Illinois Leasing Agent Practice Exam

For how many years must escrow records and employment agreements be maintained?

1. 2 years

2. 5 years

3. 10 years

4. Indefinitely

The correct answer is: 5 years

The correct answer is five years because, according to the Illinois Real Estate License Act, both escrow records and employment agreements are required to be maintained for a minimum of five years. This time frame allows for sufficient oversight and accountability in the leasing and real estate profession, ensuring that all transactions and agreements can be referenced if necessary. Maintaining these records helps protect both the agent and the clients and ensures compliance with legal and regulatory requirements. The five-year duration balances the need for record-keeping with practical considerations, providing a reasonable period for review and investigation should any disputes or issues arise related to these transactions.