Illinois Leasing Agent Practice Exam

Where is the original license for a leasing agent kept?

1. At the real estate office

2. In the leasing agent's personal file

3. In the sponsoring broker's principal office

4. With the state regulatory board

The correct answer is: In the sponsoring broker's principal office

The original license for a leasing agent is kept in the sponsoring broker's principal office. This is a requirement to ensure that all licensing is properly managed and accessible for regulatory purposes. Keeping the original license at the sponsoring broker's location establishes a formal association between the leasing agent and the broker, which is essential for compliance with state regulations. Additionally, storing the license at the principal office allows for efficient monitoring of the leasing agent's activities and helps uphold professional standards in the real estate industry. This practice supports accountability, as the sponsoring broker is responsible for the actions of their agents, ensuring that all transactions are conducted in accordance with the law.