Illinois Leasing Agent Pre-License
Terms Questions and Answers.
Branch Office - Answer 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
Commingling - Answer Cannot commingle money/property of business or personal funds
Continuing Education - Answer Must complete 6 hours of CE per year, minus the first
renewal period; must be state or IDFPR approved
Employment Agreement - Answer All licensees must have one; must state whether the
licensee is an employee or an independent contractor
IDFPR - Answer Illinois Department of Financial and Professional Regulation
Real Estate Administration & Disciplinary Board - Answer 9 person board who have been
appointed by the governor
Real Estate Research & Education Fund - Answer Fund held by State Treasury trust, used for
research and education for the real estate industry
Inducement - Answer Prizes; Licensees may offer inducements to consumers including
prizes, discounts, gifts or a chance to win a game
Inoperative License - Answer No sponsoring broker for a licensee
Leasing Agent - Answer Can lease or rent residential property; negotiate rent or lease of a
residential property; collect rent or supervise the collection of rent
Licensee - Answer Someone with their license
Managing Broker - Answer Each Branch Office must have a Managing Broker who is
appointed by the sponsoring broker
, Pocket Card - Answer A pocket card, which is provided by IDFPR along with the certificate
size license, should be carried on the licensee at all times when they are participating in licensed
activity. The pocket card is proof that a person is a licensee.
Real Estate Recovery Fund - Answer Person can use this to recover funds based on actions of
a licensee or an unlicensed employee which violates the License Act (amount recovered cannot
be greater than $10,000 per occurrence nor greater than $50,000 against one licensee - two
year window to make a claim)
Reciprocity - Answer Certain states have agreements to recognize Illinois licenses so that
activities can be conducted between the states - does not apply to leasing agents since Illinois is
the only one with leasing agent licenses
Sponsoring Broker - Answer The leasing agent license is a limited scope license for residential
leasing only. They must be sponsored by a sponsoring broker or broker firm.
Sponsor Card - Answer 45 day temporary permit - sponsoring broker gives this card to the
licensee
Blind Ad - Answer 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 - Answer 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."
Civil Rights Act of 1866 - Answer The Civil Rights Act of 1866 was the first civil rights act and
it had no exemptions. Its protected class was "racial discrimination."
Senior Housing - Answer The Fair Housing Amendment Act of 1988 included a provision for
senior housing which can be defined as operating housing based on:
a. Individuals age 62 years of age or older occupying units, or
b. At least one person 55 years of age or older in 80% of the units. The remaining 20% of units
can be occupied by anyone else who qualifies.
Familial Status - Answer Protected Class in the Fair Housing Amendment Act of 1988 -
defines a family as "an adult with persons under the age of 18, a person that is pregnant, a
person who has custody or is getting custody of persons under age 18."
Terms Questions and Answers.
Branch Office - Answer 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
Commingling - Answer Cannot commingle money/property of business or personal funds
Continuing Education - Answer Must complete 6 hours of CE per year, minus the first
renewal period; must be state or IDFPR approved
Employment Agreement - Answer All licensees must have one; must state whether the
licensee is an employee or an independent contractor
IDFPR - Answer Illinois Department of Financial and Professional Regulation
Real Estate Administration & Disciplinary Board - Answer 9 person board who have been
appointed by the governor
Real Estate Research & Education Fund - Answer Fund held by State Treasury trust, used for
research and education for the real estate industry
Inducement - Answer Prizes; Licensees may offer inducements to consumers including
prizes, discounts, gifts or a chance to win a game
Inoperative License - Answer No sponsoring broker for a licensee
Leasing Agent - Answer Can lease or rent residential property; negotiate rent or lease of a
residential property; collect rent or supervise the collection of rent
Licensee - Answer Someone with their license
Managing Broker - Answer Each Branch Office must have a Managing Broker who is
appointed by the sponsoring broker
, Pocket Card - Answer A pocket card, which is provided by IDFPR along with the certificate
size license, should be carried on the licensee at all times when they are participating in licensed
activity. The pocket card is proof that a person is a licensee.
Real Estate Recovery Fund - Answer Person can use this to recover funds based on actions of
a licensee or an unlicensed employee which violates the License Act (amount recovered cannot
be greater than $10,000 per occurrence nor greater than $50,000 against one licensee - two
year window to make a claim)
Reciprocity - Answer Certain states have agreements to recognize Illinois licenses so that
activities can be conducted between the states - does not apply to leasing agents since Illinois is
the only one with leasing agent licenses
Sponsoring Broker - Answer The leasing agent license is a limited scope license for residential
leasing only. They must be sponsored by a sponsoring broker or broker firm.
Sponsor Card - Answer 45 day temporary permit - sponsoring broker gives this card to the
licensee
Blind Ad - Answer 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 - Answer 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."
Civil Rights Act of 1866 - Answer The Civil Rights Act of 1866 was the first civil rights act and
it had no exemptions. Its protected class was "racial discrimination."
Senior Housing - Answer The Fair Housing Amendment Act of 1988 included a provision for
senior housing which can be defined as operating housing based on:
a. Individuals age 62 years of age or older occupying units, or
b. At least one person 55 years of age or older in 80% of the units. The remaining 20% of units
can be occupied by anyone else who qualifies.
Familial Status - Answer Protected Class in the Fair Housing Amendment Act of 1988 -
defines a family as "an adult with persons under the age of 18, a person that is pregnant, a
person who has custody or is getting custody of persons under age 18."
