Illinois Leasing Agent Practice Exam

Which activity is restricted for leasing agents?

1. Conducting property viewings

2. Negotiating lease terms directly with tenants

3. Managing funds without supervision

4. Advertising without broker oversight

The correct answer is: Managing funds without supervision

Leasing agents are typically required to operate under the supervision of a licensed real estate broker. This is particularly important when it comes to handling funds, such as security deposits or rent payments. Managing funds without appropriate oversight can lead to mismanagement or fraudulent behavior, and it is essential for consumer protection that all financial transactions related to leasing are monitored by a licensed broker. The other options, such as conducting property viewings, negotiating lease terms directly with tenants, and advertising, can generally be performed by leasing agents as long as they are compliant with applicable laws and regulations, and often under the guidance or policies set by the supervising broker. Therefore, unrestricted management of funds is a clear restriction placed on leasing agents to ensure ethical practices and safeguard the interests of all parties involved in the leasing process.