Page 1 of 110
Illinois Residential Leasing Agent License Exam
Questions with Correct Answers and
explanations LATEST THIS YEAR -JUST
RELEASED
Illinois Residential Leasing Agent License Exam
SUMMARIZED EXAM COVERAGE
The Illinois Residential Leasing Agent exam is administered by PSI Exams and is regulated by the Illinois
Department of Financial and Professional Regulation (IDFPR) under the Real Estate License Act of 2000.
Candidates must be at least 18 years old, have a high school diploma or equivalent, and complete 15
hours of approved pre-license education covering residential leasing. Applicants have two years from
course completion to pass the exam. Pre-license education is valid for 2 years after completion. Those
who fail four consecutive times must repeat the 15-hour pre-license course before retaking.
Key domains include: Illinois Real Estate License Act and IDFPR regulations; Federal and Illinois Fair
Housing Laws (Civil Rights Act of 1866, Fair Housing Act, Illinois Human Rights Act); Agency relationships
and fiduciary duties; Contracts and leases (formation, types, termination); Property management and
tenant relations; Leasing agreements and disclosure requirements (lead-based paint, Residential Real
Property Disclosure Act); Security deposit handling and interest requirements; Anti-trust laws and
prohibited practices; Escrow funds and recordkeeping (5-year requirement).
1. A lease contract stated that the renters would bring in the security deposit within five days. It is now
the sixth day and the renters have not brought in the money. This is legally referred to as:
A) A tort
B) A breach
C) An estoppel
D) A novation
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Answer: B
Rationale: Failure to perform a contractual obligation within the specified time period constitutes a
breach of contract.
2. A licensee is showing apartments and a family with small children asks about schools in the area.
Which response is most appropriate?
A) Provide an opinion about the best school districts
B) State that you cannot discuss schools due to fair housing laws
C) Provide objective, factual information about local schools
D) Refuse to answer any questions about the neighborhood
Answer: C
Rationale: Providing factual information about schools is permissible; steering based on family status is
prohibited, but factual answers are not discriminatory.
3. In dealing with the public, a licensee:
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A) Must disclose all material facts regardless of whom they represent
B) May keep silent about a material fact concerning the property if the client is the owner
C) Must always put the buyer's interests first
D) May only disclose information about property defects
Answer: A
Rationale: Licensees have a duty to disclose material facts to all parties, regardless of whom they
represent, to avoid misrepresentation.
4. Escrow monies:
A) Must be deposited in the broker's personal account
B) Are only required for property sales, not leases
C) Could include security deposits as well as earnest money
D) Never earn interest for tenants
Answer: C
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Rationale: Escrow monies include any funds held by a licensee on behalf of others, including security
deposits and earnest money.
5. An offer may be terminated:
A) Only by mutual agreement
B) Only by the party who made the offer
C) If it is rejected, changed, or revoked before acceptance
D) Only after 30 days have passed
Answer: C
Rationale: Offers terminate upon rejection, counteroffer, revocation before acceptance, or expiration of
a stated time period.
6. A property management company runs a complex of several buildings on the same parcel. At the
owner's request, the manager makes apartments available to families with children in only two
buildings. This practice is:
Illinois Residential Leasing Agent License Exam
Questions with Correct Answers and
explanations LATEST THIS YEAR -JUST
RELEASED
Illinois Residential Leasing Agent License Exam
SUMMARIZED EXAM COVERAGE
The Illinois Residential Leasing Agent exam is administered by PSI Exams and is regulated by the Illinois
Department of Financial and Professional Regulation (IDFPR) under the Real Estate License Act of 2000.
Candidates must be at least 18 years old, have a high school diploma or equivalent, and complete 15
hours of approved pre-license education covering residential leasing. Applicants have two years from
course completion to pass the exam. Pre-license education is valid for 2 years after completion. Those
who fail four consecutive times must repeat the 15-hour pre-license course before retaking.
Key domains include: Illinois Real Estate License Act and IDFPR regulations; Federal and Illinois Fair
Housing Laws (Civil Rights Act of 1866, Fair Housing Act, Illinois Human Rights Act); Agency relationships
and fiduciary duties; Contracts and leases (formation, types, termination); Property management and
tenant relations; Leasing agreements and disclosure requirements (lead-based paint, Residential Real
Property Disclosure Act); Security deposit handling and interest requirements; Anti-trust laws and
prohibited practices; Escrow funds and recordkeeping (5-year requirement).
1. A lease contract stated that the renters would bring in the security deposit within five days. It is now
the sixth day and the renters have not brought in the money. This is legally referred to as:
A) A tort
B) A breach
C) An estoppel
D) A novation
, Page 2 of 110
Answer: B
Rationale: Failure to perform a contractual obligation within the specified time period constitutes a
breach of contract.
2. A licensee is showing apartments and a family with small children asks about schools in the area.
Which response is most appropriate?
A) Provide an opinion about the best school districts
B) State that you cannot discuss schools due to fair housing laws
C) Provide objective, factual information about local schools
D) Refuse to answer any questions about the neighborhood
Answer: C
Rationale: Providing factual information about schools is permissible; steering based on family status is
prohibited, but factual answers are not discriminatory.
3. In dealing with the public, a licensee:
, Page 3 of 110
A) Must disclose all material facts regardless of whom they represent
B) May keep silent about a material fact concerning the property if the client is the owner
C) Must always put the buyer's interests first
D) May only disclose information about property defects
Answer: A
Rationale: Licensees have a duty to disclose material facts to all parties, regardless of whom they
represent, to avoid misrepresentation.
4. Escrow monies:
A) Must be deposited in the broker's personal account
B) Are only required for property sales, not leases
C) Could include security deposits as well as earnest money
D) Never earn interest for tenants
Answer: C
, Page 4 of 110
Rationale: Escrow monies include any funds held by a licensee on behalf of others, including security
deposits and earnest money.
5. An offer may be terminated:
A) Only by mutual agreement
B) Only by the party who made the offer
C) If it is rejected, changed, or revoked before acceptance
D) Only after 30 days have passed
Answer: C
Rationale: Offers terminate upon rejection, counteroffer, revocation before acceptance, or expiration of
a stated time period.
6. A property management company runs a complex of several buildings on the same parcel. At the
owner's request, the manager makes apartments available to families with children in only two
buildings. This practice is:
