ILLINOIS REAL ESTATE LEASING AGENT

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ILLINOIS REAL ESTATE LEASING AGENT

EXAM NEWEST 2024 COMPLETE 100

QUESTIONS AND CORRECT ANSWERS

(VERIFIED ANSWERS ) |ALREADY GRADED A+

A commercial lease calls for a minimum rent of $1200 per month 4% of the annual gross business exceeding $150,000. If the total rent paid at the end of one year was $19,200, how much business did the tenant do during the year? - A. $159,800

B. $250,200

C. $270,000

D. $279,200

C In Illinois, which of these statements is TRUE regarding a lease for more than one year? - A. The lease must include a provision for interest to be paid on all security deposits

• The lease must be recorded to give actual notice of the resident

tenant's right of possession

• The lease may be terminated only by written notice to the tenant,

even if it contains a definite expiration date.

• The lease must be in writing and signed to be enforceable in court
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D A tenant rents an apartment in a 100-unit high rise in Chicago suburb for $900 per month. The tenant decides to move when she learns that her rent will be raised by 25% at the expiration of her one-year lease. When she moved in, the tenant deposited $1200 as a security deposit. How will the interest paid on the tenant's deposit be determined? - A. The interest paid should be based on the prime rate as of December 31 of the calendar year preceding the rental agreement

• The interest paid should be 5% per year, from the date of deposit
• The interest rate should be computed at a rate equal to that paid on a

minimum deposit passbook savings account at the state's largest commercial bank

• Under these facts, the tenant is not entitled to receive interest on her

security deposit

C How many days' advance notice is required to terminate a month-to- month tenancy in Illinois? - A. 5

• 15
• 60
• 30

D A landlord who owns a 20-unit apartment building in Decatur, Illinois, has held a tenant's security deposit for three months. The tenant, who is on a month-to-month lease, informs the landlord that he will be vacating the apartment in 30 days. Based on these facts, which of these 2 / 4

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statements is TRUE? - A. The landlord must pay the tenant four months' interest on the security deposit

• The tenant is entitled to three months' interest on the security deposit
• The landlord owes the tenant no interest on the security deposit
• If the tenant vacates the premises in these circumstances, the landlord

is entitled to retain the security deposit as statutory damages

C A tenant has a one year lease on an apartment. If the tenant fails to pay his rent when it is due, the landlord may - A. Terminate the tenant's lease without notice when the rent is more than 10 days past due

• Serve notice on the tenant to pay the delinquent rent within five days
• Hire a moving company to remove the tenant's furniture and personal

property from the premises

• Serve notice on the tenant to pay the rent within five days and

proceed with a suit for possession regardless of whether or not the tenant pays the past-due rent.

B In Illinois, a landlord must give a tenant at least 60 days' written notice to terminate which of these tenancies? - A. Tenancy from year to year

• Tenancy at will
• Tenancy for years
• Tenancy at sufferance
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A Before entering into a service relationship with a prospective tenant, a rental-finding service must provide the prospective tenant with a written contract that discloses what information? - A. A statement that information about rental units may be up to two days old

• The total amount to be paid over the lease
• A statement that contract will be invalid if information about a rental

unit is provided when the unit has been unavailable for more than five days

• A copy of the brokerage agreement between the owner and the rental-

finding service

A Which type of insurance coverage insures an employer against MOST claims for job-related injuries? - A. Consequential loss

• Workers' compensation
• Casualty
• Surety bond

B Residential leases are usually expressed as - A. An annual or monthly rate per square foot

• A percentage of total space available
• An annual rate per room
• A monthly rate per unit
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