NEW ILLINOIS LEASING AGENT LICENSE

NEW ILLINOIS LEASING AGENT LICENSE

ACTUAL EXAM

EXAM QUESTIONS AND CORRECT

ANSWERS (100% CORRECT VERIFIED

ANSWERS) FOR IDFPR CERTIFICATION!!

In Illinois, a real estate license would be required for which of the following situations? - ANSWER-A person who plans to lease property for someone else and for compensation

In Illinois for over 25 units, a tenant is entitled to interest on their security deposit was held for how many months? - ANSWER-6

Which of the following does not require disclosure?

• Radon B. Felons living onsite C. Lead-based paint D. Termites - ANSWER-

felons living onsite

• 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.

• A real estate licensee's relationship with an owner who has employed the

licensee to bring about the lease of the property is governed by the state license act which includes: - ANSWER-The law of agency. 1 / 3

• 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

6. In a lease an owner may hold a future interest in the property known as: -

ANSWER-Reversion are interest

• Which of the following would be considered a dual agency? - ANSWER-A

licensee is representing both landlord and tenant in the same transaction.

• To be enforced, the Statute of Frauds requires that all contracts for the sale or

lease of real estate be: - ANSWER-In writing

• 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.

• 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.

11. The primary requirement of a contract would be: - ANSWER-Offer and

acceptance 2 / 3

• Because of the complexity of laws that affect real estate today, a property

manager should be familiar with all of the following EXCEPT: - ANSWER-the

"Blue-Sky" laws.

• If a complaint goes to the federal courts based on the Civil Rights Act of 1866,

the complaint would be that there was discrimination based on: - ANSWER-Race

• When a tenant, who has a written lease with the owner, sublets all or any part

of the premises: - ANSWER-the original lease is unaffected unless it contains a

provision that prohibits such subletting.

• Which of the following people may discriminate on the basis of race? -

ANSWER-No one

• It would be a violation of the antitrust laws for a broker to: a) charge one owner

7% while charging another 6%. - ANSWER-agree to a minimum commission with other brokers

• The building leases prohibit tenants from altering the property in any way. One

tenant is now confined to a wheelchair, and cannot maneuver over the doorstep into the apartment by herself. Nor can she use the bathroom facilities in her wheelchair. Which of the following is true? - ANSWER-The tenant is entitled to make the necessary alterations.

• Which of the following is illegal? - ANSWER-Refusing to hire an otherwise

qualified person because a disability will necessitate occasional time off work.

• The amount of security deposit in a contract for the lease of real property is

determined by: - ANSWER-Agreement of the parties.

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