Podcast
Questions and Answers
According to the Real Estate License Act of 2000, which activity requires a real estate license?
According to the Real Estate License Act of 2000, which activity requires a real estate license?
- Providing general information about available properties without discussing pricing.
- Greeting clients at an open house and handing out brochures.
- Negotiating lease terms for compensation on behalf of another person. (correct)
- Scheduling appointments for a licensed leasing agent.
A licensed leasing agent's sponsorship has been terminated. What is the immediate requirement for the agent?
A licensed leasing agent's sponsorship has been terminated. What is the immediate requirement for the agent?
- They have 30 days to find a new sponsoring broker.
- They must immediately cease all licensed activities. (correct)
- They can continue working, but must notify the state within 72 hours.
- They must transfer their license to inactive status until a new sponsor is found.
Which of the following actions by a leasing agent could lead to disciplinary action?
Which of the following actions by a leasing agent could lead to disciplinary action?
- Including the brokerage name in advertisements, ensuring it is equally prominent as the agent's name.
- Failing to provide clients with copies of signed documents related to a lease agreement. (correct)
- Working under the supervision of an unlicensed property manager.
- Renewing their license every three years.
What information must be included in a leasing agent's advertisement for a rental property?
What information must be included in a leasing agent's advertisement for a rental property?
Which of the following is an example of blockbusting?
Which of the following is an example of blockbusting?
Under what conditions can an unlicensed assistant perform tasks related to leasing?
Under what conditions can an unlicensed assistant perform tasks related to leasing?
A landlord discovers damages to a rental property after a tenant moves out. To return the security deposit, what is the latest timeframe the landlord must provide an itemized list of deductions?
A landlord discovers damages to a rental property after a tenant moves out. To return the security deposit, what is the latest timeframe the landlord must provide an itemized list of deductions?
A landlord enters a tenant's apartment without providing prior notice. Which tenant right has the landlord violated?
A landlord enters a tenant's apartment without providing prior notice. Which tenant right has the landlord violated?
Which of the following scenarios would be considered an illegal practice under Fair Housing laws?
Which of the following scenarios would be considered an illegal practice under Fair Housing laws?
A leasing agent makes a false statement about the condition of a property to entice a potential tenant. This is an example of:
A leasing agent makes a false statement about the condition of a property to entice a potential tenant. This is an example of:
How often must a leasing agent renew their license in Illinois?
How often must a leasing agent renew their license in Illinois?
Which of the following is a landlord's duty regarding the rental property?
Which of the following is a landlord's duty regarding the rental property?
Which federal act prohibits discrimination based on familial status?
Which federal act prohibits discrimination based on familial status?
A leasing agent directs potential tenants to properties based on their perceived gender identity. This practice is known as:
A leasing agent directs potential tenants to properties based on their perceived gender identity. This practice is known as:
What should a leasing agent do if they want to reactivate their license after their sponsorship was terminated?
What should a leasing agent do if they want to reactivate their license after their sponsorship was terminated?
A leasing agent provides favorable lease terms to individuals of a certain religion, but not to others. This is:
A leasing agent provides favorable lease terms to individuals of a certain religion, but not to others. This is:
A real estate agent works for a sponsoring broker. The agent collects rent from tenants on behalf of the broker. Is this permissible?
A real estate agent works for a sponsoring broker. The agent collects rent from tenants on behalf of the broker. Is this permissible?
Which of the following actions violates Fair Housing laws regarding 'reasonable accommodations' for individuals with disabilities?
Which of the following actions violates Fair Housing laws regarding 'reasonable accommodations' for individuals with disabilities?
A landlord plans to withhold a portion of a tenant's security deposit to cover damages to the property. After providing an itemized list of deductions within 30 days, how long does the landlord have to return the remaining portion of the deposit?
A landlord plans to withhold a portion of a tenant's security deposit to cover damages to the property. After providing an itemized list of deductions within 30 days, how long does the landlord have to return the remaining portion of the deposit?
What is the purpose of Fair Housing laws?
What is the purpose of Fair Housing laws?
Flashcards
Who needs a real estate license?
Who needs a real estate license?
Engaging in leasing, listing, negotiating, or renting for compensation.
What can unlicensed assistants do?
What can unlicensed assistants do?
Schedule appointments, greet clients, and hand out brochures, but not discuss lease terms or pricing.
Leasing agent requirements
Leasing agent requirements
Work under a sponsoring broker and renew the license every 2 years.
Advertising rules for agents
Advertising rules for agents
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Common disciplinary actions
Common disciplinary actions
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Termination of sponsorship
Termination of sponsorship
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Protected classes in Illinois
Protected classes in Illinois
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Illegal practices in housing
Illegal practices in housing
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Tenant rights
Tenant rights
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Landlord duties
Landlord duties
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Security deposit return
Security deposit return
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Study Notes
Real Estate License Act of 2000
- A license is needed to engage in leasing, listing, negotiating, or renting for others when compensation is involved
- Unlicensed assistants are allowed to schedule appointments, greet clients, and provide brochures. They are not to discuss lease terms or pricing
Leasing Agent License
- Leasing agents must work under a sponsoring broker
- Leasing agents are prohibited from conducting sales or collecting rent, unless the sponsoring broker provides permission
- Licenses must be renewed every 2 years
Advertising Compliance
- All advertising must include the brokerage name
- If an agent's name is included, the brokerage name must be equally or more prominent
- Discriminatory language and misleading information in advertising are prohibited
Common Disciplinary Actions
- Disciplinary actions may occur from misrepresentation or discrimination
- Failure to disclose license status and failing to provide copies of signed documents can result in disciplinary action
Sponsorship Termination
- Upon termination of sponsorship, all licensed activities must cease immediately
- A new sponsor can be obtained to reactivate the license
Fair Housing
- Federal protected classes include Familial status, Race, Sex, Handicap (Disability), Color, Religion, and National Origin (FReSH CoRN)
- Illinois adds Age, Sexual orientation & gender identity, Marital status, Military status, Order of protection status, and Ancestry as protected classes
Illegal Real Estate Practices
- Illegal practices include steering, redlining, blockbusting, refusing to rent, offering different lease terms, and discriminatory ads
Tenant Rights
- Tenants have the right to quiet enjoyment and a safe & habitable home
- Landlords must provide 24 hours written notice before entry
Landlord Duties
- Landlords must maintain building systems, make timely repairs, and follow health codes
Security Deposits
- Security deposits must be returned within 30 days if there are no damages
- If a landlord withholds part of the security deposit, an itemized list of deductions must be sent within 30 days and the remainder of the deposit within 15 days, totaling 45 days
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