Illinois Leasing Agent Practice Exam

Which of the following is NOT considered a violation of the license act?

1. Failure to maintain good record keeping

2. Residential leasing agent decides not to renew their lease

3. Mingling money/property of business or personal funds

4. Failure to comply with requests from IDFPR within 30 days

The correct answer is: Residential leasing agent decides not to renew their lease

The correct answer is that a residential leasing agent's decision not to renew their lease is not considered a violation of the license act. This action falls within the normal scope of a leasing agent's responsibilities and does not involve unethical or illegal conduct related to the practice of leasing. An agent may choose not to renew a lease for a variety of legitimate reasons, such as a change in management policies or the landlord's decision to sell the property. On the other hand, the other options represent clear violations of the license act. For instance, failure to maintain good record keeping can lead to mismanagement and lack of accountability in transactions. Mingling business and personal funds is a serious offense as it compromises financial integrity and transparency, which are crucial in the real estate profession. Additionally, failure to comply with requests from the Illinois Department of Financial and Professional Regulation (IDFPR) within the specified time frame undermines regulatory oversight and could suggest negligence or non-compliance with state laws.