Illinois Leasing Agent Practice Exam

Disable ads (and more) with a membership for a one time $4.99 payment

Study for the Illinois Leasing Agent Exam. Prepare with flashcards and multiple-choice questions; each with hints and explanations. Gear up for your licensed career!

Practice this question and more.

How much can each claim through the Real Estate Recovery Fund amount to?

$10,000
$50,000
$150,000
$300,000

The correct answer is: $50,000

The Real Estate Recovery Fund provides a financial safety net for consumers who suffer monetary losses due to the wrongful acts of real estate licensees. The maximum amount that each claim can amount to through this fund is set at $50,000. This cap is in place to ensure that the fund can support multiple claimants while providing a substantial amount to cover significant losses that individuals may incur due to the actions of real estate professionals. Understanding this limit is essential for both leasing agents and consumers, as it underscores the importance of ethical practices and compliance with real estate laws. If a consumer experiences a loss due to a licensed real estate agent's misconduct, they can seek recovery from the fund up to this specified amount, which helps promote accountability in the industry.