ILLINOIS LEASING AGENT LICENSE
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ILLINOIS LEASING AGENT LICENSE
ACTUAL FINAL EXAM [BRAND NEW]
Illinois Lessees are entitled to receive interest on security deposits
- If a building contains over 4 units.
- If a building is not owner occupied.
- If the landlord owns three or more buildings.
- If the landlord receives security deposits in properties of 25 or more units and
the deposits are held for more than six months. - ANSWER- If the landlord receives security deposits in properties of 25 or more units and the deposits are held for more than six months.
A tenant pays for his own utilities and makes one payment each month to the landlord for rent; in addition he pays the landlord's taxes, insurance, and maintenance on the building in accordance with the terms of the lease. Under these
circumstances, the lease is a: 1 / 4
- Gross
- Graduated
- Net
- Percentage - ANSWER- Net
All of the following are protected classes under the Illinois Human Rights Act
except:
- Race
- Sex
- Marital Status
- Dependence on public assistance. - ANSWER- Dependence on public
assistance.
A leasing agent may rent commercial property provided he or she - ANSWER- Cannot rent or lease commercial property under any condition.
A tenant is on a periodic month tenancy. On August 1st the tenant pays his rent.On the 8th of the month the tenant finds a different apartment in another town and immediately gives notice to the landlord. Under these circumstances the soonest
the tenant can legally terminate the lease is:
- August 30th
- September 1st
- September 8th
- September 30th - ANSWER- September 30th 2 / 4
The majority of residential leases are:
- Gross leases
- Net leases
- Triple net leases
- Percentage lease - ANSWER- Gross leases
Which of the following describes the act of encouraging peple to sell or rent their homes by claiming that the entry of a protected class of people into the neighborhood will have some sort of negative impact on property values?
- Steering
- Redlining
- Blockbusting
- Coercing - ANSWER- Blockbusting
A leasing agent's relationship with their broker...
- Does not require a written agreement.
- Can provide that the leasing agent may accept commissions from more than one
- Does not need to be registered with the state.
- None of the above. - ANSWER- d. None of the above (D)
broker.
Which of the following would be associated with leases? 3 / 4
- Tenants in the entirety
- Joint tenancy
- Estate for years
- Tenancy in common - ANSWER- Estate for years
Jim, who has never had a broker's license, passes out cards offering Real Estate services in selling homes, managing, renting, etc. Jim can receive a maximum
punishment of:
- Fine up to $15,000.
- Up to 2 years in prison.
- Up to 5 years in prison.
- Fine up to $25,000. - ANSWER- d. Fine up to $25,000.
Under the Illinois Human Rights Act an elderly person is any person or persons
over the age of:
- 65
- 72
- 40
- 60 - ANSWER- 40
In Illinois the license test is administered by:
- The governor
- / 4