Illinois leasing agent practice exam Illinois Real

Illinois leasing agent practice exam Illinois Real Estate Leasing Exam Prep Latest Update 2024- 2025 Questions and Verified Correct Answers Guaranteed A+

• The lease contract stated that the renters would bring in the security deposit within

five days. It is now the sixth day and the renters have not brought in the money. This is legally referred to as: - CORRECT ANSWER: Breach

• In dealing with the public, a licensee: - CORRECT ANSWER: may keep silent about

a material fact concerning the property if the client is the owner. d) may negotiate different commissions with different owners.

• Escrow monies: - CORRECT ANSWER: could include security deposits as well as

earnest money.

• An offer may be terminated: - CORRECT ANSWER: if it is rejected; if it is changed;

or if it is revoked before acceptance.

• In a lease an owner may hold a future interest in the property known as: - CORRECT

ANSWER: Reversion are interest

7. Which of the following would be considered a dual agency? - CORRECT ANSWER:

A licensee is representing both landlord and tenant in the same transaction.

• To be enforced, the Statute of Frauds requires that all contracts for the sale or lease

of real estate be: - CORRECT ANSWER: In writing

• A young couple with a toddler and an infant want to lease an apartment in a complex

that is occupied primarily by adults. The rental agent shows the couple apartments only on the first floor. Which of the following is true? - CORRECT ANSWER: The rental agent should have inquired about the couple's preference for apartments.

• On Tuesday, the agent received an offer and a check for security deposit from a

renter. The owner accepted and signed the lease at 11 am on Wednesday. The agent must: - CORRECT ANSWER: deposit the money in his escrow account by the close of business on Thursday.

• The primary requirement of a contract would be: - CORRECT ANSWER: Offer and

acceptance

• Because of the complexity of laws that affect real estate today, a property manager

should be familiar with all of the following EXCEPT: - CORRECT ANSWER: the "Blue- Sky" laws.

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• If a complaint goes to the federal courts based on the Civil Rights Act of 1866, the

complaint would be that there was discrimination based on: - CORRECT ANSWER: Race

• When a tenant, who has a written lease with the owner, sublets all or any part of

the premises: - CORRECT ANSWER: the original lease is unaffected unless it contains a provision that prohibits such subletting.

• Which of the following people may discriminate on the basis of race? - CORRECT

ANSWER: No one

• It would be a violation of the antitrust laws for a broker to: a) charge one owner 7%

while charging another 6%. - CORRECT ANSWER: agree to a minimum commission

with other brokers

• The building leases prohibit tenants from altering the property in any way. One

tenant is now confined to a wheelchair, and cannot maneuver over the doorstep into the apartment by herself. Nor can she use the bathroom facilities in her wheelchair. Which

of the following is true? - CORRECT ANSWER: The tenant is entitled to make the

necessary alterations.

18. Which of the following is illegal? - CORRECT ANSWER: Refusing to hire an

otherwise qualified person because a disability will necessitate occasional time off work.

• The amount of security deposit in a contract for the lease of real property is

determined by: - CORRECT ANSWER: Agreement of the parties.

• Broker Doug has an office in Chicago. A licensee with Broker Doug is the

designated agent of the owner. Another licensee with Broker Doug is the designated agent of the renter. Which of the following statements is true? - CORRECT ANSWER: In Illinois, this situation avoids dual agency for the broker.

• A licensed agent selling or leasing his own home without using his broker's services

may discriminate on the basis of: - CORRECT ANSWER: Non of the above

• A woman advertises a 2-bedroom apartment for rent in her 6-unit building in

Chicago, stipulating "Adults Only." She is in violation of: - CORRECT ANSWER: the Illinois Human Rights Act.

• An Illinois resident has signed an agreement to rent a condominium in Florida for

the month of March. This arrangement is legally considered: - CORRECT ANSWER: An estate for years

• Commingling may be charged if the broker: - CORRECT ANSWER: deposits

escrow money in his personal account.

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• A licensee acting as an owner's property manager: - CORRECT ANSWER: must

not profit from private contracts at the expense of the owner.

• In Illinois, a real estate license would be required for which of the following

situations? - CORRECT ANSWER: A person who plans to lease property for someone

else and for compensation

• After the contract for lease has been signed by the landlord and renter, any

alterations to it must be approved and initialed by: - CORRECT ANSWER: All parties to the contact.

• A tenant has an estate for years. According to the written one-year lease, the

tenancy will expire on September 30. For the landlord to obtain possession as of that date, he must give the tenant: - CORRECT ANSWER: No notice

• The Illinois Law of Agency demands that agents do which of the following for their

principals? - CORRECT ANSWER: All of the above

• An owner has traditionally rented to singles only in his large apartment complex.

The owner has turned away all married couples and an elderly single man. Which of the following statements is true? - CORRECT ANSWER: The owner would be in violation of the Illinois Human Rights Act.

• A landlord was very pleased with the listing agent's performance. The landlord

offered a check for $300 as a thank you. What should the agent do in this situation? -

CORRECT ANSWER: Ask that the check be rewritten to the brokerage.

• A real estate licensee's relationship with an owner who has employed the licensee

to bring about the lease of the property is governed by the state license act which includes: - CORRECT ANSWER: The law of agency.

• An individual rents an apartment and has a one-year lease. The landlord sells the

building during the term of the lease. What effect does the sale have on the lease? -

CORRECT ANSWER: The sale does not affect the lease.

• An agent leases a house and in the process misrepresents to the renter that the

rent for the home included all utilities and does so without the owner's knowledge.Which of the following would be true according to the Illinois License Act? - CORRECT

ANSWER: The agent is liable; the owner is not.

• The legal tests of a fixture can include: - CORRECT ANSWER: adaptation: how

does the item adapt to the real estate.

• In Illinois all the following statements are true EXCEPT: - CORRECT ANSWER: A

landlord may never keep a security deposit without a written explanation to the tenant.

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