IL Leasing Agent key terms

A license issued by the State of Illinois that lets a person perform leasing activities for another person for compensation while supervised by a sponsoring broker.

The licensed Illinois real estate broker who holds a leasing agent's license on record, supervises the agent's work, and is responsible for the agent's conduct and for client funds.

The Illinois statute that sets licensing, education, supervision, escrow, advertising, and discipline rules for brokers, managing brokers, and leasing agents in the state.

The Illinois Department of Financial and Professional Regulation, the state agency that issues real estate licenses, reviews applications, investigates complaints, and disciplines brokers and leasing agents.

A person who may do clerical and administrative work for a brokerage but may not show rentals, quote terms, negotiate, or do other activities that require an Illinois real estate license.

The party a leasing agent represents and owes fiduciary duties to, usually the landlord under a written agreement, or the tenant when the agent has agreed to work for the tenant.

A party the licensee helps but does not represent, so only honesty and fair dealing are owed rather than loyalty, full confidentiality, and other fiduciary duties.

The legal duties owed to a client: loyalty, obedience to lawful instructions, disclosure of relevant facts, confidentiality, reasonable care and skill, and accounting for money and property.

A written notice given to consumers at the first substantial contact or before signing that explains whom the licensee represents and what duties are owed to each party.

A brokerage arrangement where the sponsoring broker assigns one licensee to represent the landlord and another to represent the tenant in the same lease transaction, giving each client full representation.

When one licensee represents both landlord and tenant in the same transaction; Illinois requires informed written consent from both parties, and the duties owed to each are limited.

A written contract between a licensee and a client that states the services to be provided, the length of the relationship, how the licensee is paid, and the agency relationship.

The duty to keep a client's private information, such as finances or reasons for moving, from other parties unless the client allows disclosure or the law requires it.

Any personal, financial, or competing loyalty that could improperly influence a licensee's advice or actions for a client; it must be disclosed and, where possible, avoided.

Groups that fair housing law protects from different treatment in renting, including race, color, religion, sex, disability, familial status, national origin, and additional classes under Illinois law.

The state law that bars housing discrimination on Illinois classes beyond federal law, such as sexual orientation, gender identity, marital status, source of income, military status, and arrest record.

Refusing to rent to, or setting different terms for, a tenant whose rent would be paid by a housing voucher, disability benefits, child support, or other lawful non-wage income; illegal in Illinois.

A change in rules, policies, or procedures, or permission for a unit modification, that allows a person with a disability equal opportunity to use and enjoy housing.

Illegally directing prospective tenants toward or away from particular buildings or neighborhoods because of race, religion, familial status, disability, or another protected characteristic.

Trying to get owners to sell or rent quickly, often at lower prices, by suggesting that members of a protected class are moving into the neighborhood.

Rental advertising that states or implies a preference, limitation, or exclusion based on a protected class, or that uses words, images, or targeting that discourage protected groups from responding.

A contract, written or oral, that gives a tenant the right to occupy a property for a stated term in exchange for rent and sets out each party's rights and duties.

A tenancy that repeats automatically for successive periods, such as month to month, until the landlord or tenant ends it with the notice required by law or the lease.

A landlord's legal promise, which cannot be waived, that the rental unit will remain safe, sanitary, and fit for human living throughout the tenancy.

Ending or threatening to end a tenancy because the tenant complained about conditions, contacted a government agency, or exercised a legal right; generally prohibited by Illinois law.

The court action a landlord must file to remove a tenant for nonpayment or another lease violation; locking out a tenant or shutting off utilities is not allowed.

A written notice from landlord or tenant that ends a tenancy, with the required number of days set by the lease or Illinois law, commonly thirty days for month-to-month rentals.

Money paid up front by a tenant to cover unpaid rent or damage beyond normal wear and tear; Illinois law governs receipts, where it is held, and when it is returned.

The expected deterioration of a rental unit from ordinary everyday use, such as faded paint or worn carpet, which a landlord may not deduct from the tenant's deposit.

The landlord's duty to refund the deposit and give a written, itemized list of any deductions within the deadline set by Illinois law after the tenant moves out.

A separate bank account that a sponsoring broker uses to hold client money such as security deposits and rent, kept apart from the brokerage's own operating funds.

Mixing client funds, such as security deposits or rent, with a brokerage's own money or with another client's funds, which violates Illinois escrow rules.

A rental ad that fails to identify the brokerage or that makes it appear the property is offered by the owner or an unlicensed person; prohibited for Illinois licensees.

The Illinois rules that rental ads be truthful, include the licensed brokerage name, avoid misleading claims, and follow fair housing law wherever they appear, including online and on social media.

Dividing rent or another charge in proportion to the number of days a party occupies or holds the property, often using a 365-day year or the actual days in the month.

A screening measure comparing the monthly rent to a tenant's gross monthly income; many landlords want rent at or under about one-third of income.

The agreed division of a leasing commission between the sponsoring broker and the leasing agent, or between cooperating brokerages, as set out in their written agreement.

Misleading or unfair conduct in a leasing deal, such as false promises, hidden fees, or bait advertising, that can bring state discipline and liability under consumer protection law.

Payment for sending a client or customer to a broker or service provider; paying an unlicensed person for leasing referrals is generally prohibited under Illinois licensing law.

The duty of a landlord or licensee to tell prospective tenants about known conditions that materially affect health, safety, or value, such as leaks, mold, or planned demolition.