Chapter 16: Illinois Real Estate
Licensing Law Questions and All
Correct Answers.
Real Estate Research and Education Fund - Answer used to promote real estate research and
education at Illinois organizations and institutions of higher learning.
Broker - Answer any individual, partnership, limited liability company (LLC), corporation or
registered limited liability partnership other than a leasing agent who, for another and for
compensation, whether in person or through any media or technology, or within the intention
or expectation of receiving compensation, either directly or indirectly, performs any of the
services for which a real estate license is required.
Leasing Agent License - Answer for persons who wish to engage only in activities limited to
leasing of residential leasing property in which a license is required. This license allows activities
such as leasing or renting residential real property, attempting, offering or negotiating to lease
or rent residential real property; or supervising the collection, offer, attempt or agreement to
collect rent for the use of residential real property. Licensed brokers and managing brokers do
not need a leasing agent license for these activities. A leasing agent must be sponsored by a
licensed real estate sponsoring broker.
Sponsoring Broker - Answer The broker who has issued a sponsor card to a licensed broker,
managing broker, or leasing agent. Must have a written agreement with any managing brokers,
brokers or leasing agents she employs. Must have a written agreement with any licensed
personal assistants or licensees sponsored by the broker.
Branch office - Answer The sponsoring broker who wants to establish branch offices must
apply for a branch office license for each branch office maintained. The sponsoring broker
names a managing broker for each branch office and is responsible for supervising all managing
brokers. The managing broker, who must be a licensed managing broker, oversees the branch's
operations.
The name of the office must be the same as the primary real estate office or closely linked to it.
Loss of a branch office manager - Answer In the event a sponsoring broker dies or a
managing broker leave a branch office unexpectedly, a request may be made to the Department
within 15 days of the loss to grant an extension for continued office operations.
Employment Agreement - Answer A licensee must have only one sponsoring broker at any
given time and may perform real estate activities only for that sponsoring broker.
Licensing Law Questions and All
Correct Answers.
Real Estate Research and Education Fund - Answer used to promote real estate research and
education at Illinois organizations and institutions of higher learning.
Broker - Answer any individual, partnership, limited liability company (LLC), corporation or
registered limited liability partnership other than a leasing agent who, for another and for
compensation, whether in person or through any media or technology, or within the intention
or expectation of receiving compensation, either directly or indirectly, performs any of the
services for which a real estate license is required.
Leasing Agent License - Answer for persons who wish to engage only in activities limited to
leasing of residential leasing property in which a license is required. This license allows activities
such as leasing or renting residential real property, attempting, offering or negotiating to lease
or rent residential real property; or supervising the collection, offer, attempt or agreement to
collect rent for the use of residential real property. Licensed brokers and managing brokers do
not need a leasing agent license for these activities. A leasing agent must be sponsored by a
licensed real estate sponsoring broker.
Sponsoring Broker - Answer The broker who has issued a sponsor card to a licensed broker,
managing broker, or leasing agent. Must have a written agreement with any managing brokers,
brokers or leasing agents she employs. Must have a written agreement with any licensed
personal assistants or licensees sponsored by the broker.
Branch office - Answer The sponsoring broker who wants to establish branch offices must
apply for a branch office license for each branch office maintained. The sponsoring broker
names a managing broker for each branch office and is responsible for supervising all managing
brokers. The managing broker, who must be a licensed managing broker, oversees the branch's
operations.
The name of the office must be the same as the primary real estate office or closely linked to it.
Loss of a branch office manager - Answer In the event a sponsoring broker dies or a
managing broker leave a branch office unexpectedly, a request may be made to the Department
within 15 days of the loss to grant an extension for continued office operations.
Employment Agreement - Answer A licensee must have only one sponsoring broker at any
given time and may perform real estate activities only for that sponsoring broker.
