Leasing License Exam Review Questions And 100% Accurate Answers.
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Illinois Leasing Agent
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Illinois Leasing Agent
What is the IDFPR? - Answer Illinois Department of Financial
and Professional Regulation
-the State entity that issues real estate licenses
What are the 4 divisions of the IDFPR? - Answer 1. Real Estate Administration and Disciplinary Board
2. Real Estate Research and Education Fund
3....
Leasing License Exam Review
Questions And 100% Accurate Answers.
What is the IDFPR? - Answer Illinois Department of Financial
and Professional Regulation
-the State entity that issues real estate licenses
What are the 4 divisions of the IDFPR? - Answer 1. Real Estate Administration and Disciplinary Board
2. Real Estate Research and Education Fund
3. Real Estate Administration Fund
4. Peer Review Advisors
How many people are on the Real Estate Administration and Disciplinary Board and who are they
appointed by? - Answer 9 people and are appointed by the governor
How long do the terms for the Real Estate Administration and Disciplinary Board last? - Answer 4 years
(no member can serve more than 2 terms)
how long must you have been an IL resident to be on the Real Estate Administration and Disciplinary
Board? - Answer for a minimum of six years prior to appointment
6/9 of the Real Estate Disciplinary Board need to have been? - Answer brokers/salespeople for a
minimum of 10 years
3 of the members of the Real Estate Disciplinary Board are..... - Answer non-licensees and serve as
representatives of the general public
(non-voting members)
,How many board meetings must each member of the Real Estate Administration and Disciplinary Board
have to attend in order to not be terminated? - Answer at least 4 board meetings in 1 year
What do members of the Real Estate Administration and Disciplinary Board recieve during their terms? -
Answer Board members receive a per diem stipend and receive reimbursement of expenses while
serving
Who is in charge of appointing a Director of Real Estate and the Deputy Director? - Answer The
Commissioner of IDFPR
What is the criteria for the Director of Real Estate position and the Deputy Direction position? - Answer
having a valid broker's license, which has to be surrendered to IDFPR during the course of service
What are some of the main duties of the Director of Real Estate? - Answer -Serve as chairperson of the
Board (non-voting member)
-Serve as liaison between IDFPR and the real estate profession/industry
-Appoints any committees to assist in carrying out the Director's responsibilities
-Responsible for supervising all real estate activities of IDFPR, subject to the Commissioner's approval
who is responsible for distributing any and all educational material to licensees? - Answer Director of
Real Estate
What does the Deputy Director do? - Answer administer the licensing requirements of the License Act
what is the Real Estate Research and Education Fund used for? - Answer used for research and
education for the advancement of the real estate industry, including scholarship
Where are the real estate research and education fund
and the real estate administration fund held? - Answer held in trust by the State Treasury
,who is the Real Estate Research and Education Fund funded by? - Answer It is funded by the Real Estate
Administration Fund
Real Estate Administration Fund money goes to? - Answer Money is disbursed for the operating
expenses of IDFPR.
IDFPR Peer Review Advisors - Answer IDFPR reserves the right to contract with licensees as "peer
review advisors" who would investigate complaints
IDFPR Peer Review Advisors may be compensated up to _________ - Answer $15,000 per year
What is the duty of the IDFPR Peer Review Advisors? - Answer interviewing of parties to a complaint
and to make recommendations to IDFPR (besides in areas where the advisor conducts business)
What is the fine for practicing in real estate activities without a license? - Answer up to $25,000
What is a Leasing Agent License? - Answer a limited scope license to engage in the leasing of
residential real estate only
What is a Leasing Agent NOT allowed to do, even with a Leasing License? - Answer A leasing agent may
NOT engage in any sales activities with this license or any activities with commercial real estate - these
require a real estate broker's license.
What duties can Leasing Agents perform with their license? - Answer -Leasing or renting of residential
property
-Attempt, offer or negotiate to rent or lease residential property
-Collect rent or supervise the collection of rent
, What MUST Leasing Agents be sponsored by? - Answer a sponsoring broker or broker firm
What are examples of some of the activities you can do with a leasing license? - Answer 1) Respond to
phone inquiries from consumers regarding the availability and pricing of brokerage services
2) Respond to phone inquiries from consumers regarding the price or location of property
3) Attend an open house and respond to questions about the property
4) Set appointments to view a property
5) Respond to questions from consumers who visit a licensee's office concerning services or properties
6) Accompany an appraiser or another third party to a transaction on a visit to the property
7) Describe the property in response to a consumer's questions
8) Complete factual information for a consumer on an offer to purchase on behalf of a client
9) Show a client a property being sold by an owner on their own behalf
10) Referrals to other licensees or service provider
What are some examples of exemptions to the leasing requirement? - Answer 1) Any person,
partnership or corporation that acts as a broker
2) An attorney acting under a duty executed by a real estate attorney by law
3) Any person acting as receiver, trustee in bankruptcy, administrator,
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