ILLINOIS LEASING AGENT PREP
CERTIFICATION SCRIPT 2026
QUESTIONS WITH SOLUTIONS
GRADED A+
◍ 1. The 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:.
Answer: Breach
◍ 2. In dealing with the public, a licensee:.
Answer: may keep silent about a material fact concerning the property if the
client is the owner. d) may negotiate different commissions with different
owners.
◍ IDFPR.
Answer: Illinois Department of Financial and Professional Regulation, issue
real estate licenses
◍ 3. Escrow monies:.
Answer: could include security deposits as well as earnest money.
◍ Real Estate Administration and Disciplinary Board.
Answer: Appointed by the governor, 15 people, residents of the state for 6
years or more, give recommendations on professional conduct and
disciplinary action
◍ Real Estate Research and Education Fund.
Answer: A fund maintained by the Illinois State Treasury for research and
education at state institutions of higher education or other organizations for
research and the advancement of education in the real estate industry.
, $125,000 budget per year
◍ 4. An offer may be terminated:.
Answer: if it is rejected; if it is changed; or if it is revoked before
acceptance.
◍ A property management company runs a complex of several buildings, all
belonging to the same owner and on the same parcel of land. At the owner's
request, the manager has made apartments available to families with
children in just two of the buildings. This practice is:.
Answer: Steering
◍ Real Estate Administration Fund.
Answer: Money in in trust by state treasury, operating expense for the
IDFPR
◍ Peer Review Advisors.
Answer: Investigate complaints
◍ 6. In a lease an owner may hold a future interest in the property known as:.
Answer: Reversion are interest
◍ 7. Which of the following would be considered a dual agency?.
Answer: A licensee is representing both landlord and tenant in the same
transaction.
◍ License Categories.
Answer: Broker, Managing Broker, Residential Leasing Agent
◍ 8. To be enforced, the Statute of Frauds requires that all contracts for the
sale or lease of real estate be:.
Answer: In writing
◍ Brokerage Agreement.
Answer: A written or oral agreement between a sponsoring broker and a
consumer for licensed activities. All exclusive brokerage agreements must
be in writing.
◍ 9. A young couple with a toddler and an infant want to lease an apartment in
, a complex that is occupied primarily by adults. The rental agent shows the
couple apartments only on the first floor. Which of the following is true?.
Answer: The rental agent should have inquired about the couple's preference
for apartments.
◍ 10. On Tuesday, the agent received an offer and a check for security deposit
from a renter. The owner accepted and signed the lease at 11 am on
Wednesday. The agent must:.
Answer: deposit the money in his escrow account by the close of business
on Thursday.
◍ Client.
Answer: A person who is being represented by a licensee
◍ Compensation.
Answer: Valuable consideration give by one person to another in exchange
for performance of a service or activity
◍ Good Moral Behavior.
Answer: No felonies, prior revoked licenses, fraud, false application
◍ 120 Day Student Permit.
Answer: Issued for leasing agents by a sponsoring broker, must be enrolled
within first 60 days, agent may practice as a student only once in a 24 month
period
◍ 45 Sponsor Card.
Answer: Temporary permit allowing a sponsee to engage in practice as a
leasing agent until issued a license, issued after applicant passes the exam,
need a new sponsor card every time they change sponsoring brokers
◍ 11. The primary requirement of a contract would be:.
Answer: Offer and acceptance
◍ Hearings.
Answer: Conducted by IDFPR, determine suspension or revocation,
investigation is conducted, licensee is notified within 30 days prior to the
CERTIFICATION SCRIPT 2026
QUESTIONS WITH SOLUTIONS
GRADED A+
◍ 1. The 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:.
Answer: Breach
◍ 2. In dealing with the public, a licensee:.
Answer: may keep silent about a material fact concerning the property if the
client is the owner. d) may negotiate different commissions with different
owners.
◍ IDFPR.
Answer: Illinois Department of Financial and Professional Regulation, issue
real estate licenses
◍ 3. Escrow monies:.
Answer: could include security deposits as well as earnest money.
◍ Real Estate Administration and Disciplinary Board.
Answer: Appointed by the governor, 15 people, residents of the state for 6
years or more, give recommendations on professional conduct and
disciplinary action
◍ Real Estate Research and Education Fund.
Answer: A fund maintained by the Illinois State Treasury for research and
education at state institutions of higher education or other organizations for
research and the advancement of education in the real estate industry.
, $125,000 budget per year
◍ 4. An offer may be terminated:.
Answer: if it is rejected; if it is changed; or if it is revoked before
acceptance.
◍ A property management company runs a complex of several buildings, all
belonging to the same owner and on the same parcel of land. At the owner's
request, the manager has made apartments available to families with
children in just two of the buildings. This practice is:.
Answer: Steering
◍ Real Estate Administration Fund.
Answer: Money in in trust by state treasury, operating expense for the
IDFPR
◍ Peer Review Advisors.
Answer: Investigate complaints
◍ 6. In a lease an owner may hold a future interest in the property known as:.
Answer: Reversion are interest
◍ 7. Which of the following would be considered a dual agency?.
Answer: A licensee is representing both landlord and tenant in the same
transaction.
◍ License Categories.
Answer: Broker, Managing Broker, Residential Leasing Agent
◍ 8. To be enforced, the Statute of Frauds requires that all contracts for the
sale or lease of real estate be:.
Answer: In writing
◍ Brokerage Agreement.
Answer: A written or oral agreement between a sponsoring broker and a
consumer for licensed activities. All exclusive brokerage agreements must
be in writing.
◍ 9. A young couple with a toddler and an infant want to lease an apartment in
, a complex that is occupied primarily by adults. The rental agent shows the
couple apartments only on the first floor. Which of the following is true?.
Answer: The rental agent should have inquired about the couple's preference
for apartments.
◍ 10. On Tuesday, the agent received an offer and a check for security deposit
from a renter. The owner accepted and signed the lease at 11 am on
Wednesday. The agent must:.
Answer: deposit the money in his escrow account by the close of business
on Thursday.
◍ Client.
Answer: A person who is being represented by a licensee
◍ Compensation.
Answer: Valuable consideration give by one person to another in exchange
for performance of a service or activity
◍ Good Moral Behavior.
Answer: No felonies, prior revoked licenses, fraud, false application
◍ 120 Day Student Permit.
Answer: Issued for leasing agents by a sponsoring broker, must be enrolled
within first 60 days, agent may practice as a student only once in a 24 month
period
◍ 45 Sponsor Card.
Answer: Temporary permit allowing a sponsee to engage in practice as a
leasing agent until issued a license, issued after applicant passes the exam,
need a new sponsor card every time they change sponsoring brokers
◍ 11. The primary requirement of a contract would be:.
Answer: Offer and acceptance
◍ Hearings.
Answer: Conducted by IDFPR, determine suspension or revocation,
investigation is conducted, licensee is notified within 30 days prior to the
