Unit 14-Leasing Exam Questions All
Solved.
The Illinois Real Estate License Act allows landlords to pay a referral fee to tenants who refer a
prospective tenant for a unit in the same building or complex - Answer True
The Illinois Real Estate License Act allows landlords to pay a referral fee to tenants who refer a
prospective tenant for a unit in the same building or complex - Answer True
Activities of a leasing agent include leasing residential apartments and collection rents for the
use of residential apartments - Answer True
Licensed leasing agents must be sponsored and employed by a sponsoring broker - Answer
True
A person may engage in residential leasing for a period of 180 consecutive days without being
licensed so long as the person is acting under the supervision of a broker and the broker has
notified the IDFPR that the person is pursuing licensure - Answer False (120)
Applicants for a leasing agent license must successfully complete a 45-hour transactions course
applicable to leasing agents - Answer False (15)
Leasing Agents have no exemptions from licensure under the Act. - Answer False
A leasing agent may perform activities as a licensee only for their sponsoring broker - Answer
True
The Act does not require leasing agents to have a written employment agreement between
themselves and their employing broker. - Answer False
Leasing agents are required to disclose their status as a licensee just as a salesperson or broker
would - Answer True
A leasing agent may not accept compensation for the performance of leasing agent activities
except from the sponsoring broker - Answer True
Leasing Agents must take 24 hours of continuing education each year - Answer False (6)
, The IDFPR has the power to investigate unlicensed activity and impose fines not to exceed
$10,000. - Answer False ($25,000)
If a property owner pays a fee or commission directly to a leasing agent employed by a broker,
the leasing agent receiving the commission is in violation of the Act. - Answer True
Illinois law allows the state to seek civil action against the owners of drug houses. - Answer
True
The application fee for an initial leasing agent license shall be $100.00. - Answer False ($75)
A rental finding service is any business which finds, attempts to find, or offers to find, for any
person who pays or is obligated to pay a fee or other valuable consideration, a unit of rental real
estate or a lessee to occupy a unit of rental real estate, not owned or leased by such business. -
Answer True
A rental finding service shall, prior to accepting a fee or other valuable consideration for such
services, enter into a written contract with the person for whom such services are to be
performed and deliver to such individual a copy of such contract. - Answer True
In Illinois which of these needs to hold a real estate license? - Answer A person who employs
fewer than 3 apartment leasing agents
An unlicensed man has been twice found to be engaging in activities for which a real estate
license is required. He is subject to a
a. fine not to exceed $1,000.
b. fine not to exceed $5,000 and one year imprisonment.
c. civil penalty not to exceed $25,000 per violation.
d. civil penalty not to exceed $25,000 per violation and a mandatory prison term not to exceed
five years. - Answer civil penalty not to exceed $25,000 per violation
The initial broker's license fee for a partnership, LLC, or corporation is
a. $55.
b. $100, so long as no more than 50% of the shares of the company are held by brokers.
c. $125.
d. $250. - Answer $125
Solved.
The Illinois Real Estate License Act allows landlords to pay a referral fee to tenants who refer a
prospective tenant for a unit in the same building or complex - Answer True
The Illinois Real Estate License Act allows landlords to pay a referral fee to tenants who refer a
prospective tenant for a unit in the same building or complex - Answer True
Activities of a leasing agent include leasing residential apartments and collection rents for the
use of residential apartments - Answer True
Licensed leasing agents must be sponsored and employed by a sponsoring broker - Answer
True
A person may engage in residential leasing for a period of 180 consecutive days without being
licensed so long as the person is acting under the supervision of a broker and the broker has
notified the IDFPR that the person is pursuing licensure - Answer False (120)
Applicants for a leasing agent license must successfully complete a 45-hour transactions course
applicable to leasing agents - Answer False (15)
Leasing Agents have no exemptions from licensure under the Act. - Answer False
A leasing agent may perform activities as a licensee only for their sponsoring broker - Answer
True
The Act does not require leasing agents to have a written employment agreement between
themselves and their employing broker. - Answer False
Leasing agents are required to disclose their status as a licensee just as a salesperson or broker
would - Answer True
A leasing agent may not accept compensation for the performance of leasing agent activities
except from the sponsoring broker - Answer True
Leasing Agents must take 24 hours of continuing education each year - Answer False (6)
, The IDFPR has the power to investigate unlicensed activity and impose fines not to exceed
$10,000. - Answer False ($25,000)
If a property owner pays a fee or commission directly to a leasing agent employed by a broker,
the leasing agent receiving the commission is in violation of the Act. - Answer True
Illinois law allows the state to seek civil action against the owners of drug houses. - Answer
True
The application fee for an initial leasing agent license shall be $100.00. - Answer False ($75)
A rental finding service is any business which finds, attempts to find, or offers to find, for any
person who pays or is obligated to pay a fee or other valuable consideration, a unit of rental real
estate or a lessee to occupy a unit of rental real estate, not owned or leased by such business. -
Answer True
A rental finding service shall, prior to accepting a fee or other valuable consideration for such
services, enter into a written contract with the person for whom such services are to be
performed and deliver to such individual a copy of such contract. - Answer True
In Illinois which of these needs to hold a real estate license? - Answer A person who employs
fewer than 3 apartment leasing agents
An unlicensed man has been twice found to be engaging in activities for which a real estate
license is required. He is subject to a
a. fine not to exceed $1,000.
b. fine not to exceed $5,000 and one year imprisonment.
c. civil penalty not to exceed $25,000 per violation.
d. civil penalty not to exceed $25,000 per violation and a mandatory prison term not to exceed
five years. - Answer civil penalty not to exceed $25,000 per violation
The initial broker's license fee for a partnership, LLC, or corporation is
a. $55.
b. $100, so long as no more than 50% of the shares of the company are held by brokers.
c. $125.
d. $250. - Answer $125
