IL Leasing Agent flashcards
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32 cards. Read the term and the definition here. The deck at the top of this page is optional.
- Leasing agent sponsorship
- An Illinois leasing agent license is valid only while a licensed real estate broker sponsors and supervises the agent, and that broker receives all compensation earned by the agent.
- IDFPR
- The Illinois Department of Financial and Professional Regulation, the state agency that issues, renews, and disciplines leasing agent and broker licenses under the Real Estate License Act.
- Leasing agent pre-license education
- Illinois leasing agent applicants must complete 15 hours of approved pre-license coursework, pass the state exam, and submit fingerprints for a criminal background check.
- Leasing agent scope of duties
- A leasing agent may market rental units, show property, process applications, and sign leases on behalf of the sponsoring broker, but may not sell or independently manage property.
- Compensation flow
- Fees and commissions earned by a leasing agent are paid to the sponsoring broker, who then compensates the agent under their independent contractor agreement.
- Agency disclosure timing
- In Illinois the written agency disclosure must be provided to the consumer before the consumer signs a brokerage agreement or representation contract with the leasing agent's broker.
- Dual agency
- A broker representing both landlord and tenant in the same transaction; allowed only with written informed consent of both parties and limited to facilitation rather than advocacy.
- Designated agency
- The sponsoring broker assigns different licensees within the same brokerage to represent the landlord and the tenant, so each client still receives full advocacy and confidentiality.
- Tenant brokerage agreement
- A written contract that creates an agency relationship with a tenant and states the term, compensation, and duties, making the tenant a client rather than a customer.
- Material fact disclosure
- Known defects or conditions that would affect a reasonable person's decision to rent must be disclosed even when the agent represents the opposite party in the transaction.
- Familial status
- Fair housing protection for households with children under 18, pregnant women, and anyone securing legal custody, which bars adults-only rules and child-based refusals.
- Reasonable accommodation
- A change in rules, policies, or services that allows a person with a disability equal use and enjoyment of a dwelling, such as permitting an assistance animal or reserved parking space.
- Service animal rule
- An assistance animal is not a pet, so no pet fee or pet deposit may be charged, although the landlord may request reliable documentation of the disability-related need.
- Mrs. Murphy exemption
- A federal Fair Housing Act exemption for owner-occupied buildings with four or fewer units; it does not authorize discriminatory advertising and does not protect real estate licensees.
- Blockbusting
- Telling residents that members of a protected class are moving into the area in order to induce panic selling or renting; a prohibited discriminatory practice under fair housing law.
- Five-day notice
- An Illinois written notice giving a tenant five days to pay overdue rent or vacate, which must be served before the landlord files a forcible entry and detainer action.
- Self-help eviction
- Changing locks, removing a tenant's belongings, or shutting off utilities to force a tenant out; illegal in Illinois, where possession is recovered only through court order.
- Implied warranty of habitability
- The landlord's promise that the unit is safe, sanitary, and compliant with building codes; a material uncured breach can support rent withholding or lease termination.
- Retaliatory eviction
- Terminating a tenancy or raising rent because the tenant complained about conditions or asserted legal rights; prohibited by the Illinois Retaliatory Eviction Act.
- Month-to-month termination notice
- Either party may end a month-to-month tenancy with 30 days' written notice, while a week-to-week tenancy requires 7 days' written notice in Illinois.
- Security Deposit Return Act
- Illinois law requiring owners of buildings with five or more units to return the deposit with an itemized damage statement within 30 days after the tenant vacates.
- Escrow account
- A separate account where a broker holds tenant and client funds; mixing those funds with the broker's business or personal money is prohibited commingling.
- Deposit interest requirement
- In Illinois buildings with 25 or more units, security deposits must be held in a separate interest-bearing account, and interest is paid when the deposit is held six months or longer.
- Nonrefundable fee
- A charge such as an application or pet fee that is never returned; it must be identified in the lease and is not part of the refundable security deposit accounting.
- Blind advertisement
- A rental ad that omits the sponsoring broker's registered business name; Illinois requires the broker name to appear in all advertising by licensees.
- Bait-and-switch listing
- Advertising a unit, rent, or concession that is not actually available in order to attract prospects; a deceptive practice under the Illinois Consumer Fraud Act.
- Fair housing advertising rule
- Advertisements must describe the property rather than preferred tenants; wording implying a preference based on race, religion, family status, or disability is prohibited.
- Prorated rent
- Rent charged for part of a month, calculated as the monthly rent divided by the number of days in that month, multiplied by the days actually occupied.
- Rent-to-income ratio
- Monthly rent divided by monthly gross income; many landlords screen at 30% or require documented income equal to at least three times the rent.
- Effective rent
- The average monthly cost of a lease after subtracting concessions such as a free month, used to compare competing lease offers on equal terms.
- Undisclosed compensation
- Accepting a fee from a landlord, tenant, or vendor without written disclosure to the client; an ethics violation that can result in license discipline.
- Unauthorized practice of law
- Drafting custom lease clauses or advising parties on their legal rights goes beyond a leasing agent's role and must be referred to an attorney.