If a student leasing agent was hired on January 15 but the sponsoring broker completed the 120-day permit on January 30, when does the 120-day period start?

The correct answer is that the 120-day period starts on January 30. This is because the leasing agent's permit, which allows them to engage in leasing activities, is officially recognized only when it is issued by the sponsoring broker. In this scenario, even though the student leasing agent was hired on January 15, they are not able to operate as a licensed agent until the broker completes the necessary paperwork and obtains the permit. Thus, the 120-day period for which the agent can act begins on the date the permit is issued, which is January 30 in this case.

Understanding this timeline is crucial for new leasing agents to ensure they're complying with Illinois real estate laws and regulations. The permit must be obtained and issued before one can actively participate in leasing practice, which is why the commencement of the 120-day period aligns with the issuance date rather than the hiring date.