value - ANSWERS-D) Giving of
something of value
Escrow records and employment agreements must be maintained for
how many years?
A) 2 years
B) 3 years
C) 5 years
D) 7 years - ANSWERS-C) 5 years
The leasing agent license shall expire on July 31st of
a) Even numbered years
b) Odd numbered years
c) Each year
d) Every three years - ANSWERS-A) Even numbered years
Sponsoring brokers must submit the 45 day sponsor card to IDFPR
within:
a) 12 hours of employment
b) 24 hours of employment
c) 36 hours of employment
d) 48 hours of employment - ANSWERS-B) 24 hours of employment
, Leasing Agent licensees must complete how many hours of
continuing education during the 24 month period prior renewal:
a) 12 hours of continuing education
b) 15 hours of continuing education
c) 3 hours of continuing education
d) 8 hours of continuing education - ANSWERS-D) 8 hours of
continuing education
The Real Estate Recovery Fund is
a) A fund maintained by the broker for licensee violations
b) A fund at IDFPR to reimburse persons who suffer loss due to
licensee's actions
c) A fund that every sponsoring broker is required to keep in case of
violations
d) A fund at the local Realtor Association to discipline licensees -
ANSWERS-B) A fund at IDFPR to reimburse persons who suffer a
loss due to a licensee's actions
The general requirements for a Residential Leasing Agent to obtain a
license include:
A) Applicant must be 18 years of age
B) Applicant must have a high school diploma of GED
C) Applicant must have a sponsoring broker or broker firm
D) All of the above - ANSWERS-D) All of the above
LEASING AGENT LICENSE
EXAM QUESTIONS AND
ANSWERS (LATEST)
A residential lease is a contract between
A) An owner and his/her agent
B) A lessor and lessee
C) A mortgager and mortgagee
D) A tenant and the leasing agent - ANSWERS-B) A lessor and lessee
A voluntary agreement between two competent parties is known as:
A) An unenforceable contract
B) A valid contract
C) A void contract
D) An invalid contract - ANSWERS-B) A valid contract
Price fixing is an example of a violation of:
A) Fair Housing laws
B) Illinois Human Rights Act
C) Antitrust laws
D) Disclosure laws - ANSWERS-C) Antitrust laws
,Which is not an essential element to a valid contract?
A) Agreement must be in writing
B) Competent parties
C) Offer and acceptant
D) Consideration - ANSWERS-A) Agreement must be in writing
A contract entered into between a competent adult and minor is:
A) Void
B) Valid
C) Voidable by either party
D) Voidable by the minor - ANSWERS-D) Voidable by the minor
When do escrow funds need to be deposited?
A) Within 48 hours of acceptance
B) Immediately
C) The next day after acceptance
D) The next business day after acceptance - ANSWERS-D) The next
business day after acceptance
One of the essential elements to a contract is "consideration".
Consideration means:
A) All parties understand what they signed
B) Offer and acceptance
,C) Legality of object
D) Giving of something of value - ANSWERS-D) Giving of
something of value
Escrow records and employment agreements must be maintained for
how many years?
A) 2 years
B) 3 years
C) 5 years
D) 7 years - ANSWERS-C) 5 years
The leasing agent license shall expire on July 31st of
a) Even numbered years
b) Odd numbered years
c) Each year
d) Every three years - ANSWERS-A) Even numbered years
Sponsoring brokers must submit the 45 day sponsor card to IDFPR
within:
a) 12 hours of employment
b) 24 hours of employment
c) 36 hours of employment
d) 48 hours of employment - ANSWERS-B) 24 hours of employment
, Leasing Agent licensees must complete how many hours of
continuing education during the 24 month period prior renewal:
a) 12 hours of continuing education
b) 15 hours of continuing education
c) 3 hours of continuing education
d) 8 hours of continuing education - ANSWERS-D) 8 hours of
continuing education
The Real Estate Recovery Fund is
a) A fund maintained by the broker for licensee violations
b) A fund at IDFPR to reimburse persons who suffer loss due to
licensee's actions
c) A fund that every sponsoring broker is required to keep in case of
violations
d) A fund at the local Realtor Association to discipline licensees -
ANSWERS-B) A fund at IDFPR to reimburse persons who suffer a
loss due to a licensee's actions
The general requirements for a Residential Leasing Agent to obtain a
license include:
A) Applicant must be 18 years of age
B) Applicant must have a high school diploma of GED
C) Applicant must have a sponsoring broker or broker firm
D) All of the above - ANSWERS-D) All of the above
