ILLINOIS LEASING AGENT PREP FINAL
TEST 2026 QUESTIONS WITH
CORRECT ANSWERS GRADED A+
◍ Who can supervise a leasing agent?.
Answer: A managing broker.
◍ chattel.
Answer: Another word for personal property
◍ If you don't know an answer, what do you do?.
Answer: Ask your managing broker.
◍ Max fine for unlicensed practice?.
Answer: $25,000.
◍ Can a leasing agent hold escrow?.
Answer: No.
◍ Who deposits escrow + when?.
Answer: Managing broker, within 48 hours.
◍ Escrow records kept how long?.
Answer: 5 years.
◍ real estate.
Answer: Land and everything permanently attached to land
◍ personal property.
Answer: everything which is not attached to land
◍ Renewal date?.
Answer: July 31 of every even-numbered year.
◍ Who assigns properties to you?.
, Answer: Sponsoring broker.
◍ Legal advice allowed?.
Answer: No.
◍ deed.
Answer: transfers ownership of real property
◍ Can leasing agent negotiate rent?.
Answer: Yes, if licensed.
◍ Can show apartments?.
Answer: Yes.
◍ Can negotiate rent?.
Answer: No.
◍ bill of sale.
Answer: Transfers ownership of personal property
◍ Can do paperwork?.
Answer: Yes.
◍ law of fixtures.
Answer: helps determine what a fixture is and isn't (MARIA)
◍ Work after 120 days unlicensed?.
Answer: No.
◍ Maria.
Answer: Method of attachment (hanging on wall or screwed)
◍ Permit valid how long?.
Answer: 120 days.
◍ mAria.
Answer: Adaptability (was it custom made)
◍ Leasing agent type?.
Answer: Special agent.
, ◍ Duties to client?.
Answer: Loyalty, obedience, confidentiality, disclosure, accounting, care.
◍ maRia.
Answer: Relationship (installed by tenant or landlord)
◍ Duty to customers?.
Answer: Honesty.
◍ marIa.
Answer: Intention of parties (was it designed to stay with the property)
◍ General agent?.
Answer: Property manager.
◍ mariA.
Answer: Agreement (was it included in the contract)
◍ trade fixtures.
Answer: items which appear attached but are personal property because they
are used for a specific purpose/trade (restaurant equipment)
◍ Universal agent?.
Answer: Power of attorney.
◍ Federal classes?.
Answer: Race, Color, Religion, National Origin, Sex, Disability, Familial
Status.
◍ IL adds?.
Answer: Age, Ancestry, Marital status, Sexual orientation, Military status,
Order of protection status.
◍ "Older tenants only" allowed?.
Answer: No.
◍ What is a license?.
Answer: a temporary privilege granting permission to do a particular act on
land of another without possessing interest in the land
TEST 2026 QUESTIONS WITH
CORRECT ANSWERS GRADED A+
◍ Who can supervise a leasing agent?.
Answer: A managing broker.
◍ chattel.
Answer: Another word for personal property
◍ If you don't know an answer, what do you do?.
Answer: Ask your managing broker.
◍ Max fine for unlicensed practice?.
Answer: $25,000.
◍ Can a leasing agent hold escrow?.
Answer: No.
◍ Who deposits escrow + when?.
Answer: Managing broker, within 48 hours.
◍ Escrow records kept how long?.
Answer: 5 years.
◍ real estate.
Answer: Land and everything permanently attached to land
◍ personal property.
Answer: everything which is not attached to land
◍ Renewal date?.
Answer: July 31 of every even-numbered year.
◍ Who assigns properties to you?.
, Answer: Sponsoring broker.
◍ Legal advice allowed?.
Answer: No.
◍ deed.
Answer: transfers ownership of real property
◍ Can leasing agent negotiate rent?.
Answer: Yes, if licensed.
◍ Can show apartments?.
Answer: Yes.
◍ Can negotiate rent?.
Answer: No.
◍ bill of sale.
Answer: Transfers ownership of personal property
◍ Can do paperwork?.
Answer: Yes.
◍ law of fixtures.
Answer: helps determine what a fixture is and isn't (MARIA)
◍ Work after 120 days unlicensed?.
Answer: No.
◍ Maria.
Answer: Method of attachment (hanging on wall or screwed)
◍ Permit valid how long?.
Answer: 120 days.
◍ mAria.
Answer: Adaptability (was it custom made)
◍ Leasing agent type?.
Answer: Special agent.
, ◍ Duties to client?.
Answer: Loyalty, obedience, confidentiality, disclosure, accounting, care.
◍ maRia.
Answer: Relationship (installed by tenant or landlord)
◍ Duty to customers?.
Answer: Honesty.
◍ marIa.
Answer: Intention of parties (was it designed to stay with the property)
◍ General agent?.
Answer: Property manager.
◍ mariA.
Answer: Agreement (was it included in the contract)
◍ trade fixtures.
Answer: items which appear attached but are personal property because they
are used for a specific purpose/trade (restaurant equipment)
◍ Universal agent?.
Answer: Power of attorney.
◍ Federal classes?.
Answer: Race, Color, Religion, National Origin, Sex, Disability, Familial
Status.
◍ IL adds?.
Answer: Age, Ancestry, Marital status, Sexual orientation, Military status,
Order of protection status.
◍ "Older tenants only" allowed?.
Answer: No.
◍ What is a license?.
Answer: a temporary privilege granting permission to do a particular act on
land of another without possessing interest in the land
