IL Leasing Agent study guide
IL Leasing Agent · Work through your exam, one topic at a time.
The Illinois Leasing Agent license is a state credential that lets you perform residential leasing activities - showing units, taking applications, discussing lease terms, and handling rental paperwork - while working under the supervision of an Illinois-licensed real estate broker. It is aimed at people who want to work in apartment leasing, property management offices, or residential rental companies without completing the full broker track. The IL Leasing Agent study guide has 8 sections and about 2,703 words.
01Illinois Real Estate License Act and Leasing Agent Licensing Requirements
The Illinois Real Estate License Act (225 ILCS 454), administered by IDFPR's Division of Real Estate, creates three credentials: leasing agent, broker, and managing broker. The leasing agent license is an entry-level, supervised license.
355 words, about 2 min02Agency Relationships, Disclosures, and Representation Agreements
The Agency Relationships in Real Estate Transactions Act (225 ILCS 32) governs residential brokerage, and leasing agents work inside it every day. The leasing agent is an employee/agent of the sponsoring broker; the broker is the agent of whoever signed the representation agreement.
335 words, about 2 min03Fair Housing and Anti-Discrimination Requirements
The federal Fair Housing Act covers race, color, religion, sex (HUD treats sexual orientation and gender identity as within sex discrimination), national origin, familial status, and disability. The Illinois Human Rights Act adds ancestry, age, marital status, order of protection status, military status, sexual orientation including gender identity, pregnancy, and source of income for real estate transactions - meaning refusing a housing voucher is illegal statewide.
359 words, about 2 min04Landlord-Tenant Law: Lease Formation, Tenant Rights, and Landlord Remedies
Illinois enforces the statute of frauds: a lease longer than one year must be in writing and signed. Month-to-month oral tenancies are valid, and a month-to-month tenancy is terminated with a 30-day notice.
321 words, about 2 min05Security Deposits, Rent Collection, and Funds Handling
The Illinois Security Deposit Return Act (765 ILCS 710) applies to residential buildings with five or more units. Within 30 days after the tenant vacates, the landlord must return the deposit along with an itemized statement of damage and paid receipts or estimates for the repairs; if nothing is withheld, the full deposit is returned within 30 days.
324 words, about 2 min06Leasing Process, Marketing, and Advertising Rules
A sound leasing process starts with written authority: a representation or management agreement with the owner before the unit is marketed, current and accurate unit information, consistent written screening criteria, a completed application with signed authorization for credit and background checks, and a lease whose terms match what was advertised. Present every offer promptly to the landlord.
343 words, about 2 min07Real Estate and Lease-Related Calculations
Use the actual number of days in the month for rental proration: prorated rent = monthly rent × days occupied ÷ days in the month. Count the days occupied inclusively, from move-in day through the end of the month.
331 words, about 2 min08Ethical Practices and Consumer Protection
Ethics questions on this exam are mostly statutory. The Illinois Real Estate License Act lists disciplinary grounds that include fraud or misrepresentation, false promises, commingling or failing to account for trust funds, acting for more than one party without written consent, accepting compensation from more than one party without disclosure, failing to disclose an ownership interest in the property, failing to provide required agency disclosures, discriminatory conduct, unlicensed activity, and failing to respond to IDFPR inquiries.
335 words, about 2 min