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Illinois Leasing Agent License Exam (3 latest versions) 2025 featuring accurate and verified questions covering landlord- tenant law, fair housing regulations, leasing procedures, advertising guidelines, and state-specific legal requirements for residential property leasing.
Version 1 Which Illinois fund was established for research and education at state institutions of higher education or other organizations for research and for education to further the advancement of education in the real estate industry? - ANSWER-Real Estate Research and Education Fund
A managing broker who has supervisory responsibilities for licensees in one or, in the case of a multi-office company, more than one office and who has been appointed as such by the sponsoring broker registered with the Department is called what? - ANSWER-Designated Managing Broker
There are many protected classes according to Illinois Fair Housing law and the Illinois Human Rights Act. Which of the following is not a protected class? - ANSWER-Credit
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A broker named Thomas works for Linda, owner of L&L Realty.Thomas decides to spend some of his own money to take out an extra ad for a property he really wants to sell. Which of the following statements about his ad and this situation is true? - ANSWER-The ad must be under the sponsoring broker's name but can include Thomas's name.
What is the purpose of the Real Estate Recovery Fund? - ANSWER-To provide a means of compensation for actual monetary losses suffered by individuals as a result of the acts of a licensee who violated the license law.
How many members are there in Illinois Real Estate Administration and Disciplinary Board in total? - ANSWER-15
How long must a member of the Illinois Real Estate Administration and Disciplinary Board be a resident of the state of Illinois? - ANSWER-6 Years.
Mary and Jenny work for M&J Realtors. Jenny is selling a property at 200 Greenhaven St, and Mary has an interested buyer. If Mary and Jenny put together this deal, per Illinois law, this is considered what? - ANSWER-An in-house deal.
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Jake is an unlicensed personal assistant working for a broker named Lisa. Lisa's managing broker is Nina who is sponsoring and managing Lisa. Lisa recently closed on a house sale and paid Jake a bonus because Jake helped negotiate the contract.Which of the following statements regarding this situation and Illinois license law, is true? - ANSWER-Jake practiced real estate without a license and received performance-based compensation. Lisa, Nina, and Jake could all be sanctioned.
Thelma, a real estate broker, agreed to prepare a deed for her seller in a transaction in which she is the listing agent. Which of the following statements is true regarding this situation? - ANSWER-Thelma may have her license suspended or revoked by the Illinois Real Estate Administration and Disciplinary Board.
How many hours of continuing education are required for real estate license renewal in Illinois? - ANSWER-12 Hours.
The Illinois Human Rights Act covers all the following except which circumstance? - ANSWER-Allison who works at Burger King full time.
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How long are terms for members of the Illinois Real Estate Administration and Disciplinary Board? - ANSWER-4 Years.
Who must comply with Illinois Fair Housing law? - ANSWER- Owners, managers, salespersons, brokers, builders, appraisers, rental agents, and more
In Illinois, when do all real estate brokers' licenses expire? - ANSWER-April 30th (in even years).
Within how long must a licensee notify the Department of a change of residence address? - ANSWER-24 Hours.
Illinois licensees who allow their licenses to expire have how long to reinstate their licenses? - ANSWER-Up to 2 years.
Which of the following statements does NOT correctly describe a fiduciary? - ANSWER-A fiduciary is a neutral third party.
A buyer gave a broker a written offer to purchase property, which contained a 14-day acceptance clause along with a $3,000 deposit. On the seventh day, before acceptance by the seller, the buyer notified the broker that they were withdrawing their offer
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