Illinois Leasing Agent Practice Exam 2026 - Free Leasing Agent License Practice Questions and Study Guide

Question: 1 / 400

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

$10,000

$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.

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$150,000

$300,000

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