ILLINOIS LEASING AGENT EXAMPREP 2026
QUESTIONS AND ANSWERS GRADED A+
● Agent . Answer: One who acts as an intermediary on behalf of others
for a fee or commission.
● Confidential information . Answer: Personal information about a client
or information that of disclosed could compromise the transaction.
● Dual agency . Answer: Representing both parties in a transaction.
● Attorney . Answer: One authorized by law to represent another in
court and to prepare documents defining or transferring rights in
property.
● Fiduciary . Answer: One who acts as a trustee or who has a legal duty
to act in a confidential manner on behalf of another.
● Contemporaneous agency . Answer: An agent representing more than
one buyer or renter for the same property.
, ● Escrow . Answer: Funds held on behalf of a principal to a transaction
or some other party.
● Customer . Answer: A person or entity whom a licensee is providing
services but is not represented by the licensee.
● Law of agency . Answer: State law enacted to protect the public from
fraud, dishonesty and incompetence in the purchase and sale, lease, or
rental of real estate.
● Client . Answer: Th principal in a transaction represented by a agent.
The principal could be a seller, potential buyer, owner, or potential
renter.
● Mimimun services . Answer: A provision of the real estate act that
requires a licensee to provide the mimimun services of presenting,
negotiating, and explaining a contract to a client that is exclusively
represented by the licensee.
● Ministerial act . Answer: Acts informative by nature and do not rise to
the level of active representation.
● Principal . Answer: The client in a transaction the person for whom the
agent works.
QUESTIONS AND ANSWERS GRADED A+
● Agent . Answer: One who acts as an intermediary on behalf of others
for a fee or commission.
● Confidential information . Answer: Personal information about a client
or information that of disclosed could compromise the transaction.
● Dual agency . Answer: Representing both parties in a transaction.
● Attorney . Answer: One authorized by law to represent another in
court and to prepare documents defining or transferring rights in
property.
● Fiduciary . Answer: One who acts as a trustee or who has a legal duty
to act in a confidential manner on behalf of another.
● Contemporaneous agency . Answer: An agent representing more than
one buyer or renter for the same property.
, ● Escrow . Answer: Funds held on behalf of a principal to a transaction
or some other party.
● Customer . Answer: A person or entity whom a licensee is providing
services but is not represented by the licensee.
● Law of agency . Answer: State law enacted to protect the public from
fraud, dishonesty and incompetence in the purchase and sale, lease, or
rental of real estate.
● Client . Answer: Th principal in a transaction represented by a agent.
The principal could be a seller, potential buyer, owner, or potential
renter.
● Mimimun services . Answer: A provision of the real estate act that
requires a licensee to provide the mimimun services of presenting,
negotiating, and explaining a contract to a client that is exclusively
represented by the licensee.
● Ministerial act . Answer: Acts informative by nature and do not rise to
the level of active representation.
● Principal . Answer: The client in a transaction the person for whom the
agent works.
